| Schedule of Mortgages and Credit Facilities Payable |
As of March 31, 2026 and December 31, 2025, the Company had the following mortgage and credit facility payable:
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March 31, 2026 |
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December 31, 2025 |
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Type of Debt |
Principal Amount |
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Weighted
Average
Interest Rate |
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Principal
Amount |
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Weighted
Average
Interest Rate |
|
Fixed rate mortgage payable |
$ |
— |
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— |
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$ |
18,727 |
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|
4.02 |
% |
Credit facility payable |
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840,000 |
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4.66 |
% |
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823,000 |
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4.66 |
% |
Total debt before unamortized debt issuance costs including impact of interest rate swaps |
|
840,000 |
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4.66 |
% |
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841,727 |
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4.65 |
% |
(Less): Unamortized debt issuance costs |
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(3,925 |
) |
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(4,252 |
) |
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Total debt |
$ |
836,075 |
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$ |
837,475 |
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| Summary of Interest Rate Swap Contracts Outstanding |
The following table summarizes the Company’s interest rate swap contracts outstanding as of March 31, 2026.
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Date
Entered |
Effective
Date |
Maturity
Date |
Receive Floating Rate Index (a) |
Pay
Fixed
Rate |
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Notional
Amount |
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Fair Value
as of
March 31, 2026 |
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Assets |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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1.69 |
% |
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90,000 |
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|
1,480 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.85 |
% |
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100,000 |
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|
1,509 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.72 |
% |
|
85,000 |
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|
1,382 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
2.71 |
% |
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60,000 |
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|
472 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
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60,000 |
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|
472 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
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75,000 |
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|
591 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.77 |
% |
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55,000 |
|
|
409 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.26 |
% |
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145,000 |
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|
607 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.26 |
% |
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105,000 |
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|
441 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.27 |
% |
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105,000 |
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|
421 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.28 |
% |
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90,000 |
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|
353 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.34 |
% |
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50,000 |
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|
133 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.31 |
% |
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30,000 |
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|
95 |
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$ |
1,050,000 |
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$ |
8,365 |
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(a)As of March 31, 2026, the one-month term SOFR was 3.66%.
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