v3.26.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Certain Characteristics of Our Mortgage Notes
Our borrowing arrangements include a revolving credit facility, secured lending agreement and mortgage notes payable. The table below summarizes our borrowing arrangements as of March 31, 2026 and December 31, 2025:
March 31, 2026Principal Balance Outstanding
$ in thousandsCurrent Maturity
Extended Maturity Date(1)
Interest Rate(2)
Weighted Average Interest RateMaximum Facility SizeAvailable CapacityMarch 31, 2026December 31, 2025
Revolving Credit Facility(3)
7/23/20277/21/2028
S + applicable margin(3)
5.22%$250,000 $94,237 $— $40,000 
Secured Lending Agreement
Repurchase Agreement
Citibank12/9/202712/9/2029
S + 1.70%
5.32%$300,000 $142,320 $157,680 $66,480 
Mortgage Notes Payable
The Carmin3/5/20273/5/2032
S + 1.75%
5.43%$84,000 $— $84,000 $84,000 
Cortlandt Crossing3/1/2027N/A3.13%3.13%39,660 — 39,660 39,660 
Everly Roseland4/28/20274/28/2029
S + 1.45%
5.13%113,500 1,505 111,995 111,658 
Total mortgages payable235,655 235,318 
Deferred financing costs, net(502)(570)
Mortgages payable, net$235,153 $234,748 
(1)Assumes all available extension options are exercised upon meeting certain conditions, which may include payment of a non-refundable extension fee.
(2)The term “S” refers to the relevant floating benchmark rate, SOFR.
(3)Borrowings under the Revolving Credit Facility carry interest at a rate equal to (i) SOFR, (ii) SOFR with an interest period of one, three or six-months, or (iii) a Base Rate, where the base rate is the highest of (a) federal funds rate plus 0.5%, (b) the rate of interest as publicly announced by Bank of America, N.A. (“Bank of America”) as its “prime rate”, (c) SOFR with an interest period of one month plus 1.0%, or (d) 1.0%, in each case, plus an applicable margin that is based on our leverage ratio.
Schedule of Schedule of Future Principal Payments
The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2026:
in thousands
Year
Revolving Credit Facility(1)
Secured Lending Agreement(1)
Mortgages Payable(1)(2)
Financing Obligation(3)
Total
2026 (remaining)$— $— $— $9 $9 
2027— — 39,660 15 39,675 
2028— — — 18 18 
2029— 157,680 111,995 21 269,696 
2030— — — 25 25 
2031— — — 28 28 
Thereafter— — 84,000 36,217 120,217 
Total$— $157,680 $235,655 $36,333 $429,668 
(1)Assumes all extension options are exercised that may be extended at our option, subject to certain conditions.
(2)The total excludes deferred financing costs which are included in the mortgages payable, net balance presented in the condensed consolidated balance sheets.
(3)The total principal payments will not exceed the difference between the total financing obligation of $54.0 million and the initial carrying value of the land of $17.6 million, resulting in maximum principal payments of $36.3 million over the term of the arrangement.