v3.26.1
Mortgages Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The following is a summary of the Company’s mortgages payable as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):
Borrower (1)
Loan Amount
Interest Rate (*)Maturity
Date		Balance at
March 31, 2026		Balance at
December 31, 2025
West Kernan Controlled Subsidiary (2)
$40,550 
SOFR + 2.31%
06/01/2032$40,550 $40,550 
AP98 Controlled Subsidiary (3)
$15,069 
SOFR + 2.46%
07/01/2032$15,069 $15,069 
4700 Eisenhower Ave Controlled Subsidiary and Chattahoochee Ave Controlled Subsidiary (4)
$14,500 
SOFR + 2.15%
04/17/2028$14,500 $14,500 
A93 Controlled Subsidiary (5)
$5,100 
SOFR + 1.75%
10/29/2027$5,100 $5,100 
Total$75,219 $75,219 
*SOFR represents the Daily Simple Secured Overnight Financing Rate established per the loan agreement.
(1)All mortgage loans are secured by the Company’s investments in rental real estate properties.
(2)The $40.6 million senior loan features a 10-year term and 5 years interest-only at a floating rate of 2.31% over SOFR. The remaining unamortized principal balance will be due at maturity. The Company is named as a guarantor in this loan agreement.
(3)The $15.1 million senior loan features a 10-year term and 5 years interest-only at a floating rate of 2.46% over SOFR. The remaining unamortized principal balance will be due at maturity. The Company is named as a guarantor in this loan agreement.
(4)A mortgage loan with a principal amount of $14.5 million is secured by the 4700 Eisenhower Ave Property and the Chattahoochee Ave Property. The mortgage loan bears interest at a floating rate of SOFR plus 2.15%, subject to a 0% floor until maturity. The mortgage loan calls for interest-only payments for the first 12 months, with subsequent principal and interest payments through maturity. The loan contains various financial and non-financial covenants, such as general liquidity and net worth requirements. The Company is named as a guarantor in this loan agreement.
(5)On October 29, 2025, the Company refinanced the A93 mortgage payable with a new $5.1 million loan. In connection with the refinancing, the Company repaid the prior loan in the amount of approximately $4.5 million. The new mortgage payable matures on October 29, 2027 and bears interest at a floating rate of SOFR +1.75% per annum. The loan contains various financial and non-financial covenants, such as general liquidity and net worth requirements. The Company is named as a guarantor in this loan agreement.
Schedule of Maturities of Long-Term Debt
The following table presents the future principal payments due under the Company’s mortgage loans as of March 31, 2026 (amounts in thousands):
YearAmount
Remainder of 2026$110 
20275,659 
202815,051 
2029903 
2030960 
Thereafter52,536 
Total$75,219