| Schedule of Fixed-rate Mortgage Loans Payable |
Fixed-rate mortgage loans payable are composed of the following as of June 30, 2026:
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June 30, 2026 |
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Maturity |
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Balance |
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Contractual |
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Description (a) |
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Amortization |
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date |
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outstanding |
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interest rate |
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Fixed-rate mortgage |
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Interest-only |
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9/2026 |
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$ |
24,485,000 |
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3.82 |
% |
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Fixed-rate mortgage |
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Interest-only |
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12/2026 |
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28,110,000 |
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4.06 |
% |
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Fixed-rate mortgage (b) |
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Interest-only |
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4/2027 |
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31,200,000 |
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4.38 |
% |
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Fixed-rate mortgage |
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Interest-only |
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6/2027 |
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32,722,000 |
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3.98 |
% |
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Fixed-rate mortgage |
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Interest-only |
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9/2027 |
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36,860,000 |
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3.99 |
% |
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Fixed-rate mortgage |
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Interest-only |
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12/2027 |
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33,441,000 |
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4.09 |
% |
|
Fixed-rate mortgage |
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Interest-only |
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1/2028 |
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35,840,000 |
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4.05 |
% |
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Fixed-rate mortgage |
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Interest-only |
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2/2028 |
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38,530,000 |
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6.12 |
% |
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Fixed-rate mortgage (c) |
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Interest-only |
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2/2028 |
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26,900,000 |
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5.80 |
% |
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Fixed-rate mortgage |
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Interest-only |
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3/1/2028 |
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38,457,000 |
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4.20 |
% |
|
Fixed-rate mortgage |
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Interest-only |
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4/2028 |
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37,795,000 |
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4.27 |
% |
|
Fixed-rate mortgage |
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Interest-only |
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7/2028 |
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43,522,000 |
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4.32 |
% |
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Fixed-rate mortgage |
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Interest-only |
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9/1/2028 |
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51,435,000 |
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4.42 |
% |
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Fixed-rate mortgage |
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Interest-only |
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8/2029 |
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63,943,000 |
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4.03 |
% |
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Fixed-rate mortgage |
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Interest-only |
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10/2029 |
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30,231,000 |
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3.13 |
% |
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Fixed-rate mortgage |
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Interest-only |
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1/2031 |
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37,564,000 |
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3.45 |
% |
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$ |
591,035,000 |
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4.26 |
% |
(d) |
Unamortized issuance costs, net |
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(531,000 |
) |
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Unamortized below market debt discount, net |
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(11,249,000 |
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$ |
579,255,000 |
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(a)Fixed-rate mortgages are recourse loans pursuant to their pre-defined loan terms, unless otherwise noted. (b)Fixed-rate mortgage is a nonrecourse loan pursuant to its pre-defined loan terms. (c)Mortgage bears interest at a variable-rate of 1.70% in excess of SOFR and concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage. Accordingly, this mortgage has been presented as a fixed-rate mortgage. (d)The weighted average effective interest rate on mortgage loans payable was 5.29% as of June 30, 2026.
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| Summary of Scheduled Principal Payments on Outstanding Debt |
Scheduled principal payments on the Company's outstanding mortgage loans payable, term loans, and revolving credit facility as of June 30, 2026 are as follows:
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Mortgage loans payable |
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Year |
|
balloon payments |
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Term loan |
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Total |
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Remainder of 2026 |
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$ |
52,595,000 |
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$ |
- |
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$ |
52,595,000 |
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2027 |
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134,223,000 |
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- |
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134,223,000 |
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2028 |
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272,479,000 |
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- |
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272,479,000 |
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2029 |
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94,174,000 |
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271,053,000 |
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365,227,000 |
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2030 |
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- |
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- |
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- |
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Thereafter |
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37,564,000 |
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- |
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37,564,000 |
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$ |
591,035,000 |
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$ |
271,053,000 |
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$ |
862,088,000 |
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