Mortgage Notes Payable, Net (Tables)

6 Months Ended

Jun. 30, 2026

Mortgage notes payable, net as of June 30, 2026 and December 31, 2025 consisted of the following:


		Encumbered Properties	Outstanding Loan Amount (1), (2)				Effective Interest Rate	Interest Rate
Country	Portfolio		June 30, 2026		December 31, 2025				Maturity	Anticipated Repayment (3)
			(In thousands)		(In thousands)
Finland:	Finland Properties (4)	5	$	84,418	$	86,878	4.7%	Fixed/Variable	Jan. 2029	Jan. 2029

	Total Euro denominated	5	84,418		86,878

United States:	Penske Logistics	1	70,000		70,000		4.7%	Fixed	Nov. 2028	Nov. 2028
	Multi-Tenant Mortgage Loan I	6	94,132		129,949		4.4%	Fixed	Nov. 2027	Nov. 2027
	Multi-Tenant Mortgage Loan II	8	32,750		32,750		4.4%	Fixed	Feb. 2028	Feb. 2028
	Multi-Tenant Mortgage Loan III	6	53,910		98,500		4.9%	Fixed	Dec. 2028	Dec. 2028
	Multi-Tenant Mortgage Loan IV	14	77,798		77,798		4.6%	Fixed	May 2029	May 2029
	Multi-Tenant Mortgage Loan V	10	128,780		128,780		3.7%	Fixed	Oct. 2029	Oct. 2029
	2019 Class A-1 Net-Lease Mortgage Notes (5)	—	—		94,202		N/A	Fixed	N/A	N/A
	2019 Class A-2 Net-Lease Mortgage Notes (5)	—	—		118,187		N/A	Fixed	N/A	N/A
	2021 Class A-1 Net-Lease Mortgage Notes	32	44,742		45,267		2.2%	Fixed	May 2051	May 2028
	2021 Class A-2 Net-Lease Mortgage Notes	70	77,281		78,189		2.8%	Fixed	May 2051	May 2031
	2021 Class A-3 Net-Lease Mortgage Notes	25	34,997		34,997		3.1%	Fixed	May 2051	May 2028
	2021 Class A-4 Net-Lease Mortgage Notes	43	54,995		54,995		3.7%	Fixed	May 2051	May 2031
	Mortgage Loan III	22	33,400		33,400		4.1%	Fixed	Jan. 2028	Jan. 2028
	CMBS Loan II	20	237,000		237,000		5.8%	Fixed	Apr. 2029	Apr. 2029
	Total USD denominated	257	939,785		1,234,014
	Gross mortgage notes payable	262	1,024,203		1,320,892		4.4%
	Mortgage discounts		(30,344)		(47,807)
	Deferred financing costs, net of accumulated amortization (6)		(6,979)		(8,481)
	Mortgage notes payable, net	262	$	986,880	$	1,264,604	4.4%

______________

(1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date.

(2)The borrowers’ (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers.

(3)The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements.

(4)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.05% plus 6-month Euribor and reflects the Euribor rate in effect as of June 30, 2026.

(5)These mortgage notes were paid off in May 2026 primarily using borrowings under the EUR portion of the Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility).

(6)Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

The details of the Company’s senior notes are as follows:


(In thousands)	June 30, 2026		December 31, 2025
3.75% Senior Notes
Aggregate principal amount	$	500,000	$	500,000
Less: Deferred financing costs	(2,025)		(2,713)
3.75% Senior Notes, net	497,975		497,287

4.50% Senior Notes
Aggregate principal amount	500,000		500,000
Less: Discount	(57,956)		(69,118)
4.50% Senior Notes, net	442,044		430,882

Senior Notes, Net	$	940,019	$	928,169

Schedule of future principal payments on mortgage notes payable

The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of June 30, 2026:


(In thousands)	Future Principal Payments (1)
2026 Remainder	$	—
2027	94,132
2028	269,798
2029	527,996
2030	—

Thereafter	132,277
Total	$	1,024,203

______

(1)Assumes exchange rates of €1.00 to $1.14 for Euros (“EUR”) as of June 30, 2026 for illustrative purposes, as applicable.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details