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| Debt Obligations | NOTE 6 – DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):
The following table sets forth, as of June 30, 2026, scheduled principal repayments with respect to the Company’s mortgage debt (amounts in thousands):
Line of Credit At June 30, 2026, the Company’s credit facility with Manufacturers and Traders Trust Company and Valley National Bank, provided that it may borrow up to $100,000,000, subject to borrowing base requirements. The facility was available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes would not exceed the lesser of $40,000,000 and 40% of the borrowing base. Net proceeds received from the sale, financing or refinancing of properties were generally required to be used to repay amounts outstanding under the credit facility. The facility was guaranteed by subsidiaries of the Company that own unencumbered properties and the Company was required to pledge to the lenders the equity interests in such subsidiaries. The facility provided for an (i) interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility and (ii) unused facility fee of 0.25% per annum. For the six months ended June 30, 2026 and 2025, the (i) applicable margin was 175 basis points, (ii) Company was in compliance with all covenants and (iii) weighted average interest rate was approximately 5.42% and 6.07%, respectively. At June 30, 2026 and December 31, 2025, the Company’s facility had (i) no balance outstanding, (ii) $100,000,000 available to be borrowed and (iii) unamortized deferred financing costs of $91,000 and $183,000, respectively, which are included in Escrow, deposits and other assets and receivables on the consolidated balance sheets.
On July 31, 2026, the Company replaced and entered into a new credit facility (the “New Facility”) with Manufacturers and Traders Trust Company and Valley National Bank. The New Facility provides that subject to borrowing base requirements, the Company can borrow up to $100,000,000 for general corporate purposes. The New Facility is scheduled to mature on December 31, 2029, subject to a built-in right to extend such maturity to December 31, 2030, upon satisfaction of certain conditions. NOTE 6 – DEBT OBLIGATIONS (CONTINUED) The New Facility (i) bears interest equal to 30-day SOFR plus an applicable margin, which ranges from 175 basis points to 250 basis points depending on the ratio of the Company’s total debt to total value (as calculated pursuant to the facility), (ii) has an unused facility fee ranging from 0.20% to 0.25% per annum on the difference between the outstanding loan balance and $100,000,000 and (iii) generally requires the net proceeds received from the sale, financing or refinancing of properties to be used to repay amounts outstanding under the New Facility. At August 3, 2026, the Company’s facility had (i) no balance outstanding, (ii) approximately $95,200,000 available to be borrowed and (iii) an interest rate of 5.44%. |
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