v3.26.1
Mortgage Notes Payable and Other Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable
The following table reflects the Company’s mortgage notes payable and other debt as of June 30, 2026 and December 31, 2025 (dollars in thousands):
Encumbered properties at June 30, 2026
Outstanding balance as of
Effective interest rate as of
June 30,
2026		December 31, 2025June 30,
2026		December 31, 2025Interest rateMaturity
Secured Term Loan 1 due 202815$85,771 $85,771 4.60 %4.60 %FixedMay 2028
Secured Term Loan 3 due 2031733,066 33,066 2.93 %2.93 %FixedDec 2031
Secured Term Loan 4 due 203356219,500 219,500 6.54 %6.54 %FixedJun 2033
Single Property Mortgage 1 due 204716,195 6,289 4.04 %4.04 %FixedMay 2047
Single Property Mortgage 2 due 2049114,197 14,412 2.99 %2.99 %FixedMay 2049
Single Property Mortgage 3 due 204918,809 8,942 2.99 %2.99 %FixedMay 2049
Multi Property Mortgage 1 due 203447,500 7,500 6.94 %6.94 %FixedMar 2034
Gross mortgage notes payable (1)
85375,038 375,480 5.53 %5.52 %
Deferred financing costs, net(6,354)(6,753)
Mortgage premiums and discounts, net(1,055)(1,098)
Mortgage notes payable, net$367,629 $367,629 
Fannie Mae Secured Debt 1 due 202611$198,096 $199,866 6.20 %6.63 %VariableNov 2026
Fannie Mae Secured Debt 2 due 202610133,758 134,873 6.25 %6.68 %VariableNov 2026
Total Fannie Mae Secured Debt (1)(2)
21$331,854 $334,739 6.22 %6.65 %
Term Loan due 2028 (3)
—$150,000 $150,000 5.36 %5.51 %VariableDec 2028
Deferred financing costs, net(1,326)(1,595)
Unsecured term loan, net$148,674 $148,405 
Unsecured revolving credit facility59$— $186,000 5.65 %5.94 %VariableDec 2028
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(1)For total gross mortgage notes payable and total Fannie Mae Secured Debt as of June 30, 2026 and December 31, 2025, effective interest rate is calculated on a weighted average basis.
(2)The Fannie Mae Secured Debt had interest rate caps that limit one-month SOFR (as defined below) at 3.50%.
(3)The Term Loan due 2028 has interest rate swaps that convert variable interest rates to fixed interest rates.
Schedule of Future Principal Payments
As of June 30, 2026, the Company’s indebtedness had the following maturities (dollars in thousands):
Mortgage notes payableFannie Mae Secured Debt Term LoanRevolving FacilityTotal
2026$450 $331,854 $— $— $332,304 
2027922 — — — 922 
202886,722 — 150,000 — 236,722 
2029982 — — — 982 
20301,013 — — — 1,013 
Thereafter284,949 — — — 284,949 
Total$375,038 $331,854 $150,000 $— $856,892