| Schedule of Debt, Net |
The
following table details our Debt, net (dollars in thousands):
Schedule
of Debt, Net
| Indebtedness | |
Weighted Average
Interest Rate | |
Maturity Date | |
Maximum Facility | | |
September 30, 2026 | | |
December 31, 2025 | |
| | |
| |
| |
| | |
Carrying Value as of | |
| Indebtedness | |
Weighted Average
Interest Rate | |
Maturity Date | |
Maximum Facility | | |
September 30, 2026 | | |
December 31, 2025 | |
| | |
| |
| |
| | |
(unaudited) | | |
| |
| Fixed rate loans | |
| |
| |
| | | |
| | | |
| | |
| 900 8th Land Loan | |
9.50% | |
July 2027 | |
| N/A | | |
$ | 8,500 | | |
$ | 10,000 | |
| Variable rate loans | |
| |
| |
| | | |
| | | |
| | |
| 1000 First Construction Loan (1) | |
SOFR + 3.80% | |
June 2027 | |
$ | 104,000 | | |
| 97,345 | | |
| 81,300 | |
| Aster & Links Loans (2) | |
SOFR + 2.55% | |
October 2027 | |
$ | 204,138 | | |
| 179,457 | | |
| 173,925 | |
| Total debt | |
| |
| |
| | | |
| 285,302 | | |
| 265,225 | |
| Unamortized debt issuance costs | |
| |
| |
| | | |
| (1,256 | ) | |
| (2,274 | ) |
| Unamortized debt discount | |
| |
| |
| | | |
| (1,296 | ) | |
| (2,313 | ) |
| Debt, net | |
| |
| |
| | | |
$ | 282,750 | | |
$ | 260,638 | |
| (1) | On
June 28, 2024, we, through our indirect majority-owned subsidiary, entered into a variable
rate construction loan for up to $104.0 million in principal amount (the “1000 First
Construction Loan”), which is secured by our investment VIV. The 1000 First Construction
Loan contains two one-year extension options, exercisable at our election, subject to certain
terms and conditions set forth in the loan agreement. Advances under the 1000 First Construction
Loan bear interest at a per annum rate equal to the one-month term Secured Overnight Financing
Rate (“SOFR”) plus 3.80%, subject to a minimum all-in per annum rate of 7.55%.
To mitigate our exposure to increases to the one-month term SOFR, we obtained an interest
rate cap (see Note 9 – Derivative Instruments). The 1000 First Construction
Loan is prepayable in whole or in part at any time with not less than 45 days’ notice.
Full prepayment is subject to an interest make-whole amount, if any, calculated as of the
prepayment date. |
| (2) | The
Aster & Links Loans bear interest at a fluctuating rate based on: (i) one-month term
SOFR, subject to a 3.25% floor, plus (ii) a blended rate of 2.55%, and requires interest-only
monthly payments during their term. The Aster & Links Loans each contain two one-year
extensions exercisable at our election, subject to certain terms and conditions set forth
in each of the loan agreements. The Aster & Links Loans are secured by a first-priority
mortgage on Aster & Links and a pledge of the borrower’s equity interest in an
indirect subsidiary of the Company. To mitigate our exposure to increases to the one-month
term SOFR, we have obtained interest rate caps (see Note 9 – Derivative Instruments).
The Aster & Links Loans are prepayable in whole or in part at any time with not less
than 30 days’ notice. |
|
| Schedule of Future Principal Payments |
The
following table summarizes the scheduled future principal payments, excluding extension options, under our debt arrangements as of September
30, 2026 (amounts in thousands):
Schedule of Future Principal Payments
| Year ended December 31, | |
(unaudited) | |
| 2026 (remainder) | |
$ | — | |
| 2027 | |
| 285,302 | |
| 2028 | |
| — | |
| 2029 | |
| — | |
| 2030 | |
| — | |
| Thereafter | |
| — | |
| Total | |
$ | 285,302 | |
|