| NOTES PAYABLE |
NOTE 9 - NOTES PAYABLE The following table summarizes the Trust’s mortgage notes payable. | | | | | | | | | Principal Balance At | | | September 30, | | December 31, | | | 2026 | | 2025 | | | (in thousands) | Mortgage notes payable, net (a) | | $ | 531,614 | | $ | 513,947 | Mortgage notes payable, net, affiliates | | | 76,586 | | | 53,797 | Less unamortized debt issuance costs | | | (3,041) | | | (2,210) | | | $ | 605,159 | | $ | 565,534 |
| (a) | Includes $132,793 and $123,120 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2026 and December 31, 2025, respectively. |
We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows: | | | | Years ending December 31, | | Amount | | | (in thousands) | 2026 (October - December) | | $ | 7,267 | 2027 | | | 81,156 | 2028 | | | 67,689 | 2029 | | | 115,331 | 2030 | | | 87,201 | Thereafter | | | 249,556 | Total principal payments | | | 608,200 | Less unamortized debt issuance costs | | | (3,041) | | | | 605,159 |
|