| Schedule of Mortgages and Credit Facilities Payable |
As of September 30, 2026 and December 31, 2025, the Company had the following mortgage and credit facility payable:
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September 30, 2026 |
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December 31, 2025 |
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Type of Debt |
Principal Amount |
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Weighted
Average
Interest Rate |
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Principal
Amount |
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Weighted
Average
Interest Rate |
|
Fixed rate mortgage payable |
$ |
— |
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— |
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$ |
18,727 |
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|
4.02 |
% |
Credit facility payable |
|
805,000 |
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|
4.70 |
% |
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823,000 |
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|
4.66 |
% |
Total debt before unamortized debt issuance costs including impact of interest rate swaps |
|
805,000 |
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4.70 |
% |
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841,727 |
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4.65 |
% |
(Less): Unamortized debt issuance costs |
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(3,270 |
) |
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(4,252 |
) |
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Total debt |
$ |
801,730 |
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$ |
837,475 |
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| Summary of Interest Rate Swap Contracts Outstanding |
The following table summarizes the Company’s interest rate swap contracts outstanding as of September 30, 2026.
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Date
Entered |
Effective
Date |
Maturity
Date |
Receive Floating Rate Index (a) |
Pay
Fixed
Rate |
|
Notional
Amount |
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Fair Value
as of
September 30, 2026 |
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Assets |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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1.69 |
% |
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90,000 |
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|
740 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.85 |
% |
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100,000 |
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|
767 |
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February 3, 2022 |
March 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
|
1.72 |
% |
|
85,000 |
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|
692 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
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60,000 |
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|
282 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
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60,000 |
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|
283 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.71 |
% |
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75,000 |
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|
354 |
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May 17, 2022 |
June 1, 2022 |
February 3, 2027 |
One-month Term SOFR |
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2.77 |
% |
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55,000 |
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|
249 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.26 |
% |
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145,000 |
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4,429 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.26 |
% |
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105,000 |
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3,213 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.27 |
% |
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105,000 |
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3,188 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.28 |
% |
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90,000 |
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2,727 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.34 |
% |
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50,000 |
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1,450 |
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November 14, 2025 |
February 3, 2027 |
April 1, 2029 |
One-month Term SOFR |
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3.31 |
% |
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30,000 |
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|
884 |
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$ |
1,050,000 |
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$ |
19,258 |
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(a)As of September 30, 2026, the one-month term SOFR was 3.92%.
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| Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss) |
The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2026 and 2025.
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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Derivatives in Cash Flow Hedging Relationships |
2026 |
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2025 |
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2026 |
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2025 |
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Effective portion of derivatives |
$ |
9,315 |
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$ |
539 |
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$ |
18,120 |
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$ |
(2,330 |
) |
Reclassification adjustment for amounts included in net loss (effective portion) |
$ |
(1,958 |
) |
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$ |
(2,960 |
) |
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$ |
(5,772 |
) |
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$ |
(8,791 |
) |
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