Quarterly report [Sections 13 or 15(d)]

Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)

v3.26.1
Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Credit Facility
Our mortgage notes payable, Credit Facility, and senior unsecured notes as of June 30, 2026 and December 31, 2025 are summarized below (dollars in thousands):

Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
June 30, 2026 June 30, 2026 December 31, 2025 June 30, 2026 June 30, 2026
Mortgage and other secured loans:
Fixed rate mortgage loans 42  $ 245,180  $ 251,578  (1) (2)
Premiums and discounts, net —  21  19  N/A N/A
Deferred financing costs, mortgage loans, net —  (1,120) (1,404) N/A N/A
Total mortgage notes payable, net 42  $ 244,081  $ 250,193  (4)
Variable rate revolving credit facility —  (6) $ 51,570  $ 37,370 
SOFR + 1.45%
 (3) 10/10/2029
Total revolver —  $ 51,570  $ 37,370 
Variable rate term loan facility A —  (6) $ 125,000  $ 125,000 
SOFR + 1.40%
 (3) 10/10/2029
Variable rate term loan facility B —  (6) 143,333  143,333 
SOFR + 1.40%
 (3) 2/15/2030
Variable rate term loan facility C —  (6) 131,667  131,667 
SOFR + 1.40%
 (3) 2/18/2028
Deferred financing costs, term loan facility —  (1,954) (2,298) N/A N/A
Total term loan, net N/A $ 398,046  $ 397,702 
Senior unsecured notes 2029 —  $ 75,000  $ 75,000  6.47% 12/18/2029
Senior unsecured notes 2030 —  85,000  85,000  5.99% 12/15/2030
Deferred financing costs, senior unsecured notes —  (1,647) (1,799) N/A N/A
Total senior unsecured notes, net N/A $ 158,353  $ 158,201 
Total mortgage notes payable, credit facility, and senior unsecured notes 42  $ 852,050  $ 843,466  (5)

(1)As of June 30, 2026, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.10%.
(2)As of June 30, 2026, we had 36 mortgage notes payable with maturity dates ranging from October 5, 2026 through August 1, 2037.
(3)As of June 30, 2026, the Secured Overnight Financing Rate (“SOFR”) was approximately 3.68%.
(4)The weighted average interest rate on the mortgage notes outstanding as of June 30, 2026 was approximately 4.20%.
(5)The weighted average interest rate on all debt outstanding as of June 30, 2026 was approximately 5.04%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 108 unencumbered properties as of June 30, 2026.
N/A - Not Applicable
Schedule of Long-Term Mortgages
During the six months ended June 30, 2026, we repaid two mortgages, collateralized by two properties, which are summarized in the table below (dollars in thousands):

Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ 1,512  6.58%

During the six months ended June 30, 2026, we extended the maturity date of one mortgage, collateralized by two properties, which is summarized in the table below (dollars in thousands):

Fixed Rate Debt Extended Interest Rate on Fixed Rate Debt Extended Extension Term
$ 7,771  3.78% 1.0 year
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the six months ending December 31, 2026, and each of the five succeeding fiscal years and thereafter, are as follows (dollars in thousands):
 
Year Scheduled Principal Payments
Six Months Ending December 31, 2026 $ 21,618 
2027 102,710 
2028 37,415 
2029 34,922 
2030 33,529 
2031 4,573 
Thereafter 10,413 
Total $ 245,180  (1)

(1)This figure does not include $20,663 of premiums and (discounts), net, and $1.1 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Schedule of Interest Rate Caps and Swaps The following table summarizes our interest rate swaps at June 30, 2026 and December 31, 2025 (dollars in thousands):
June 30, 2026 December 31, 2025
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 625,902  $ 8,044  $ (39) $ 627,097  $ 3,130  $ (1,532)
Schedule of Impact of Derivative Instruments and Information Regarding Derivative Instruments
The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):

Amount of gain (loss), net, recognized in Comprehensive Income
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Derivatives in cash flow hedging relationships
Interest rate swaps $ 3,740  $ (2,344) 6,467  (6,360)
Total $ 3,740  $ (2,344) $ 6,467  $ (6,360)

The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands):

Amount reclassified out of Accumulated Other Comprehensive Income
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Interest rate swaps $ —  $ —  $ (13) $ 15 
Total $ —  $ —  $ (13) $ 15 
The following table sets forth certain information regarding our derivative instruments (dollars in thousands):

Asset (Liability) Derivatives Fair Value at
Derivatives Designated as Hedging Instruments Balance Sheet Location June 30, 2026 December 31, 2025
Interest rate swaps Other assets $ 8,044  $ 3,130 
Interest rate swaps Other liabilities (39) (1,532)
Total derivative liabilities, net $ 8,005  $ 1,598