Annual report [Section 13 and 15(d), not S-K Item 405]

Debt, Net (Tables)

v3.25.4
Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt The following table summarizes the carrying value of debt as of the date and the debt activity for the periods indicated below (in thousands):
Year Ended December 31, 2025
Balance as of December 31, 2024
 Debt Issuances Repayments, Extinguishment and Assumptions Accretion and Amortization
Balance as of December 31, 2025
Mortgages payable:
Outstanding balance $ 373,000  $ —  $ —  $ —  $ 373,000 
Deferred costs (1,778) —  —  735  (1,043)
Mortgages payable, net 371,222  —  —  735  371,957 
Original Revolving Facility 119,000  13,000  (40,000) —  92,000 
Total debt $ 490,222  $ 13,000  $ (40,000) $ 735  $ 463,957 
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled aggregate principal repayments due on the Company’s debt outstanding as of December 31, 2025 (in thousands):
Total
2026 (1)
$ 92,000 
2027 (1)
355,000 
Thereafter 18,000 
Total $ 465,000 
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(1)As described below, the Original Revolving Facility was scheduled to mature on May 12, 2026 and the CMBS Loan was scheduled to mature on February 11, 2027 as of December 31, 2025. As described in more detail below, during February 2026, the Company entered into the New Revolving Facility. Also as described in more detail below, during February 2026, the Company entered into an amendment to the CMBS Loan which among other things extended the maturity date two years until February 11, 2029, subject to two borrower extension options for an aggregate of 18 months until August 11, 2030.
Schedule of Mortgage Notes Payable
The Company’s mortgages payable consisted of the following as of December 31, 2025 (dollars in thousands):
Encumbered Properties
Net Carrying Value of Collateralized Properties (1)
Outstanding Balance Weighted Average
Interest Rate
Weighted Average Years to Maturity (2)
Fixed-rate debt 20  $ 425,431  $ 373,000  5.02  % 1.3
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(1)Net carrying value is real estate assets, including right-of-use assets, net of real estate liabilities.
(2)During February 2026, the Company entered into an amendment to the CMBS Loan which among other things extended the maturity date two years until February 11, 2029, subject to two borrower extension options for an aggregate of 18 months until August 11, 2030.