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v3.25.1

Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Instrument [Line Items] |
Schedule of Summarized Real Estate Secured Debt | Our debt is summarized as follows (in thousands):
Loan |  | December 31, 2024 |  |  | December 31, 2023 |  |  | Interest Rate |  |  | Maturity Date |
2025 KeyBank Acquisition Facility |  | $ | 100,200 |  |  | $ | — |  |  |  | 7.34 | % |  |  | 11/19/2025 |
KeyBank CMBS Loan (1) |  |  | 89,240 |  |  |  | 91,042 |  |  |  | 3.89 | % |  |  | 8/1/2026 |
Ladera Office Loan |  |  | 3,736 |  |  |  | 3,833 |  |  |  | 4.29 | % |  |  | 11/1/2026 |
Credit Facility |  |  | 614,831 |  |  |  | — |  |  |  | 6.44 | % |  |  | 2/22/2027 |
2027 NBC Loan (6) (7) |  |  | 51,425 |  |  |  | — |  |  |  | 5.82 | % |  |  | 3/7/2027 |
KeyBank Florida CMBS Loan (2) |  |  | 49,915 |  |  |  | 50,751 |  |  |  | 4.65 | % |  |  | 5/1/2027 |
2027 Ladera Ranch Loan |  |  | 42,000 |  |  |  | — |  |  |  | 5.00 | % |  |  | 12/5/2027 |
2028 Canadian Term Loan (6) (8) |  |  | 76,527 |  |  |  | 82,973 |  |  |  | 6.41 | % |  |  | 12/1/2028 |
CMBS Loan (3) |  |  | 104,000 |  |  |  | 104,000 |  |  |  | 5.00 | % |  |  | 2/1/2029 |
SST IV CMBS Loan (4) |  |  | 40,500 |  |  |  | 40,500 |  |  |  | 3.56 | % |  |  | 2/1/2030 |
2032 Private Placement Notes (5) |  |  | 150,000 |  |  |  | 150,000 |  |  |  | 5.28 | % |  |  | 4/19/2032 |
Former Credit Facility Term Loan |  |  | — |  |  |  | 250,000 |  |  |  |  |  |  |  |  |
Former Credit Facility Revolver |  |  | — |  |  |  | 318,688 |  |  |  |  |  |  |  |  |
Discount on secured debt, net |  |  | (1,570 | ) |  |  | (80 | ) |  |  |  |  |  |  |  |
Debt issuance costs, net |  |  | (3,369 | ) |  |  | (4,306 | ) |  |  |  |  |  |  |  |
Total debt |  | $ | 1,317,435 |  |  | $ | 1,087,401 |  |  |  |  |  |  |  |  |
(1) | This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts, and we serve as a non-recourse guarantor under this loan.
(2) | This fixed rate loan encumbers five properties (Pompano Beach, Lake Worth, Jupiter, Royal Palm Beach, and Delray) with monthly interest only payments until June 2022, at which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts.
| Subsequent to December 31, 2024, on February 4, 2025, we completed a series of transactions whereby we (i) defeased this loan (the “Defeasance”), (ii) exercised the accordion rights under the Credit Facility to increase commitments by $50 million to a total of $700 million and simultaneously drew approximately $51 million, and (iii) in connection with the completion of the Defeasance, executed joinders to add the five properties previously encumbered by the KeyBank Florida CMBS Loan onto the Credit Facility.
(3) | This fixed rate, interest only loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, and Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts, and we serve as a non-recourse guarantor under this loan.
(4) | On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million fixed rate CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). This fixed rate loan encumbers seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not
| available to pay our other debts, and we serve as a non-recourse guarantor under this loan. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest only, with the full principal amount becoming due and payable on the maturity date.
(5) | As of March 31, 2023, a Total Leverage Ratio Event (as defined below) had occurred, and the interest rate on such Note increased to 5.28% prospectively. For additional information regarding this loan, see 2032 Private Placement Notes below.
(6) | The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
(7) | This loan incurs interest at an all in rate of CORRA (as defined further below under the section entitled “2027 NBC Loan”), plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.20%. The effective interest rate on this loan is 6.42% when factoring the effects of a CORRA Swap which we entered into with the National Bank of Canada Financial Inc. for the initial term of the loan. The Dufferin, Oakville II, Burlington II, Iroquois Shore Rd, and Stoney Creek I properties are encumbered by this loan. See Note 7 – Derivative Instruments for additional information.
(8) | On November 16, 2023, we, through eight of our wholly-owned Canadian subsidiaries entered into a term loan (the “2028 Canadian Term Loan”) with affiliates of QuadReal Finance LP, receiving net proceeds of $110.0 million CAD on such date. The 2028 Canadian Term Loan is secured by eight Canadian properties, has a maturity date of December 1, 2028, and carries a fixed interest rate for the term of the loan of 6.41%. The first two years of the Canadian Term Loan are interest only, after which it requires monthly amortizing payments based on a 25-year amortization schedule.
Future Principal Payment Requirements on Outstanding Debt | The following table presents the future principal payments required on outstanding debt as of December 31, 2024 (in thousands):
2025 |  | $ | 104,084 |
2026 |  |  | 94,189 |
2027 |  |  | 755,845 |
2028 |  |  | 73,756 |
2029 |  |  | 104,000 |
2030 and thereafter |  |  | 190,500 |
Total payments |  |  | 1,322,374 |
Discount on secured debt |  |  | (1,570 | )
Debt issuance costs, net |  |  | (3,369 | )
Total |  | $ | 1,317,435 |

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