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Mortgage Notes Payable, Net (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Mortgage Notes Payable | Mortgage notes payable, net as of March 31, 2024 and December 31, 2023 consisted of the following:
|  |  |  | Encumbered Properties |  | Outstanding Loan Amount (1) |  | Effective Interest Rate |  | Interest Rate |  |  |  |
Country |  | Portfolio |  |  | March 31, 2024 |  | December 31, 2023 |  |  |  | Maturity |  | Anticipated Repayment (2)
|  |  |  |  |  | (In thousands) |  | (In thousands) |  |  |  |  |  |  |  |
Finland: |  | Finland Properties |  | 5 |  | $ | 79,880 |  |  | $ | — |  |  | 5.1% | (3) | Fixed/Variable |  | Feb. 2029 |  | Feb. 2029
|  | Finland Properties |  | — |  | — |  |  | 81,695 |  |  | 2.4% | (3) | Fixed/Variable |  | Feb. 2024 |  | Feb. 2024
Luxembourg/ The Netherlands: |  | Benelux Properties |  | 3 |  | 116,296 |  |  | 129,752 |  |  | 1.4% |  | Fixed |  | Jun. 2024 |  | Jun. 2024
|  | Total EUR denominated |  | 8 |  | 196,176 |  |  | 211,447 |  |  |  |  |  |  |  |  |
United Kingdom: |  | McLaren |  | 3 |  | 127,503 |  |  | 128,587 |  |  | 6.1% | (4) | Fixed |  | Apr. 2024 |  | Apr. 2024
|  | Total GBP denominated |  | 3 |  | 127,503 |  |  | 128,587 |  |  |  |  |  |  |  |  |
United States: |  | Penske Logistics |  | 1 |  | 70,000 |  |  | 70,000 |  |  | 4.7% | (5) | Fixed |  | Nov. 2028 |  | Nov. 2028
|  | Multi-Tenant Mortgage Loan I |  | 10 |  | 162,580 |  |  | 162,580 |  |  | 4.4% | (5) | Fixed |  | Nov. 2027 |  | Nov. 2027
|  | Multi-Tenant Mortgage Loan II |  | 8 |  | 32,750 |  |  | 32,750 |  |  | 4.4% | (5) | Fixed |  | Feb. 2028 |  | Feb. 2028
|  | Multi-Tenant Mortgage Loan III |  | 7 |  | 98,500 |  |  | 98,500 |  |  | 4.9% | (5) | Fixed |  | Dec. 2028 |  | Dec. 2028
|  | Multi-Tenant Mortgage Loan IV |  | 16 |  | 97,500 |  |  | 97,500 |  |  | 4.6% | (5) | Fixed |  | May 2029 |  | May 2029
|  | Multi-Tenant Mortgage Loan V |  | 11 |  | 139,771 |  |  | 139,771 |  |  | 3.7% | (5) | Fixed |  | Oct. 2029 |  | Oct. 2029
|  | 2019 Class A-1 Net-Lease Mortgage Notes |  | 97 |  | 110,673 |  |  | 110,815 |  |  | 3.8% |  | Fixed |  | May 2049 |  | May 2026
|  | 2019 Class A-2 Net-Lease Mortgage Notes |  | 101 |  | 119,257 |  |  | 119,409 |  |  | 4.5% |  | Fixed |  | May 2049 |  | May 2029
|  | 2021 Class A-1 Net-Lease Mortgage Notes |  | 43 |  | 50,971 |  |  | 50,971 |  |  | 2.2% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-2 Net-Lease Mortgage Notes |  | 44 |  | 88,041 |  |  | 88,041 |  |  | 2.8% |  | Fixed |  | May 2051 |  | May 2031
|  | 2021 Class A-3 Net-Lease Mortgage Notes |  | 32 |  | 34,997 |  |  | 34,997 |  |  | 3.1% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-4 Net-Lease Mortgage Notes |  | 33 |  | 54,995 |  |  | 54,995 |  |  | 3.7% |  | Fixed |  | May 2051 |  | May 2031
|  | Column Financial Mortgage Notes |  | 352 |  | 692,018 |  |  | 697,595 |  |  | 3.8% | (6) | Fixed |  | Aug. 2025 |  | Aug. 2025
|  | Mortgage Loan II |  | 12 |  | 210,000 |  |  | 210,000 |  |  | 4.3% |  | Fixed |  | Jan. 2028 |  | Jan. 2028
|  | Mortgage Loan III |  | 22 |  | 33,400 |  |  | 33,400 |  |  | 4.1% |  | Fixed |  | Jan. 2028 |  | Jan. 2028
|  | RTL Multi-Tenant Mortgage II |  | — |  | — |  |  | 25,000 |  |  | —% |  | Fixed |  | Feb. 2024 |  | Feb. 2024
|  | McGowin Park |  | 1 |  | 39,025 |  |  | 39,025 |  |  | 4.1% |  | Fixed |  | May 2024 |  | May 2024
|  | CMBS Loan |  | 29 |  | 260,000 |  |  | 260,000 |  |  | 6.5% |  | Fixed |  | Sept. 2033 |  | Sept. 2033
|  | Total USD denominated |  | 819 |  | 2,294,478 |  |  | 2,325,349 |  |  |  |  |  |  |  |  |
|  | Gross mortgage notes payable |  | 830 |  | 2,618,157 |  |  | 2,665,383 |  |  | 4.3% |  |  |  |  |  |
|  | Mortgage discounts |  |  |  | (129,553) |  |  | (140,403) |  |  |  |  |  |  |  |  |
|  | Deferred financing costs, net of accumulated amortization (7) |  |  |  | (7,341) |  |  | (7,112) |  |  |  |  |  |  |  |  |
|  | Mortgage notes payable, net |  | 830 |  | $ | 2,481,263 |  |  | $ | 2,517,868 |  |  | 4.3% |  |  |  |  |  |
______________ (1)Amounts borrowed in local currency and translated at the spot rate in effect at the applicable reporting date. (2)The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements. (3)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor. Euribor rate in effect as of March 31, 2024. This loan was extended from its original maturity date of February 2024 to February 2029. (4)This mortgage was repaid in April 2024 (see N o te 16 — Subsequent Events for additional information). (5)The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers. (6)The Company sold six properties and one property was released from this mortgage by the lender during the quarter ended March 31, 2024. Mortgages for three of the properties were repaid during the quarter ended March 31, 2024, however, the principal balances on the remaining four properties totaling $9.3 million was re-paid in April 2024. (7)Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. The details of the Company’s senior notes are as follows:
(In thousands) |  | March 31, 2024 |  | December 31, 2023
3.75% Senior Notes |  |  |  |
Aggregate principal amount |  | $ | 500,000 |  |  | $ | 500,000 |
Less: Deferred financing costs |  | (5,145) |  |  | (5,491) |
3.75% Senior Notes, net |  | 494,855 |  |  | 494,509 |
4.50% Senior Notes |  |  |  |
Aggregate principal amount |  | 500,000 |  |  | 500,000 |
Less: Discount |  | (103,976) |  |  | (108,464) |
4.50% Senior Notes, net |  | 396,024 |  |  | 391,536 |
Senior Notes, Net |  | $ | 890,879 |  |  | $ | 886,045 |
Schedule of Future Principal Payments on Mortgage Notes Payable | The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of March 31, 2024:
(In thousands) |  | Future Principal Payments (1)
2024 (remainder) |  | $ | 283,709 |
2025 |  | 693,196 |
2026 |  | 110,292 |
2027 |  | 163,191 |
2028 |  | 531,229 |
2029 |  | 433,506 |
Thereafter |  | 403,034 |
Total |  | $ | 2,618,157 |
______ (1)Assumes exchange rates of £1.00 to $1.26 for British Pounds Sterling (“GBP”) and €1.00 to $1.08 for Euros (“EUR”) as of March 31, 2024 for illustrative purposes, as applicable.

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