XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.25.3

Senior Notes, Net (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of senior notes, net | Mortgage notes payable, net as of September 30, 2025 and December 31, 2024 consisted of the following:
|  |  |  | Encumbered Properties |  | Outstanding Loan Amount (1), (2) |  | Effective Interest Rate |  | Interest Rate |  |  |  |
Country |  | Portfolio |  |  | September 30, 2025 |  | December 31, 2024 |  |  |  | Maturity |  | Anticipated Repayment (3)
|  |  |  |  |  | (In thousands) |  | (In thousands) |  |  |  |  |  |  |  |
Finland: |  | Finland Properties (4) |  | 5 |  | $ | 86,853 |  |  | $ | 76,866 |  |  | 4.8% |  | Fixed/Variable |  | Jan. 2029 |  | Jan. 2029
|  | Total EUR denominated |  | 5 |  | 86,853 |  |  | 76,866 |  |  |  |  |  |  |  |  |
United States: |  | Penske Logistics |  | 1 |  | 70,000 |  |  | 70,000 |  |  | 4.7% |  | Fixed |  | Nov. 2028 |  | Nov. 2028
|  | Multi-Tenant Mortgage Loan I |  | 10 |  | 162,580 |  |  | 162,580 |  |  | 4.4% |  | Fixed |  | Nov. 2027 |  | Nov. 2027
|  | Multi-Tenant Mortgage Loan II |  | 8 |  | 32,750 |  |  | 32,750 |  |  | 4.4% |  | Fixed |  | Feb. 2028 |  | Feb. 2028
|  | Multi-Tenant Mortgage Loan III |  | 7 |  | 98,500 |  |  | 98,500 |  |  | 4.9% |  | Fixed |  | Dec. 2028 |  | Dec. 2028
|  | Multi-Tenant Mortgage Loan IV |  | 15 |  | 90,111 |  |  | 90,111 |  |  | 4.6% |  | Fixed |  | May 2029 |  | May 2029
|  | Multi-Tenant Mortgage Loan V |  | 10 |  | 128,780 |  |  | 139,771 |  |  | 3.7% |  | Fixed |  | Oct. 2029 |  | Oct. 2029
|  | 2019 Class A-1 Net-Lease Mortgage Notes |  | 65 |  | 94,324 |  |  | 105,859 |  |  | 3.8% |  | Fixed |  | May 2049 |  | May 2026
|  | 2019 Class A-2 Net-Lease Mortgage Notes |  | 65 |  | 118,340 |  |  | 118,798 |  |  | 4.5% |  | Fixed |  | May 2049 |  | May 2029
|  | 2021 Class A-1 Net-Lease Mortgage Notes |  | 42 |  | 45,267 |  |  | 49,362 |  |  | 2.2% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-2 Net-Lease Mortgage Notes |  | 42 |  | 78,189 |  |  | 85,262 |  |  | 2.8% |  | Fixed |  | May 2051 |  | May 2031
|  | 2021 Class A-3 Net-Lease Mortgage Notes |  | 31 |  | 34,997 |  |  | 34,997 |  |  | 3.1% |  | Fixed |  | May 2051 |  | May 2028
|  | 2021 Class A-4 Net-Lease Mortgage Notes |  | 30 |  | 54,995 |  |  | 54,995 |  |  | 3.7% |  | Fixed |  | May 2051 |  | May 2031
|  | Column Financial Mortgage Notes (5) |  | — |  | — |  |  | 463,370 |  |  | —% |  | Fixed |  | N/A |  | N/A
|  | Mortgage Loan II (6) |  | — |  | — |  |  | 210,000 |  |  | —% |  | Fixed |  | N/A |  | N/A
|  | Mortgage Loan III |  | 22 |  | 33,400 |  |  | 33,400 |  |  | 4.1% |  | Fixed |  | Jan. 2028 |  | Jan. 2028
|  | CMBS Loan (7) |  | — |  | — |  |  | 260,000 |  |  | —% |  | Fixed |  | N/A |  | N/A
|  | CMBS Loan II |  | 20 |  | 237,000 |  |  | 237,000 |  |  | 5.8% |  | Fixed |  | Apr. 2029 |  | Apr. 2029
|  | Total USD denominated |  | 368 |  | 1,279,233 |  |  | 2,246,755 |  |  |  |  |  |  |  |  |
|  | Gross mortgage notes payable |  | 373 |  | 1,366,086 |  |  | 2,323,621 |  |  | 4.4% |  |  |  |  |  |
|  | Mortgages classified in discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Mortgage Loan II (6) |  | — |  | — |  |  | (210,000) |  |  |  |  |  |  |  |  |
|  | CMBS Loan (7) |  | — |  | — |  |  | (260,000) |  |  |  |  |  |  |  |  |
|  | Gross mortgage notes payable (continuing operations) |  | 373 |  | 1,366,086 |  |  | 1,853,621 |  |  |  |  |  |  |  |  |
|  | Mortgage discounts |  |  |  | (51,271) |  |  | (73,542) |  |  |  |  |  |  |  |  |
|  | Deferred financing costs, net of accumulated amortization (8) |  |  |  | (9,242) |  |  | (11,471) |  |  |  |  |  |  |  |  |
|  | Mortgage notes payable, net |  | 373 |  | $ | 1,305,573 |  |  | $ | 1,768,608 |  |  | 4.4% |  |  |  |  |  |
______________ (1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date. (2)The borrowers’ (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. (3)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. (4)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 and reflects the Euribor rate in effect as of September 30, 2025. This loan was extended from its original maturity date of February 2024 to February 2029. (5)This mortgage was repaid in May 2025, primarily using borrowings under the USD portion of the Company’s Prior Revolving Credit Facility (as defined in N ote 6 — Revolving Credit Facility). (6)This mortgage was assumed by RCG as part of the completion of the Multi-Tenant Retail Disposition in the second quarter of 2025. As of December 31, 2024, this mortgage was classified within discontinued operations (see Note 3 — Multi-Tenant Retail Disposition for additional information). (7)Approximately $256.3 million of the original principal amount of this mortgage was assumed by RCG as part of the completion of the Multi-Tenant Retail Disposition in the second quarter of 2025, and the remaining principal of approximately $3.7 million was repaid by the Company. As of December 31, 2024, this mortgage was classified within discontinued operations (see Note 3 — Multi-Tenant Retail Disposition for additional information). (8)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) |  | September 30, 2025 |  | December 31, 2024
3.75% Senior Notes |  |  |  |
Aggregate principal amount |  | $ | 500,000 |  |  | $ | 500,000 |
Less: Deferred financing costs |  | (3,062) |  |  | (4,100) |
3.75% Senior Notes, net |  | 496,938 |  |  | 495,900 |
4.50% Senior Notes |  |  |  |
Aggregate principal amount |  | 500,000 |  |  | 500,000 |
Less: Discount |  | (74,489) |  |  | (89,799) |
4.50% Senior Notes, net |  | 425,511 |  |  | 410,201 |
Senior Notes, Net |  | $ | 922,449 |  |  | $ | 906,101 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration