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Notes Payable and Other Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Notes Payable and Other Debt Notes Payable and Other Debt
As of December 31, 2025 and 2024, Notes payable and other debt consisted of the following (in thousands):
Principal Outstanding
DebtInterest Rate (%)Maturity DateDecember 31, 2025December 31, 2024
Secured:
Photovoltaic Financing(1)(1)4,838 3,932 
Manoa Marketplace(2)202948,989 50,877 
Subtotal$53,827 $54,809 
Unsecured:
Series J Note4.66%2025— 10,000 
Series B Note5.55%20262,000 18,000 
Series C Note5.56%20264,000 7,000 
Series F Note4.35%20264,000 7,250 
Series H Note4.04%202650,000 50,000 
Series K Note4.81%202734,500 34,500 
Series G Note3.88%20279,625 15,625 
Series L Note4.89%202818,000 18,000 
Series I Note4.16%202825,000 25,000 
Term Loan 54.30%202925,000 25,000 
Syndicated Term Loan(3)2030200,000 — 
Series M Note6.09%203260,000 60,000 
Subtotal$432,125 $270,375 
Revolving Credit Facility:
A&B Revolver(4)2028(5)8,000 150,000 
Subtotal$8,000 $150,000 
Total debt (contractual)$493,952 $475,184 
Unamortized debt premium (discount)(1,917)— 
Unamortized debt issuance costs(450)(347)
Total debt (carrying value)$491,585 $474,837 
(1) Financing leases have a weighted average discount rate of 4.76% and maturity dates ranging from 2027 to 2030
(2) Loan has a stated interest rate of SOFR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate.
(3) Loan has a stated interest rate of SOFR plus 1.15% based on a pricing grid. Loan is swapped through maturity to a 4.69% weighted-average fixed rate.
(4) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid.
(5) A&B Revolver has two six-month optional term extensions.
The Company's notes payable and other debt is categorized between debt instruments secured by real estate improved properties or other assets ("Secured Debt"), unsecured notes payable and other term loans ("Unsecured Debt") and borrowings under revolving credit facilities ("Revolving Credit Facilities") which includes the existing revolving credit facility used for general Company purposes ("A&B Revolver").
Secured Debt
Manoa Marketplace: In 2016, the Company, through wholly-owned subsidiaries, entered into a $60.0 million mortgage loan agreement secured by Manoa Marketplace with First Hawaiian Bank ("FHB"). The loan bears interest at a LIBOR-based rate, plus 1.35% and requires principal and interest payments over the term with a final principal payment of $41.7 million due on August 1, 2029. In 2023, the Company entered into a note modification agreement with FHB which transitioned the interest rate on the Manoa Marketplace mortgage loan from LIBOR to a benchmark based on SOFR effective August 1, 2023. All other terms of the agreement remain substantially unchanged. The Company had previously entered into an interest rate swap agreement with a notional amount equal to the principal amount on the debt to fix the LIBOR-based variable interest rate on the related periodic interest payments at an effective rate of 3.14% (refer to Note 9 – Derivative Instruments). The interest rate swap agreement was also modified concurrently in 2023 to transition the variable interest rate from LIBOR to a benchmark based on SOFR.
Assets Pledged as Collateral: The gross book value of the commercial real estate assets pledged as collateral described above at December 31, 2025, was $101.3 million.
Unsecured Debt
Prudential Series Notes: In December 2015, the Company entered into an agreement (the "Prudential Agreement") with Prudential Investment Management, Inc. and its affiliates (collectively, "Prudential") for an unsecured note purchase and private shelf facility that enabled the Company to issue notes in an aggregate amount up to $450.0 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amounts of any notes that are committed under the Prudential Agreement. The Prudential Agreement (which amended and renewed a then-existing agreement) had an issuance period that ended in December 2018 and contained certain restrictive covenants for the notes issued under the Prudential Agreement. On August 31, 2021, the Company entered into an agreement with Prudential to amend certain covenants related to the Prudential Private Shelf Facility.
On April 15, 2024, the Company entered into an agreement (the "Third Amended Prudential Agreement") with Prudential for an unsecured note purchase and private shelf facility that enables the Company to issue notes in an aggregate amount up to $300.0 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amounts of any notes that are committed under the Third Amended Prudential Agreement for a period of three years from execution of the agreement. On December 17, 2024, the Company entered into an agreement with Prudential to further amend certain covenants related to the Prudential Private Shelf Facility. All other terms of this agreement remain substantially unchanged. Borrowings under the uncommitted shelf facility bear interest at rates that are determined at the time of borrowing.
In addition, on April 15, 2024, the Company issued a $60.0 million note (the "Series M Note") under the Third Amended Prudential Agreement. The Series M Note has a coupon rate of 6.09%, paid semiannually, and matures in full on April 15, 2032.
Term Loan 5: In November 2017, the Company entered into a rate lock commitment to draw $25.0 million under its Note Purchase and Private Shelf Agreement with AIG Asset Management (U.S.), LLC (the "AIG Private Shelf Facility"). Under the commitment, the Company drew $25.0 million in December 2017. The note bears interest at 4.30% and matures on December 20, 2029. Interest only is paid semi-annually and the principal balance is due at maturity. On August 31, 2021, the Company entered into an agreement with AIG Asset Management to amend certain covenants related to the AIG Private Shelf Facility. All other terms of this agreement remain substantially unchanged.
Syndicated Term Loan: The Company could draw up to $200.0 million under its First Amendment to a Fourth Amended and Restated Credit Agreement ("A&B Revolver") with Bank of America N.A, as administrative agent ("the Agent"), First Hawaiian Bank, KeyBank National Association, Wells Fargo Bank, National Association, and other lenders party thereto ("the Lenders") entered into November, 2025. On November 3, 2025, the Company drew the entire $200.0 million available under the commitment and used the proceeds to repay the outstanding balance on the A&B Revolver of $191.0 million as of that date plus accrued interest. The note bears interest at a rate of 1-month Term SOFR plus 1.15% based on a pricing grid and matures on November 3, 2030. Interest only is paid monthly with the principal balance due at maturity.
Also on November 3, 2025, the Company entered into a $70.0 million 1-month Term SOFR interest rate swap that fixes the rate through maturity at 4.57% (inclusive of the financials-based applicable rate of 1.15%). The Company previously entered into two interest rate swaps with notional amounts of $73.0 million and $57.0 million that, prior to November 3, 2025, hedged $130 million of borrowings under the revolving credit facility at a weighted average fixed rate of 4.76%. Beginning November 3, 2025, the three interest rate swaps with a notional amount totaling $200.0 million hedge the $200.0 million borrowings under the Term Loan Facility through maturity to a 4.69% weighted average fixed rate.
Revolving credit facility
A&B Revolver: On October 17, 2024, the Company entered into the Fourth Amended and Restated Credit Agreement ("2024 A&B Revolver") with the Agent and the Lenders, which amended and restated the Company's existing $500.0 million committed revolving credit facility under the Third Amended and Restated Credit Agreement ("2021 A&B Revolver"). The 2024 A&B Revolver decreased the total revolving commitments to $450.0 million, extended the term of the facility to October 2028 with two six-month extension options, and amended certain covenants (see below). On November 3, 2025, the Company entered into the First Amendment to the 2024 A&B Revolver with the Agent and the Lenders. The terms of the A&B Revolver remained substantially unchanged, with the exception of the creation of a new term loan facility permitting the Company to request up to three borrowings through May 3, 2026 with a total available commitment of up to $200 million, and removal of the SOFR Adjustment of 0.10%.
At December 31, 2025, the Company had $8.0 million of revolving credit borrowings outstanding with no letters of credit issued against the facility, and $442.0 million remained available.
Covenants under the A&B Revolver, Prudential Series Notes (subsequent to amendments), Term Loan 5 (subsequent to amendments), and Syndicated Term Loan
The principal financial covenants are as follows:
•Maximum ratio of secured debt to total adjusted asset value of 0.40:1.00.
•Under the A&B Revolver and the Prudential Series Notes - Minimum shareholders' equity amount of $751.1 million plus 75% percent of the net proceeds received from equity issuances after June 30, 2024.
•Under the Term Loan 5 - Minimum shareholders' equity amount of $865.6 million plus 75% percent of the net proceeds received from equity issuances after June 30, 2021.
•Minimum unencumbered interest coverage ratio of 1.75:1.00.

Debt principal payments
At December 31, 2025, debt principal payments and maturities during the next five years and thereafter and the corresponding amount of unamortized deferred financing costs or debt discounts or premiums were as follows (in thousands):
Scheduled Principal Payments
Secured debtUnsecured debt
Revolving credit facility
Total Notes payable and other debt
2026$2,336 $67,000 $— $69,336 
20274,030 37,125 — 41,155 
20283,374 43,000 8,000 54,374 
202943,133 25,000 — 68,133 
2030954 200,000 — 200,954 
Thereafter— 60,000 — 60,000 
Total Principal$53,827 $432,125 $8,000 $493,952 
(Unamortized Debt Issue Cost)/
(Discount) Premium
(74)(2,293)— (2,367)
Total$53,753 $429,832 $8,000 $491,585