XML 64 R43.htm IDEA: XBRL DOCUMENT v3.25.4
Notes Payable and Other Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-term 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.
Schedule of 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