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Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Debt Facility As of December 31, 2024, we had a mezzanine loan facility with an original principal balance of $120.0 million maturing on November 9, 2028 (the “NLOP Mezzanine Loan”). This mezzanine loan was originally part of the “NLOP Financing Arrangements,” which also included a senior secured mortgage loan that was fully repaid during the year ended December 31, 2024 (the “NLOP Mortgage Loan”), using proceeds from certain dispositions, as well as cash flow from rent on our properties and other sources. During the six months ended June 30, 2025, we fully repaid the NLOP Mezzanine Loan, which had $61.1 million of outstanding principal as of December 31, 2024, using net proceeds from certain dispositions, as well as excess cash flow from operations and other sources, including the application of loan reserves. Non-Recourse Mortgages Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. At June 30, 2025, our non-recourse mortgage notes payable encumbered six properties, with an aggregate weighted-average interest rate of 6.4% (fixed-rate and variable-rate non-recourse mortgage notes payable were 7.4% and 4.9%, respectively), and maturity dates ranging from July 2025 to July 2026. The non-recourse mortgage loan encumbering our property located in Norway with a principal balance outstanding of $45.5 million and a maturity date of December 2025 is in a loan-to-value covenant breach as of June 30, 2025, and the lender has the right to commence foreclosure proceedings. As of date of this Report, the lender has not exercised such a right. The non-recourse mortgage loan encumbering a domestic property with a principal balance outstanding of $25.2 million was not repaid on its maturity date of January 6, 2025, and the lender has the right to commence foreclosure proceedings. As of the date of this Report, the lender has not exercised such a right. This loan has accrued default interest at an annual rate of 5.0% since the original maturity date, in addition to the base interest rate of 4.2%. Foreign Currency Exchange Rate Impact During the six months ended June 30, 2025, the U.S. dollar weakened against the Norwegian krone, resulting in an increase of $4.9 million in the aggregate carrying value of our Non-recourse mortgages, net from December 31, 2024 to June 30, 2025. Scheduled Mortgage Debt Principal Payments Scheduled mortgage debt principal payments as of June 30, 2025 are as follows (in thousands):
Years Ending December 31, |  | Total
2025 (remainder) |  | $ | 80,525 |
2026 |  | 36,577 |
2027 |  | — |
2028 |  | — |
2029 |  | — |
Total principal payments |  | 117,102 |
Unamortized premium, net |  | 68 |
Total |  | $ | 117,170 |
Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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