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v3.25.1

Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the carrying value of debt as of and the debt activity for the periods indicated below (in thousands):
|  |  |  | Three Months Ended March 31, 2025 |  |
|  | Balance as of December 31, 2024 |  | Debt Issuances |  | Repayments, Extinguishment and Assumptions |  | Accretion and Amortization |  | Balance as of March 31, 2025
Mortgages payable: |  |  |  |  |  |  |  |  |  |
Outstanding balance |  | $ | 373,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 373,000 |
Deferred costs |  | (1,778) |  |  | — |  |  | — |  |  | 181 |  |  | (1,597) |
Mortgages payable, net |  | 371,222 |  |  | — |  |  | — |  |  | 181 |  |  | 371,403 |
Credit facility revolver |  | 119,000 |  |  | 13,000 |  |  | — |  |  | — |  |  | 132,000 |
Total debt |  | $ | 490,222 |  |  | $ | 13,000 |  |  | $ | — |  |  | $ | 181 |  |  | $ | 503,403 |
Schedule of Maturities of Long-Term Debt | The following table summarizes the scheduled aggregate principal repayments due on the Company’s debt outstanding as of March 31, 2025 (in thousands):
|  | Total
April 1, 2025 to December 31, 2025 |  | $ | — |
2026 |  | 132,000 |
2027 |  | 355,000 |
Thereafter |  | 18,000 |
Total |  | $ | 505,000 |
Schedule of Mortgage Notes Payable | The Company’s mortgages payable consisted of the following as of March 31, 2025 (dollars in thousands):
|  | Encumbered Properties |  | Net Carrying Value of Collateralized Properties (1) |  | Outstanding Balance |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity
Fixed-rate debt |  | 20 |  |  | $ | 433,746 |  |  | $ | 373,000 |  |  | 5.02 | % |  | 2.1
____________________________________ (1)Net carrying value is real estate assets, including right-of-use assets, net of real estate liabilities.

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