Notes Payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following (in thousands):

	Weighted average interest rate	Maturity Date	June 30, 2024		December 31, 2023
Fixed rate mortgage notes payable	4.6%	2025 to 2045	$	412,943	$	492,998
Variable rate mortgage notes payable (1)	6.3%	2026 to 2029	171,531		137,320
Notes payable - insurance	6.8%	2024 to 2025	2,514		1,846
Notes payable - other	8.5%	2024	810		1,619
Notes payable			$	587,798	$	633,783
Deferred loan costs, net			4,043		4,361
Total notes payable, net of deferred loan costs			$	583,755	$	629,422
Current portion of notes payable			2,235		42,323
Long-term notes payable, net			$	581,520	$	587,099

_____________

(1) See “Note 13–Fair Value Measurements” for interest rate cap agreements on variable rate mortgage notes payable.

Schedule of Aggregate Scheduled Maturities of Notes Payable

The following schedule summarizes our notes payable as of June 30, 2024 (in thousands):

Principal payments due in:(2)
2024	$	2,881
2025	42,869
2026	334,798
2027	3,244
2028	3,395
Thereafter	200,611
Total notes payable, excluding deferred loan costs	$	587,798

_____________

(2) Includes the impact of the Texas Loan Modification (as defined and described in Note 15–Subsequent Events.)