DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consist of the following (dollars in thousands):

	December 31,
	2024		2023
Mortgages payable	$	450,481	$	426,436
Junior subordinated notes	37,400		37,400
Credit facility	—		—
Deferred loan costs (1)	(4,247)		(4,266)
Total debt obligations	$	483,634	$	459,570

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(1) Excludes $374 and $289 at December 31, 2024 and 2023, respectively, of deferred fees related to our credit facility which is reflected in Other Assets.

Summary of Activity in Property Debt

A summary of activity in property debt, net of deferred loan fees, for the year ended December 31, 2024 is as follows (dollars in thousands):

Balance at December 31, 2023	$	422,427
New mortgage	27,375
Amortization of fair value adjustment	558
Principal amortization	(3,888)
Changes in deferred fees	(1)
Balance at December 31, 2024	$	446,471

Schedule of Maturities of Long-term Debt

Scheduled principal repayments for the periods indicated are as follows (dollars in thousands):

Year Ending December 31,	Scheduled Principal Payments
2025	$	19,860
2026	74,622
2027	46,190
2028	40,697
2029	56,272
Thereafter	212,840
	$	450,481

Schedule of Finite-Lived Intangible Liability, Future Amortization Expense

The unamortized balance of acquisition related mortgage intangibles, which is included in mortgages payable in the consolidated balance sheet, was $829 at December 31, 2024 and will be amortized as follows (dollars in thousands):

Year Ending December 31,	Amount
2025	$	501
2026	214
2027	(28)
2028	—
2029	127
Thereafter	15
Total	$	829