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Mortgage Notes Payable, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable Mortgage notes payable, net as of December 31, 2024 and 2023 consisted of the following:
Encumbered Properties
Outstanding Loan Amount (1)
Effective Interest Rate
Interest Rate
CountryPortfolioDecember 31, 2024December 31, 2023
Maturity
Anticipated
Repayment (2)
(In thousands)(In thousands)
Finland:Finland Properties5$76,866 $— 5.0%(3)Fixed/Variable Jan. 2029Jan. 2029
Finland Properties—— 81,695 —%(3)Fixed/VariableFeb. 2024Feb. 2024
Luxembourg/ The Netherlands:Benelux Properties—— 129,752 —%(4)Fixed Jun. 2024Jun. 2024
Total EUR denominated576,866 211,447 
United Kingdom:McLaren —— 128,587 —%(5)FixedApr. 2024Apr. 2024
Total GBP denominated—— 128,587 
United States:Penske Logistics170,000 70,000 4.7%(6)FixedNov. 2028Nov. 2028
Multi-Tenant Mortgage Loan I10162,580 162,580 4.4%(6)FixedNov. 2027Nov. 2027
Multi-Tenant Mortgage Loan II832,750 32,750 4.4%(6)FixedFeb. 2028Feb. 2028
Multi-Tenant Mortgage Loan III798,500 98,500 4.9%(6)FixedDec. 2028Dec. 2028
Multi-Tenant Mortgage Loan IV1590,111 97,500 4.6%(6)FixedMay 2029May 2029
Multi-Tenant Mortgage Loan V11139,771 139,771 3.7%(6)FixedOct. 2029Oct. 2029
2019 Class A-1 Net-Lease Mortgage Notes70105,859 110,815 3.8%FixedMay 2049May 2026
2019 Class A-2 Net-Lease Mortgage Notes75118,798 119,409 4.5%FixedMay 2049May 2029
2021 Class A-1 Net-Lease Mortgage Notes4949,362 50,971 2.2%FixedMay 2051May 2028
2021 Class A-2 Net-Lease Mortgage Notes4985,262 88,041 2.8%FixedMay 2051May 2031
2021 Class A-3 Net-Lease Mortgage Notes3834,997 34,997 3.1%FixedMay 2051May 2028
2021 Class A-4 Net-Lease Mortgage Notes3854,995 54,995 3.7%FixedMay 2051May 2031
Column Financial Mortgage Notes290463,370 697,595 3.8%(7)FixedAug. 2025Aug. 2025
Mortgage Loan II12210,000 210,000 4.2%FixedJan. 2028Jan. 2028
Mortgage Loan III2233,400 33,400 4.1%FixedJan. 2028Jan. 2028
RTL Multi-Tenant Mortgage II—— 25,000 —%FixedFeb. 2024Feb. 2024
McGowin Park—— 39,025 —%FixedMay 2024May 2024
CMBS Loan29260,000 260,000 6.5%FixedSept. 2033Sept. 2033
CMBS Loan II20237,000 — 5.8%FixedApr. 2029Apr. 2029
Total USD denominated7442,246,755 2,325,349 
Gross mortgage notes payable7492,323,621 2,665,383 4.5%
Mortgage discount(90,444)(140,403)—
Deferred financing costs, net of accumulated amortization (8)
(11,471)(7,112)—
Mortgage notes payable, net 749$2,221,706 $2,517,868 4.5%
__________
(1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date.
(2)The Company determines an anticipated repayment date when the terms of a debt obligation provide for earlier repayment than the legal maturity and when the Company expects to repay such debt obligations earlier due to factors such as elevated interest rates or additional principal payment requirements.
(3)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 1.4% plus 3-month Euribor and reflects the Euribor rate in effect as of December 31, 2024. This loan was extended from its original maturity date of February 2024 to February 2029.
(4)This mortgage was repaid in the quarter ended June 2024 using borrowings under the EUR portion of the Company’s Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility).
(5)This mortgage was repaid in April 2024 using borrowings under the GBP portion of the Company’s Revolving Credit Facility(as defined in Note 6 — Revolving Credit Facility).
(6)The borrower’s (wholly-owned subsidiaries of the Company) financial statements are included within the Company’s consolidated financial statements, however, the borrowers’ assets and credit are only available to pay the debts of the borrowers and their liabilities constitute obligations of the borrowers.
(7)Decrease primarily due to the repayment of mortgages for certain encumbered properties that were sold during 2024.
(8)Deferred financing costs consist of commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or paid down before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.
The details of the Company’s senior notes are as follows:
December 31,
(In thousands)20242023
3.75% Senior Notes
Aggregate principal amount $500,000 $500,000 
Less: Deferred financing costs(4,100)(5,491)
     3.75% Senior Notes, net
495,900 494,509 
4.50% Senior Notes
Aggregate principal amount500,000 500,000 
Less: Discount(89,799)(108,464)
     4.50% Senior Notes, net
410,201 391,536 
Senior Notes, Net$906,101 $886,045 
Schedule of Future Principal Payments on Mortgage Notes Payable
The following table presents future scheduled aggregate principal payments on the mortgage notes payable over the next five calendar years and thereafter as of December 31, 2024:
(In thousands)
Future Principal Payments (1)
2025$464,526 
2026105,925 
2027163,191 
2028529,620 
2029660,102 
Thereafter400,257 
Total$2,323,621 
______
(1)Assumes exchange rates of £1.00 to $1.25 for GBP and €1.00 to $1.04 for EUR as of December 31, 2024 for illustrative purposes, as applicable.