Mortgage Notes Payable, Net (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of mortgage notes payable

Mortgage notes payable, net as of March 31, 2026 and December 31, 2025 consisted of the following:

		Encumbered Properties	Outstanding Loan Amount (1), (2)				Effective Interest Rate	Interest Rate
Country	Portfolio		March 31, 2026		December 31, 2025				Maturity	Anticipated Repayment (3)
			(In thousands)		(In thousands)
Finland:	Finland Properties (4)	5	$	85,134	$	86,878	4.7%	Fixed/Variable	Jan. 2029	Jan. 2029
	Total Euro denominated	5	85,134		86,878
United States:	Penske Logistics	1	70,000		70,000		4.7%	Fixed	Nov. 2028	Nov. 2028
	Multi-Tenant Mortgage Loan I	8	129,949		129,949		4.4%	Fixed	Nov. 2027	Nov. 2027
	Multi-Tenant Mortgage Loan II	8	32,750		32,750		4.4%	Fixed	Feb. 2028	Feb. 2028
	Multi-Tenant Mortgage Loan III	6	53,910		98,500		4.9%	Fixed	Dec. 2028	Dec. 2028
	Multi-Tenant Mortgage Loan IV	14	77,798		77,798		4.6%	Fixed	May 2029	May 2029
	Multi-Tenant Mortgage Loan V	10	128,780		128,780		3.7%	Fixed	Oct. 2029	Oct. 2029
	2019 Class A-1 Net-Lease Mortgage Notes	63	94,080		94,202		3.8%	Fixed	May 2049	May 2026
	2019 Class A-2 Net-Lease Mortgage Notes	63	118,035		118,187		4.5%	Fixed	May 2049	May 2029
	2021 Class A-1 Net-Lease Mortgage Notes	41	45,267		45,267		2.2%	Fixed	May 2051	May 2028
	2021 Class A-2 Net-Lease Mortgage Notes	41	78,189		78,189		2.8%	Fixed	May 2051	May 2031
	2021 Class A-3 Net-Lease Mortgage Notes	30	34,997		34,997		3.1%	Fixed	May 2051	May 2028
	2021 Class A-4 Net-Lease Mortgage Notes	30	54,995		54,995		3.7%	Fixed	May 2051	May 2031
	Mortgage Loan III	22	33,400		33,400		4.1%	Fixed	Jan. 2028	Jan. 2028
	CMBS Loan II	20	237,000		237,000		5.8%	Fixed	Apr. 2029	Apr. 2029
	Total USD denominated	357	1,189,150		1,234,014
	Gross mortgage notes payable	362	1,274,284		1,320,892		4.4%
	Mortgage discounts		(44,276)		(47,807)
	Deferred financing costs, net of accumulated amortization (5)		(7,733)		(8,481)
	Mortgage notes payable, net	362	$	1,222,275	$	1,264,604	4.4%

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(1)Amounts borrowed in local currency are translated at the spot rate in effect at the applicable reporting date.

(2)The borrowers’ (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.

(3)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.

(4)80% fixed as a result of a “pay-fixed” interest rate swap agreement and 20% variable. Variable portion is approximately 2.05% plus 6-month Euribor and reflects the Euribor rate in effect as of March 31, 2026.

(5)Deferred financing costs represent 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:

(In thousands)	March 31, 2026		December 31, 2025
3.75% Senior Notes
Aggregate principal amount	$	500,000	$	500,000
Less: Deferred financing costs	(2,371)		(2,713)
3.75% Senior Notes, net	497,629		497,287
4.50% Senior Notes
Aggregate principal amount	500,000		500,000
Less: Discount	(63,609)		(69,118)
4.50% Senior Notes, net	436,391		430,882
Senior Notes, Net	$	934,020	$	928,169

Schedule of future principal payments on mortgage notes payable

The following table presents future scheduled aggregate principal payments on the Company’s gross mortgage notes payable over the next four calendar years and thereafter as of March 31, 2026:

(In thousands)	Future Principal Payments (1)
2026 Remainder	$	94,539
2027	130,560
2028	270,935
2029	645,066
2030	—
Thereafter	133,184
Total	$	1,274,284

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(1)Assumes exchange rates of €1.00 to $1.15 for Euros (“EUR”) as of March 31, 2026 for illustrative purposes, as applicable.