As of December 31, 2025 and 2024, the Company had the following mortgages and credit facility payable:


	December 31, 2025						December 31, 2024
Type of Debt	Principal Amount			Weighted Average Interest Rate			Principal Amount			Weighted Average Interest Rate
Fixed rate mortgages payable	$	18,727			4.02	%	$	111,679			3.83	%
Variable rate mortgages payable with swap agreements		—			—			26,000			4.55	%
Mortgages payable		18,727			4.02	%		137,679			3.97	%
Credit facility payable		823,000			4.66	%		700,000			4.67	%
Total debt before unamortized debt issuance costs including impact of interest rate swaps		841,727			4.65	%		837,679			4.55	%
(Less): Unamortized debt issuance costs		(4,252	)					(1,933	)
Total debt	$	837,475					$	835,746

The Company’s indebtedness bore interest at a weighted average interest rate of 4.65% per annum as of December 31, 2025, which includes the effects of interest rate swaps. The Company estimates the fair value of its total debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by the Company’s lenders using Level 3 inputs. The carrying value of the Company’s debt excluding unamortized debt issuance costs was $841,727 and $837,679 as of December 31, 2025 and 2024, respectively, and its estimated fair value was $841,727 and $834,949 as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, scheduled principal payments and maturities on the Company’s debt were as follows:


	December 31, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Maturity of Mortgage Loan		Maturity of Credit Facility		Total
2026	$	—	$	18,727	$	—	$	18,727
2027		—		—		—		—
2028		—		—		—		—
2029		—		—		823,000		823,000
2030		—		—		—		—
Thereafter		—		—		—		—
Total	$	—	$	18,727	$	823,000	$	841,727

On November 13, 2025, the Company entered into a third amended and restated credit agreement (the “Credit Agreement”) with KeyBank National Association (“KeyBank”), individually and as administrative agent, KeyBanc Capital Markets Inc., PNC Capital Markets LLC and BofA Securities, Inc., as joint lead arrangers, and other lenders from time to time parties to the Credit Agreement (the “Credit Facility”). Pursuant to the Credit Agreement, the aggregate total commitments under the Credit Facility were increased from $775,000 to $860,000. The Credit Facility consists of the “Revolving Credit Facility” providing revolving credit commitments in an

aggregate amount of $285,000 (increased from $200,000) and a term loan facility (the term loans funded under such commitments, the “Term Loan”) providing term loan commitments in an aggregate amount of $575,000.

As of December 31, 2025, the Company had $248,000 outstanding under the Revolving Credit Facility and $575,000 outstanding under the Term Loan. As of December 31, 2025 the interest rates on the Revolving Credit Facility and the Term Loan were 5.63% and 4.24%, respectively. Each of the Revolving Credit Facility and the Term Loan matures on April 1, 2029, and the Company has the option to extend the maturity date for one additional year subject to the payment of an extension fee and certain other conditions. Borrowings under the Credit Facility bear interest equal to one-month Term Secured Overnight Financing Rate (“SOFR”) plus a margin, the amount of which depends on the Company’s leverage ratio.

As of December 31, 2025, the Company had a maximum amount of $37,000 available for borrowing under the Revolving Credit Facility, subject to the terms and conditions of the Credit Agreement that governs the Credit Facility, including compliance with the covenants which could further limit the amount available.

The Company’s performance of the obligations under the Credit Facility, including the payment of any outstanding indebtedness under the Credit Facility, is guaranteed by certain subsidiaries of the Company, including each of the subsidiaries of the Company which owns or leases any of the properties included in the pool of unencumbered properties comprising the borrowing base. Additional properties will be added to and removed from the pool from time to time to support amounts borrowed under the Credit Facility so long as at any time there are at least fifteen unencumbered properties with an unencumbered pool value of $300,000 or more. As of December 31, 2025, a total of 51 out of 52 properties were included in the pool of unencumbered properties.

The Credit Facility requires compliance with certain covenants, including a minimum tangible net worth requirement, a limitation on the use of leverage, a distribution limitation, restrictions on indebtedness and investment restrictions, as defined. It also contains customary default provisions including the failure to comply with the Company's covenants and the failure to pay when amounts outstanding under the Credit Facility become due. As of December 31, 2025, the Company was in compliance with all financial covenants related to the Credit Facility as amended.

As of December 31, 2025, the company had one mortgage loan with a carrying value of $18,727 and an interest rate of 4.02%. The mortgage loan requires compliance with certain covenants, such as debt service ratios, investment restrictions and distribution limitations. As of December 31, 2025, the Company was current on all of its debt service payments and in compliance with all financial covenants. The mortgage loan was secured by a first mortgage on the respective real estate asset. As of December 31, 2025, the time to maturity for the mortgage loan was 0.1 years. The Company repaid the mortgage loan in full on January 30, 2026.

The Company entered into interest rate swaps to fix certain of its floating SOFR based debt under variable rate loans to a fixed rate to manage its risk exposure to interest rate fluctuations. The Company will generally match the maturity of the underlying variable rate debt with the maturity date on the interest swap. See Note 13 – “Fair Value Measurements” for further information.

As of December 31, 2025, the Company had hedged $525,000 of the Term Loan using interest rate swap contracts. The following table summarizes the Company’s interest rate swap contracts outstanding as of December 31, 2025.


Date Entered	Effective Date	Maturity Date	Receive Floating Rate Index (a)	Pay Fixed Rate			Notional Amount		Fair Value as of December 31, 2025
Assets
December 5, 2022	December 1, 2022	January 1, 2026	One-month Term SOFR		2.25	%	$	26,000	$	1
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.69	%		90,000		1,623
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.85	%		100,000		1,629
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.72	%		85,000		1,512
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		60,000		419
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		60,000		419
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		75,000		526
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.77	%		55,000		354
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.26	%		145,000		36
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.26	%		105,000		27
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.27	%		105,000		9
							$	906,000	$	6,555

Liabilities
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.28	%	$	90,000	$	(3	)
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.34	%		50,000		(63	)
November 14, 2025	February 3, 2027	April 1, 2029	One-month Term SOFR		3.31	%		30,000		(24	)
							$	170,000	$	(90	)