Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

As of September 30, 2025 and December 31, 2024, the Company’s consolidated debt consisted of the following (dollars in thousands):

	Carrying Value
	September 30, 2025		December 31, 2024		Contractual Interest  Rate	Effective Interest Rate (1)	Loan Maturity (2)
Secured Debt
BOA II Loan(3)	$	140,440	$	250,000	4.32%	4.37%	May 2028
Georgia Mortgage Loan(4)	37,722		37,722		5.31%	5.31%	November 2029
Illinois Mortgage Loan(5)	23,000		23,000		6.51%	6.60%	November 2029
Florida Mortgage Loan(6)	49,604		49,604		5.48%	5.48%	May 2032
Total Secured Debt	250,766		360,326			4.94%
Unsecured Debt(7)
Revolving Loan(8)	265,000		465,000		SOF Rate + 1.80%	6.07%	July 2028
2026 Term Loan	150,000		150,000		SOF Rate +1.40%	5.15%	April 2026
2028 Term Loan I	210,000		210,000		SOF Rate + 1.75%	5.51%	July 2028
2028 Term Loan II	175,000		175,000		SOF Rate + 1.75%	5.51%	October 2028 (9)
Total Unsecured Debt	800,000		1,000,000			5.63%
Total Debt	1,050,766		1,360,326			5.46%
Unamortized Deferred Financing Costs, Premiums, and Discounts, net	(13,129)		(15,707)
Total Debt, net	$	1,037,637	$	1,344,619

(1)The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and is inclusive of the Company's $550.0 million floating to fixed interest rate swaps maturing on July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%. The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, and excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 6.15%.

(2)Reflects the loan maturity dates as of September 30, 2025.

(3)The BOA II Loan has a fixed rate of interest and was originally secured by four properties. In August 2025, the Company made a $109.6 million partial paydown of its BOA II Loan using proceeds from the disposition of an Office Discontinued Operations Property located in Birmingham, Alabama. In connection with the partial paydown, the Company recognized and recorded $0.7 million of extinguishment of debt, which is presented within Net income (loss) from discontinued operations. Following the paydown, the BOA II Loan is secured by three properties – two Industrial properties located in Chicago, Illinois and Columbus, Ohio, and one Office Discontinued Operations Property located in Las Vegas, Nevada.

(4)The Georgia Mortgage Loan has a fixed-rate of interest and is secured by a property in Savannah, Georgia.

(5)The Illinois Mortgage Loan has a fixed-rate of interest and is secured by a property in Chicago, Illinois.

(6)The Florida Mortgage Loan has a fixed-rate of interest and is secured by a property in Jacksonville, Florida.

(7)The Contractual Interest Rate for the Company’s unsecured debt uses the applicable Secured Overnight Financing Rate ("SOFR" or “SOF Rate"). As of September 30, 2025, the applicable rates were 4.12% (SOFR, as calculated per the credit facility), plus spreads of 1.40% (2026 Term Loan), 1.75% (2028 Term Loan I), 1.75% (2028 Term Loan II), and 1.80% (Revolving Loan) and a 0.1% index.

(8)The Company made a $100.0 million paydown in April 2025 and a $100.0 million paydown in September 2025 towards its Revolving Loan. Subsequent to quarter-end, the Company paid down an additional $240.0 million towards its Revolving Loan.

(9)The 2028 Term Loan II has a contractual maturity of October 31, 2027. We have a one-year option to extend the maturity date to October 31, 2028, subject to certain conditions.

Second Amended and Restated Credit Agreement

As of September 30, 2025, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 as amended by the following documents (collectively, the “Second Amended and Restated Credit Agreement”): First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth

Amendment”), Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), Eighth Amendment to the Second Amended and Restated Credit Agreement dated as of July 25, 2024 (the “Eighth Amendment”) and Ninth Amendment to the Second Amended and Restated Credit Agreement dated as of October 31, 2024 (the “Ninth Amendment”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $1.1 billion credit facility (with the right to elect to increase total commitments to $1.3 billion) consisting of (i) a $547.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has drawn $265.0 million (the “Revolving Loan”) maturing in July 2028, (ii) a $210.0 million senior unsecured term loan maturing in July 2028 (the “2028 Term Loan I”), (iii) a $175.0 million senior unsecured term loan maturing in October 2028, assuming the one-year extension option is exercised (the “2028 Term Loan II”) and (iv) a $150.0 million senior unsecured term loan maturing in April 2026 (the “2026 Term Loan” and together with the Revolving Loan, the 2028 Term Loan I and the 2028 Term Loan II, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $218.0 million in the aggregate. As of September 30, 2025, the available undrawn capacity under the Revolving Credit Facility was $111.9 million.

Debt Covenant Compliance

Pursuant to the terms of the Company’s secured debt and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. There have been no significant changes in the Company’s debt covenants from what was disclosed in the Company’s most recent Annual Report on Form 10-K. The Company was in compliance with all of its debt covenants as of September 30, 2025.

Future Minimum Principal Payments

The following summarizes the future scheduled principal repayments of all loans as of September 30, 2025 per the loan terms discussed above:

	As of September 30, 2025
2025	$	—
2026	150,000
2027	—
2028	790,440
2029	60,722
Thereafter	49,604
Total principal	1,050,766
Unamortized debt premium/(discount)	852
Unamortized deferred financing costs	(13,981)
Total	$	1,037,637