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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of 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, 2025December 31, 2024Contractual 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 Loan150,000 150,000 
SOF Rate +1.40%
5.15%April 2026
2028 Term Loan I210,000 210,000 
SOF Rate + 1.75%
5.51%July 2028
2028 Term Loan II175,000 175,000 
SOF Rate + 1.75%
5.51%
October 2028 (9)
Total Unsecured Debt800,000 1,000,000 5.63%
Total Debt1,050,766 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.
Schedule of Maturities of Long-Term Debt
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
$— 
2026150,000 
2027— 
2028
790,440 
202960,722 
Thereafter49,604 
Total principal1,050,766 
Unamortized debt premium/(discount)852 
Unamortized deferred financing costs
(13,981)
Total$1,037,637