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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Revolving Credit Facility
The following table summarizes certain characteristics of our mortgage notes that are secured by the Company’s properties:
$ in thousandsPrincipal Balance Outstanding
Indebtedness
Interest Rate(1)
Initial Maturity DateExtended Maturity DateMaximum Principal AmountMarch 31, 2024December 31, 2023
Bixby Kennesaw
S + applicable margin(2)
9/24/2026 N/A$53,000 $53,000 $53,000 
The Carmin
S + applicable margin(3)
1/1/20251/1/2027$65,500 65,500 65,500 
Cortlandt Crossing3.13%3/1/2027N/A$39,660 39,660 39,660 
Everly Roseland
S + applicable margin(4)
4/28/20274/28/2029$113,500 110,874 110,874 
Midwest Industrial Portfolio
4.44% and S + applicable margin(5)
7/5/2027N/A$70,000 70,000 70,000 
Total mortgages payable339,034 339,034 
Deferred financing costs, net(2,038)(2,290)
Mortgage notes payable, net$336,996 $336,744 
(1)The term “S” refers to the relevant floating benchmark rate, SOFR.
(2)The mortgage note secured by Bixby Kennesaw bears interest at the sum of (i) 1.71% plus (ii) SOFR. The weighted-average interest rate for the three months ended March 31, 2024 and 2023 was 7.04% and 5.98%, respectively.
(3)The mortgage note secured by The Carmin bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three months ended March 31, 2024 and 2023 was 7.09% and 5.77%, respectively.
(4)The mortgage note secured by Everly Roseland bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three months ended March 31, 2024 and 2023 was 6.79% and 6.00%, respectively.
(5)The mortgage note secured by Meridian Business 940, Capital Park 2919, 3101 Agler and Earth City 13330 (collectively the “Midwest Industrial Portfolio”) bears interest at two rates. Of the $70.0 million principal balance, $35.0 million bears interest at a fixed rate of 4.44%, and $35.0 million bears interest at a floating rate of the greater of (a) 2.20% or (b) the sum of 1.70% plus SOFR. The weighted-average interest rate of the combined $70.0 million principal balance for the three months ended March 31, 2024 and 2023 was 5.74% and 5.31%, respectively.
Schedule of Maturities of Long-term Debt
The following table presents the future principal payments due under our outstanding borrowings as of March 31, 2024:
Year ($ in thousands)Revolving Credit FacilityMortgages PayableFinancing ObligationTotal
2024 (remaining)$— $— $4 $4 
2025— 65,500 9 65,509 
2026— 53,000 12 53,012 
2027— 220,534 15 220,549 
2028— — 18 18 
2029— — 21 21 
Thereafter— — 36,270 36,270 
Total$— $339,034 $36,349 $375,383