Borrowings (Tables)

6 Months Ended

Jun. 30, 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 thousands						Principal Balance Outstanding
Indebtedness	Interest Rate(1)	Initial Maturity Date	Extended Maturity Date	Maximum Principal Amount		June 30, 2024		December 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)	1/1/2025	1/1/2027	$	65,500	65,500		65,500
Cortlandt Crossing	3.13%	3/1/2027	N/A	$	39,660	39,660		39,660
Everly Roseland	S + applicable margin(4)	4/28/2027	4/28/2029	$	113,500	111,134		110,874
Midwest Industrial Portfolio	4.44% and S + applicable margin(5)	7/5/2027	N/A	$	70,000	70,000		70,000
Total mortgages payable						339,294		339,034
Deferred financing costs, net						(1,786)		(2,290)
Mortgage notes payable, net						$	337,508	$	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 and six months ended June 30, 2024 was 7.04%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.60% and 6.29%, respectively.

(3)The mortgage note secured by The Carmin bears interest at 1.75% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2024 was 7.07% and 7.08%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.40% and 6.09%, respectively.

(4)The mortgage note secured by Everly Roseland bears interest at 1.45% plus SOFR. The weighted-average interest rate for the three and six months ended June 30, 2024 was 6.77% and 6.78%, respectively. The weighted-average interest rate for the three and six months ended June 30, 2023 was 6.42% and 6.21%, 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 and six months ended June 30, 2024 was 5.73%, respectively, and 5.57% and 5.44% for the three and six months ended June 30, 2023, respectively.

Schedule of Maturities of Long-term Debt

The following table presents the future principal payments due under our outstanding borrowings as of June 30, 2024:

in thousands
Year	Revolving Credit Facility		Mortgages Payable		Financing Obligation		Total
2024 (remaining)	$	—	$	—	$	4	$	4
2025	—		65,500		9		65,509
2026	—		53,000		12		53,012
2027	—		220,794		15		220,809
2028	—		—		18		18
2029	—		—		21		21
Thereafter	—		—		36,270		36,270
Total	$	—	$	339,294	$	36,349	$	375,643