Borrowings (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Certain Characteristics of Our Mortgage Notes

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(6)	Maximum Principal Amount		September 30, 2024		December 31, 2023
Bixby Kennesaw	S + 1.71%(2)	9/24/2026	N/A	$	53,000	$	53,000	$	53,000
The Carmin	S + 1.75%(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 + 1.45%(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						(1,533)		(2,290)
Mortgage notes payable, net						$	337,761	$	336,744

(1)The term “S” refers to the relevant floating benchmark rate, SOFR.

(2)The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.03% and 7.04%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.87% and 6.48%, respectively.

(3)The weighted-average interest rate for the three and nine months ended September 30, 2024 was 7.09% and 7.08%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.81% and 6.33%, respectively.

(4)The weighted-average interest rate for the three and nine months ended September 30, 2024 was 6.75% and 6.77%, respectively. The weighted-average interest rate for the three and nine months ended September 30, 2023 was 6.70% and 6.38%, 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 nine months ended September 30, 2024 was 5.71% and 5.73%, respectively, and 5.66% and 5.62% for the three and nine months ended September 30, 2023, respectively.

(6)We may elect to extend the maturity date upon meeting certain conditions, which may include payment of a non-refundable extension fee.

Schedule of Schedule of Future Principal Payments

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

in thousands
Year	Revolving Credit Facility		Mortgages Payable		Financing Obligation		Total
2024 (remaining)	$	—	$	—	$	2	$	2
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	$	36,347	$	375,641