Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Fixed-rate Mortgage Loans Payable

Fixed-rate mortgage loans payable are composed of the following as of September 30, 2024:

			September 30, 2024
		Maturity	Balance				Contractual
Description	Amortization	date	outstanding				interest rate
Fixed-rate mortgage	Interest-only	10/1/2024	$	16,902,000		(c)		4.25	%
Fixed-rate mortgage	Interest-only	2/2/2025		21,550,000				3.97	%
Fixed-rate mortgage	Interest-only	5/1/2025		25,519,000				4.15	%
Fixed-rate mortgage	Interest-only	9/2/2025		24,420,000				4.38	%
Fixed-rate mortgage	Interest-only	12/1/2025		25,012,000				4.59	%
Fixed-rate mortgage (a)	Interest-only	5/10/2026		24,850,000				4.66	%
Fixed-rate mortgage (a)	Interest-only	9/1/2026		24,485,000				3.82	%
Fixed-rate mortgage (a)	Interest-only	12/1/2026		28,110,000				4.06	%
Fixed-rate mortgage (a)	Interest-only	4/1/2027		31,200,000				4.38	%
Fixed-rate mortgage	Interest-only	6/6/2027		32,722,000				3.98	%
Fixed-rate mortgage (a)	Interest-only	9/1/2027		36,860,000				3.99	%
Fixed-rate mortgage	Interest-only	12/1/2027		33,441,000				4.09	%
Fixed-rate mortgage	Interest-only	1/11/2028		35,840,000				4.05	%
Fixed-rate mortgage	Interest-only	2/1/2028		38,530,000				6.12	%
Fixed-rate mortgage (b)	Interest-only	2/1/2028		26,900,000				5.80	%
Fixed-rate mortgage	Interest-only	4/8/2028		37,795,000				4.27	%
Fixed-rate mortgage	Interest-only	7/1/2028		43,522,000				4.32	%
Fixed-rate mortgage	Interest-only	10/1/2029		30,231,000				3.13	%
Fixed-rate mortgage	Interest-only	1/1/2031		37,564,000				3.45	%
				575,453,000				4.29	%	(d)
Unamortized issuance costs, net				(927,000	)
Unamortized below market debt discount, net				(10,337,000	)
			$	564,189,000

(a)These fixed-rate mortgages are recourse loans pursuant to their pre-defined loan terms.

(b)Mortgage bears interest at a variable-rate of 1.70% in excess of SOFR and concurrent with the closing of the mortgage, the Company entered into an interest rate swap agreement which effectively converted the variable-rate mortgage to a fixed-rate mortgage. Accordingly, this mortgage has been presented as a fixed-rate mortgage.

(c)The Company repaid the $16.9 million mortgage loan payable by its contractual maturity date of October 1, 2024.

(d)The weighted average effective interest rate on mortgage loans payable was 5.04% as of September 30, 2024.

Summary of Scheduled Principal Payments on Outstanding Debt

Scheduled principal payments on the Company's outstanding debt are as follows:

	Mortgage loan payable
Year	balloon payments			Line of credit		Total
Remainder of 2024	$	16,902,000	(a)	$	-	$	16,902,000
2025		96,501,000			-		96,501,000
2026		77,445,000			-		77,445,000
2027		134,223,000			44,000,000		178,223,000
2028		182,587,000			-		182,587,000
Thereafter		67,795,000			-		67,795,000
	$	575,453,000		$	44,000,000	$	619,453,000

(a) The Company repaid the $16.9 million mortgage loan payable by its contractual maturity date of October 1, 2024.