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LONG-TERM DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

NOTE 14. LONG-TERM DEBT

As of June 30, 2026, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt			Maturity Date			Interest Rate			Wtd. Avg. Rate
Revolving Credit Facility ⁽¹⁾	$	193,000		January 2027				SOFR + 0.10% + [1.25% - 2.20%]			5.17%
2027 Term Loan ⁽²⁾		100,000		January 2027				SOFR + 0.10% + [1.25% - 2.20%]			2.80%
2028 Term Loan ⁽³⁾		100,000		January 2028				SOFR + 0.10% + [1.20% - 2.15%]			5.18%
2029 Term Loan ⁽⁴⁾		125,000		September 2029				SOFR + [1.20% - 2.15%]			4.67%
2030 Term Loan ⁽⁵⁾		125,000		September 2030				SOFR + [1.20% - 2.15%]			4.69%
Mortgage Note Payable		17,800		August 2026				4.060%			4.06%
Total Long-Term Face Value Debt	$	660,800									4.60%

⁽¹⁾	The Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $125.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.37% plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $125.0 million 2030 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.39% plus the applicable spread.

BMO Credit Agreement. The Company has entered into a credit agreement (as amended and restated and further amended to date, the “BMO Credit Agreement”) with Bank of Montreal (“BMO”) and the other lenders thereunder, with BMO acting as the administrative agent for the lenders thereunder. The BMO Credit Agreement provides for:

●

a $300.0 million unsecured revolving credit facility that matures on January 31, 2027 (the “Revolving Credit Facility”);

●

a $100.0 million unsecured term loan that matures on January 31, 2027 (the “2027 Term Loan”);

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a $100.0 million unsecured term loan that matures on January 31, 2028 (the “2028 Term Loan”); and

●

an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750.0 million and (b) the aggregate amount of term loan commitments shall not exceed $500.0 million.

As of June 30, 2026, the Revolving Credit Facility had a $193.0 million balance outstanding, and the undrawn commitment under the Revolving Credit Facility totaled $107.0 million.

The BMO Credit Agreement contains customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants under the BMO Credit Agreement including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The BMO Credit Agreement also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the BMO Credit Agreement.

KeyBank Credit Agreement. The Company has also entered into a credit agreement (as amended to date, the “KeyBank Credit Agreement”) with the lenders party thereto and KeyBank National Association, as administrative agent. The KeyBank Credit Agreement provides for:

●

a term loan in the amount of $125.0 million that matures on September 30, 2029 (the “2029 Term Loan”); and

●

a term loan in the amount of $125.0 million that matures on September 30, 2030 (the “2030 Term Loan”).

The KeyBank Credit Agreement contains customary restrictive covenants including, but not limited to, limitations on the Company’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Company is subject to various financial maintenance covenants under the KeyBank Credit Agreement.

Mortgage Notes Payable. On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

Long-term debt consisted of the following (in thousands):


	June 30, 2026						December 31, 2025
	Total			Due Within One Year			Total			Due Within One Year
Revolving Credit Facility	$	193,000		$	193,000		$	151,000		$	—
2027 Term Loan		100,000			100,000			100,000			—
2028 Term Loan		100,000			—			100,000			—
2029 Term Loan		125,000			—			125,000			—
2030 Term Loan		125,000			—			125,000			—
Mortgage Note Payable		17,800			17,800			17,800			17,800
Financing Costs, net of Accumulated Amortization		(2,095)			—			(2,455)			—
Total Long-Term Debt	$	658,705		$	310,800		$	616,345		$	17,800

Payments applicable to reduction of principal amounts as of June 30, 2026 will be required as follows (in thousands):


As of June 30,	Amount
Remainder of 2026	$	17,800
2027		293,000
2028		100,000
2029		125,000
2030		125,000
2031		—
2032 and Thereafter		—
Total Long-Term Debt - Face Value	$	660,800

The carrying value of long-term debt as of June 30, 2026 consisted of the following (in thousands):


	Total
Current Face Amount	$	660,800
Financing Costs, net of Accumulated Amortization		(2,095)
Total Long-Term Debt	$	658,705

In addition to the $2.1 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2026, the Company also had financing costs, net of accumulated amortization related to the Revolving Credit Facility of $0.4 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Revolving Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Interest Expense ⁽¹⁾	$	7,456		$	6,542		$	14,386		$	12,311
Amortization of Deferred Financing Costs		327			311			668			639
Amortization of Discount on Convertible Notes		—			6			—			45
Total Interest Expense	$	7,783		$	6,859		$	15,054		$	12,995

Total Interest Paid	$	7,697		$	7,490		$	14,115		$	12,790

⁽¹⁾ Net of capitalized interest of $0.3 million during the three and six months ended June 30, 2026, with no interest being capitalized during the three and six months ended June 30, 2025.

The Company was in compliance with all of its debt covenants as of June 30, 2026 and December 31, 2025.