Mortgages Payable

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Mortgages Payable

Mortgages Payable

During the six months ended June 30, 2025, we made $43.8 million in principal payments, including the full repayment of three mortgages for $42.9 million. No mortgages were assumed during the six months ended June 30, 2025.

Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At June 30, 2025, we were in compliance with these covenants.

The following table summarizes our mortgages payable as of June 30, 2025 and December 31, 2024 (dollars in millions):

As Of	Number of Properties (1)	Weighted Average Stated Interest Rate		Weighted Average Effective Interest Rate		Weighted Average Remaining Years Until Maturity	Remaining Principal Balance		Unamortized Discount and Deferred Financing Costs Balance, net		Mortgages Payable Balance
June 30, 2025	14	4.9	%	5.9	%	2.3	$	38.7	$	(0.3)	$	38.4
December 31, 2024	17	4.0	%	4.5	%	1.4	$	81.3	$	(0.5)	$	80.8

(1)At June 30, 2025, there were eight mortgages on 14 properties and at December 31, 2024, there were 11 mortgages on 17 properties. The mortgages require monthly payments with principal payments due at maturity. At June 30, 2025 and December 31, 2024, all mortgages were at fixed interest rates.

The following table summarizes the maturity of mortgages payable as of June 30, 2025, excluding $0.3 million related to unamortized net discounts and deferred financing costs (dollars in millions):

Year of Maturity	Principal
2025	$	0.8
2026	12.0
2027	22.3
2028	1.3
2029	1.3
Thereafter	1.0
Total	$	38.7