Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividends

On April 29, 2025, the Company announced that the Company's Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Company's Series B Preferred Stock and Series C Preferred Stock, respectively. The dividends are payable on May 20, 2025 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on May 9, 2025.

February 2025 Series B Offer

On April 4, 2025, the February 2025 Series B Offer expired in accordance with its terms. An aggregate of 787,343 shares of Series B Preferred Stock were properly tendered and not properly withdrawn at the purchase price of $17.75 per share. The Company accepted for purchase 592,372 shares of Series B Preferred Stock that were properly tendered and not properly withdrawn, which included 28,992 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series B Preferred Stock.

The aggregate purchase price for the Series B Preferred Stock purchased in the February 2025 Series B Offer was approximately $10.5 million, excluding fees and expenses relating to the February 2025 Series B Offer.

April 2025 Bridge Loan

On April 4, 2025, the Operating Partnership entered into a bridge loan agreement with KeyBank National Association for $10.0 million (the "April 2025 Bridge Loan"). The interest rate under the April 2025 Bridge Loan is the term SOFR rate plus the applicable margin of 1.30%. Interest payments are due monthly, and any outstanding principal is due at maturity on January 4, 2026. The April 2025 Bridge Loan is guaranteed by the Company and WHLR, with the guarantee secured by $10.0 million of WHLR's cash pledged as collateral. The Company may extend the term of the April 2025 Bridge Loan, at its option, for one three-month period, subject to customary conditions.