Note 18 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

18.  SUBSEQUENT EVENTS

On October 7, 2024, we, through our Operating Partnership, entered into the Amendment, which among other things, establishes the Series One Incremental Term Loan consistent with the existing Term Loan. The Series One Incremental Term Loan accrues interest (at the Operating Partnership’s option) at a Base Rate or Adjusted Term SOFR plus an applicable margin based upon the Operating Partnership’s then existing leverage and is subject to adjustment as set forth in the Credit Agreement. In addition, the Operating Partnership entered into an interest rate swap to fix the interest rate on the Series One Incremental Term Loan at 3.665% plus bank credit spreads (that are currently 1.5%, through January 31, 2028), or an all-in rate of 5.165%. See Note 7 (Debt) for additional information regarding the Amendment and the 2022 Facility.

The proceeds of the Series One Incremental Term Loan were used to pay down a portion of the Operating Partnership’s outstanding Revolving Loan (as defined in the Credit Agreement) borrowings.