Revolving Credit Facility

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Revolving Credit Facility

Note 11 -- Revolving Credit Facility

The Company has a secured revolving credit agreement (“Credit Agreement”) with Fifth Third Bank that expires on December 31, 2023. On November 7, 2022, the Company executed the Fourth Amendment to Credit Agreement. Under the terms of this amendment, the maximum debt-to-capital ratio as defined in the Credit Agreement is set at 67.5% and the borrowing capacity of the line of credit is set at $50,000.

On December 1, 2022, the Company executed the Fifth Amendment to Credit Agreement. Under the terms of this amendment, one of the Company’s properties was released from the collateral pool and borrowings bear interest at an annual rate equal to the one or three month Secured Overnight Financing Rate (“SOFR”) plus a ten basis points adjustment plus a margin based on the debt-to-capital ratio. The interest payment is due quarterly in arrears on January 1, April 1, July 1, and October 1. The Credit Agreement contains affirmative and negative covenants as well as customary events of default. Under the terms of the Credit Agreement, the Company must comply with certain financial and non-financial covenants and agree to pay a fee equal to the product of the unused line fee rate and the average of the daily unused available credit balances. The unused line fee rate is determined based on the debt-to-capital ratio as amended by the Fifth Amendment to Credit Agreement.

In May 2022, the Company repaid the entire credit facility balance of $15,000 and at December 31, 2022 had no borrowings outstanding under the credit facility. For the years ended December 31, 2022, 2021 and 2020, interest expense was $227, $189 and $501, respectively, including $125, $98 and $158 of amortization of issuance costs, respectively. At December 31, 2022, the Company was in compliance with all required covenants and had available borrowing capacity of $50,000.