Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of principal payments

The following table summarizes the components of the Company’s indebtedness as of December 31, 2021 and 2020 (dollars in thousands):

	2021		2020		Margin Above LIBOR	Interest Rate 1		Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Credit Facility	$	—	$	—	1.0% 2	n/a		8/20/2025
5-Year Term Loan B	100,000		100,000		1.2% 2	1.2 % 3		1/1/2027
$50M 7-Year Unsecured 5	50,000		50,000		n/a	4.2	%	9/1/2022
$100M 7-Year Unsecured 5	100,000		100,000		n/a	3.8	%	7/14/2024
$50M 10-Year Unsecured 5	50,000		50,000		n/a	4.0	%	7/7/2026
$50M 12-Year Unsecured 5	50,000		50,000		n/a	4.7	%	10/31/2027
$100M 7-Year Unsecured 5	100,000		100,000		n/a	2.4	%	7/15/2028
$100M 10-Year Unsecured 5	100,000		—		n/a	3.1	%	12/3/2029
$125M 9-Year Unsecured 5	125,000		—		n/a	2.4	%	8/8/2030
$50M 10-Year Unsecured 5	50,000		—		n/a	2.8	%	7/15/2031
Total Unsecured Debt	725,000		450,000
Secured Debt:
Belleville 4	—		11,271		n/a	5.5	%	4/1/2021
Total Secured Debt	—		11,271
Total Unsecured and Secured Debt	725,000		461,271
Less: Unamortized premium/discount and debt issuance costs	(4,330)		(2,153)
Total	$	720,670	$	459,118

1Reflects the contractual interest rate under the terms of each loan as of December 31, 2021. See footnote (3) below. Excludes the effects of unamortized debt issuance costs and unamortized fair market value premiums, if any.

2The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 1.00% to 1.45% (1.00% as of December 31, 2021) for the revolving credit facility and 1.15% to 1.65% (1.15% as of December 31, 2021) for the $100.0 million term loan, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value.

3As of December 31, 2020, interest on $50.0 million of the $100.0 million term loan was effectively capped through the use of an interest rate cap that expired on May 4, 2021. See “Note 8 - Derivative Financial Instruments” for more information regarding the Company’s prior interest rate cap.

4Loan was collateralized by one property as of December 31, 2020.

5Collectively, the “Senior Unsecured Notes”.

The scheduled principal payments of the Company’s debt as of December 31, 2021 were as follows (dollars in thousands):

	Credit Facility		Term Loan			Senior Unsecured Notes			Total Debt
2022	$	—	$	—		$	50,000		$	50,000
2023	—		—			—			—
2024	—		—			100,000			100,000
2025	—		—			—			—
2026	—		—			50,000			50,000
Thereafter	—		100,000			425,000			525,000
Total debt	—		100,000			625,000			725,000
Deferred financing costs, net	—		(505)			(3,825)			(4,330)
Total debt, net	$	—	$	99,495		$	621,175		$	720,670
Weighted average interest rate	n/a		1.2		%	3.2		%	2.9		%