Debt (Tables)

3 Months Ended

Mar. 31, 2022

The following table summarizes the components of the Company’s indebtedness as of March 31, 2022 and December 31, 2021 (dollars in thousands). The Company has no secured debt:


	March 31, 2022		December 31, 2021		Margin Above LIBOR	Interest Rate 1		Contractual Maturity Date

Unsecured Debt:
Unsecured Debt:
Credit Facility	$	—	$	—	1.0% 2	n/a		8/20/2025
5-Year Term Loan	100,000		100,000		1.2% 2	1.3	%	1/1/2027
$50M 7-Year Unsecured 3	50,000		50,000		n/a	4.2	%	9/1/2022
$100M 7-Year Unsecured 3	100,000		100,000		n/a	3.8	%	7/14/2024
$50M 10-Year Unsecured 3	50,000		50,000		n/a	4.0	%	7/7/2026
$50M 12-Year Unsecured 3	50,000		50,000		n/a	4.7	%	10/31/2027
$100M 7-Year Unsecured 3	100,000		100,000		n/a	2.4	%	7/15/2028
$100M 10-Year Unsecured 3	100,000		100,000		n/a	3.1	%	12/3/2029
$125M 9-Year Unsecured 3	125,000		125,000		n/a	2.4	%	8/17/2030
$50M 10-Year Unsecured 3	50,000		50,000		n/a	2.8	%	7/15/2031
Total Unsecured Debt	725,000		725,000




Total Unsecured Debt	725,000		725,000
Less: Unamortized premium/discount and debt issuance costs	(4,136)		(4,330)
Total	$	720,864	$	720,670

1Reflects the contractual interest rate under the terms of each loan as of March 31, 2022. 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 March 31, 2022) for the revolving credit facility and 1.15% to 1.65% (1.15% as of March 31, 2022) 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.

3Collectively, the “Senior Unsecured Notes”.

Schedule of principal payments

The scheduled principal payments of the Company’s debt as of March 31, 2022 were as follows (dollars in thousands):


	Credit Facility		Term Loan			Senior Unsecured Notes			Total Debt
2022 (9 months)	$	—	$	—		$	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	—		(480)			(3,656)			(4,136)
Total debt, net	$	—	$	99,520		$	621,344		$	720,864
Weighted average interest rate	n/a		1.3		%	3.2		%	3.0		%