Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

The following table summarizes the components of the Company’s indebtedness as of March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31, 2024		December 31, 2023		Margin Above SOFR	Interest Rate 1		Contractual Maturity Date
Unsecured Debt:
Credit Facility	$	—	$	—	1.1% 2	n/a		8/20/2025
5-Year Term Loan	100,000		100,000		1.3% 2	6.6	%	1/15/2027
5-Year Term Loan	100,000		100,000		1.3% 2	6.6	%	1/15/2028
$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	775,000		775,000
Less: Unamortized debt issuance costs	(3,230)		(3,437)
Total	$	771,770	$	771,563

1Reflects the contractual interest rate under the terms of each loan as of March 31, 2024. Excludes the effects of unamortized debt issuance costs.

2The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of March 31, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of March 31, 2024) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment.

3Collectively, the “Senior Unsecured Notes”.

Schedule of Principal Payments

The scheduled principal payments of the Company’s debt as of March 31, 2024 were as follows (dollars in thousands):

	Credit Facility		Term Loan			Senior Unsecured Notes			Total Debt
2024 (9 months)	$	—	$	—		$	100,000		$	100,000
2025	—		—			—			—
2026	—		—			50,000			50,000
2027	—		100,000			50,000			150,000
2028	—		100,000			100,000			200,000
Thereafter	—		—			275,000			275,000
Total debt	—		200,000			575,000			775,000
Deferred financing costs, net	—		(796)			(2,434)			(3,230)
Total debt, net	$	—	$	199,204		$	572,566		$	771,770
Weighted average interest rate	n/a		6.6		%	3.1		%	4.0		%