Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Outstanding

The following table summarizes the components of the Company’s indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands):

	September 30, 2024		December 31, 2023		Margin Above SOFR	Interest Rate 1		Contractual Maturity Date
Unsecured Debt:
Credit Facility	$	—	$	—	1.1% 2	n/a		1/15/2029
5-Year Term Loan	100,000		100,000		1.3% 2	6.2	%	1/15/2027
5-Year Term Loan	100,000		100,000		1.3% 2	6.5	%	1/15/2028
$100M 7-Year Unsecured 3, 4	—		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	675,000		775,000
Less: Unamortized debt issuance costs	(2,843)		(3,437)
Total	$	672,157	$	771,563

1Reflects the contractual interest rate under the terms of each loan as of September 30, 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 September 30, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of September 30, 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”.

4In July 2024, the Company repaid the $100.0 million tranche of 7-year Senior Unsecured Notes using existing cash on hand. The notes bore interest at 3.8% and had an original maturity date of July 14, 2024.

Schedule of Principal Payments

The scheduled principal payments of the Company’s debt as of September 30, 2024 were as follows (dollars in thousands):

	Credit Facility		Term Loan			Senior Unsecured Notes			Total Debt
2024 (3 months)	$	—	$	—		$	—		$	—
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			475,000			675,000
Deferred financing costs, net	—		(679)			(2,164)			(2,843)
Total debt, net	$	—	$	199,321		$	472,836		$	672,157
Weighted average interest rate	n/a		6.3		%	3.0		%	4.0		%