Debt (Tables)

12 Months Ended

Dec. 31, 2024

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


	December 31, 2024		December 31, 2023		Margin Above SOFR	Interest Rate 1		Contractual Maturity Date

Unsecured Debt:

Credit Facility	$	82,000	$	—	1.1% 2	5.4	%	1/15/2029
5-Year Term Loan	100,000		100,000		1.3% 2	5.6	%	1/15/2027
5-Year Term Loan	100,000		100,000		1.3% 2	5.8	%	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	757,000		775,000

Secured Debt:
280 Richards Street	72,879		—		n/a	3.9	%	3/1/2028
Total Secured Debt	72,879		—
Total Unsecured and Secured Debt	829,879		775,000
Less: Unamortized fair value adjustment and debt issuance costs	(6,442)		(3,437)
Total	$	823,437	$	771,563

1Reflects the contractual interest rate under the terms of each loan as of December 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 December 31, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 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”.

4In July 2024, the Company repaid the $100.0 million tranche of its 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 December 31, 2024 were as follows (dollars in thousands):


	Credit Facility		Term Loan		Senior Unsecured Notes		Mortgage Loan Payable		Total Debt
2025	$	—	$	—	$	—	$	—	$	—
2026	—		—		50,000		—		50,000
2027	—		100,000		50,000		—		150,000
2028	—		100,000		100,000		72,879		272,879
2029	82,000		—		100,000		—		182,000
Thereafter	—		—		175,000		—		175,000
Subtotal	82,000		200,000		475,000		72,879		829,879
Unamortized fair value adjustment	—		—		—		(3,590)		(3,590)
Total Debt	82,000		200,000		475,000		69,289		826,289
Deferred financing costs, net	—		(620)		(2,047)		(185)		(2,852)
Total Debt, net	$	82,000	$	199,380	$	472,953	$	69,104	$	823,437
Weighted average interest rate	5.4%		5.7%		3.0%		3.9%		4.0%