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Subsequent Events
9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
 
The Company has evaluated subsequent events through the date on which this Quarterly Report on Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

Indebtedness

From October 1, 2023 through November 3, 2023, the Company had net borrowings of $49.0 million on the revolving credit facility.

Derivative Financial Instruments

On October 11, 2023, the Company entered into an interest rate swap agreement with a notional amount of $100.0 million and a SOFR rate of 2.75%. The interest rate swap is effective November 1, 2023 and will expire on November 1, 2025. The Company paid a $3.9 million premium for this transaction.

Equity

From October 2, 2023 through October 9, 2023, the Company repurchased 533,699 shares of common stock under the Share Repurchase Program for $5.5 million. As of November 3, 2023, the Company had approximately $43.8 million remaining available for repurchases under the program.

On October 2, 2023, in connection with the tender by a holder of Class A Units of 50,000 Class A Units for redemption by the Operating Partnership, the Company elected to satisfy the redemption requests through the issuance of an equal number of shares of common stock.