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Debt (Tables)

12 Months Ended

Dec. 31, 2024

At December 31, 2024 and December 31, 2023 (dollars in thousands):


	Principal Outstanding						Interest	Current
Loan	December 31, 2024			December 31, 2023			Rate (1)	Maturity
Revolving credit facility:
2024 revolving credit facility (2)	$	274,550		$	79,000		S + 145bps (3)	June 2028 (4)
Total revolving credit facility		274,550			79,000

Term loan facilities:
2016 term loan facility		100,000			100,000		5.31% (5)	January 2025 (6)
2018 term loan facility		174,500			200,000		5.23% (7)	July 2026
Total term loan facilities		274,500			300,000
Less: Total unamortized deferred financing fees		(491	)		(892	)
Total term loan facilities, net		274,009			299,108

Notes payable:
2017 series A senior notes		95,000			95,000		4.05%	May 2027
2017 series B senior notes		50,000			50,000		4.15%	May 2029
2017 series C senior notes		30,000			30,000		4.30%	May 2032
2019 series A senior notes		85,000			85,000		3.73%	September 2029
2019 series B senior notes		100,000			100,000		3.83%	September 2031
2019 series C senior notes		90,000			90,000		3.98%	September 2034
2021 series A senior notes		50,000			50,000		2.62%	October 2028
2021 series B senior notes		200,000			200,000		2.89%	October 2030
2024 series A senior notes		150,000			—		6.56%	May 2033
2024 series B senior notes		50,000			—		6.56%	August 2033
Total notes payable		900,000			700,000
Less: Total unamortized deferred financing fees		(5,324	)		(3,468	)
Total notes payable, net		894,676			696,532

Mortgage notes payable:
VA – Golden		—			8,447		5.00% (8)	April 2024
USFS II – Albuquerque		9,624			11,603		4.46% (8)	July 2026
ICE – Charleston		10,491			11,998		4.21% (8)	January 2027
VA – Loma Linda		127,500			127,500		3.59% (8)	July 2027
CBP – Savannah		8,683			9,549		3.40% (8)	July 2033
USCIS - Kansas City		—			51,500		3.68% (8)	August 2024
Total mortgage notes payable		156,298			220,597
Less: Total unamortized deferred financing fees		(579	)		(944	)
Less: Total unamortized premium/discount		(133	)		542
Total mortgage notes payable, net		155,586			220,195

Total debt	$	1,598,821		$	1,294,835

(1)

The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums.

(2)

The $400.0 million 2024 revolving credit facility (the “2024 revolving credit facility”) had available capacity of $125.3 million at December 31, 2024, which includes an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.

(3)

Our 2024 revolving credit facility is subject to one interest rate swap with an effective date of June 23, 2023 and a notional value of $100.0 million, of which $25.5 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate

on the $25.5 million at 5.46% annually. The spread over the secured overnight financing rate (“SOFR”) is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally, at December 31, 2024, $249.1 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 4.31% under USD SOFR with a five day lookback.

(4)

Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(5)

Our 2016 term loan facility (our “2016 term loan facility”) is subject to three interest rate swaps, all with effective dates of December 23, 2024 and an aggregate notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement.

(6)

On January 8, 2025, we entered into the ninth amendment to our senior unsecured term loan agreement, dated as of September 29, 2016, to extend the maturity date of our 2016 term loan facility from January 30, 2025 to January 28, 2028.

(7)

Our 2018 term loan facility (as amended, our “2018 term loan facility”) is subject to two interest rate swaps with effective dates of June 23 and September 29, 2023 and an aggregate notional value of $200.0 million, of which $174.5 million is associated with our 2018 term loan facility, to effectively fix the interest rate on the $174.5 million at 5.23% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.

(8)

Effective interest rates are as follows: USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

Schedule of Aggregated Debt Maturities

Aggregated debt maturities based on outstanding principal as of December 31, 2024 are as follows (dollars in thousands):


	Total
2025	$	104,598
2026		184,554
2027		230,733
2028		325,533
2029		136,016
Thereafter		623,914
		1,605,348
Unamortized premium/discount & deferred financing		(6,527	)
	$	1,598,821