Unsecured Revolving Credit Facility	3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]
Unsecured Revolving Credit Facility	4. Unsecured Revolving Credit Facility On June 25, 2018, the Company entered into a revolving credit agreement with a group of lenders for a four-year, senior unsecured revolving credit facility (the “Revolving Credit Facility”) with aggregate total revolving credit commitments of $300.0 million. Barclays Bank PLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA were the joint lead arrangers of the Revolving Credit Facility, with Barclays Bank PLC acting as administrative agent. The Revolving Credit Facility has a term of four years, with an extension option of up to 12-months exercisable by the Company, subject to certain conditions, and initially bears interest at an annual rate of applicable LIBOR, as defined therein, plus an applicable margin between 1.45% and 2.15%; or (ii) the prime rate plus an applicable margin of between 0.45% and 1.15%. The applicable LIBOR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin is initially a spread set according to a leverage-based pricing grid. At the Company’s election, on and after receipt of an investment grade corporate credit rating from S&P Global Ratings, a division of S&P Global, Inc. (“S&P”) or Moody’s Investors Services, Inc. (“Moody’s”), the applicable margin will be a spread set according to the Company’s corporate credit ratings by S&P and/or Moody’s. The Revolving Credit Facility is freely prepayable at any time and is mandatorily prepayable if borrowings exceed the borrowing base or the facility limit. The Company may re-borrow amounts paid down, subject to customary borrowing conditions. The Company is required to pay revolving credit fees throughout the term of the Revolving Credit Facility based upon its usage of the Revolving Credit Facility, at a rate which depends on the Company’s usage of the Revolving Credit Facility during the period before it receives an investment grade corporate credit rating from S&P or Moody’s, and which rate shall be based on the corporate credit rating from S&P and/or Moody’s after the time, if applicable, it receives such a rating. The Revolving Credit Facility provides an accordion feature to increase, subject to certain conditions, the maximum availability of the Revolving Credit Facility by up to an additional $200.0 million. During the three months ended March 31, 2019, the Company borrowed $52.0 million under the Revolving Credit Facility and used these proceeds to make additional investments in real estate. In March 2019, the Company used a portion of the net proceeds from the Follow-On Offering to repay all of the then outstanding $86.0 million under the Revolving Credit Facility. As of March 31, 2019, the Company had no principal balance outstanding under the Revolving Credit Facility and had $300.0 million of unused borrowing capacity. Total deferred financing costs, net, of $2.9 million and $3.0 million related to the Revolving Credit Facility were included within prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of March 31, 2019 and December 31, 2018. The Company recorded $0.2 million of interest expense during the three months ended March 31, 2019 related to the amortization of these fees and direct costs of the Revolving Credit Facility. During the three months ended March 31, 2019, the Company recorded $0.7 million of interest expense, including unused facility fees, related to the Revolving Credit Facility. The Revolving Credit Facility requires the Company to meet certain financial covenants. The Company was in compliance with all financial covenants and was not in default of any other provisions under the Revolving Credit Facility as of March 31, 2019.

Unsecured Revolving Credit Facility

3 Months Ended

Mar. 31, 2019

4. Unsecured Revolving Credit Facility

On June 25, 2018, the Company entered into a revolving credit agreement with a group of lenders for a four-year, senior unsecured revolving credit facility (the “Revolving Credit Facility”) with aggregate total revolving credit commitments of $300.0 million. Barclays Bank PLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA were the joint lead arrangers of the Revolving Credit Facility, with Barclays Bank PLC acting as administrative agent.

The Revolving Credit Facility has a term of four years, with an extension option of up to 12-months exercisable by the Company, subject to certain conditions, and initially bears interest at an annual rate of applicable LIBOR, as defined therein, plus an applicable margin between 1.45% and 2.15%; or (ii) the prime rate plus an applicable margin of between 0.45% and 1.15%. The applicable LIBOR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin is initially a spread set according to a leverage-based pricing grid. At the Company’s election, on and after receipt of an investment grade corporate credit rating from S&P Global Ratings, a division of S&P Global, Inc. (“S&P”) or Moody’s Investors Services, Inc. (“Moody’s”), the applicable margin will be a spread set according to the Company’s corporate credit ratings by S&P and/or Moody’s. The Revolving Credit Facility is freely prepayable at any time and is mandatorily prepayable if borrowings exceed the borrowing base or the facility limit. The Company may re-borrow amounts paid down, subject to customary borrowing conditions. The Company is required to pay revolving credit fees throughout the term of the Revolving Credit Facility based upon its usage of the Revolving Credit Facility, at a rate which depends on the Company’s usage of the Revolving Credit Facility during the period before it receives an investment grade corporate credit rating from S&P or Moody’s, and which rate shall be based on the corporate credit rating from S&P and/or Moody’s after the time, if applicable, it receives such a rating. The Revolving Credit Facility provides an accordion feature to increase, subject to certain conditions, the maximum availability of the Revolving Credit Facility by up to an additional $200.0 million.

During the three months ended March 31, 2019, the Company borrowed $52.0 million under the Revolving Credit Facility and used these proceeds to make additional investments in real estate. In March 2019, the Company used a portion of the net proceeds from the Follow-On Offering to repay all of the then outstanding $86.0 million under the Revolving Credit Facility. As of March 31, 2019, the Company had no principal balance outstanding under the Revolving Credit Facility and had $300.0 million of unused borrowing capacity.

Total deferred financing costs, net, of $2.9 million and $3.0 million related to the Revolving Credit Facility were included within prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of March 31, 2019 and December 31, 2018. The Company recorded $0.2 million of interest expense during the three months ended March 31, 2019 related to the amortization of these fees and direct costs of the Revolving Credit Facility.

During the three months ended March 31, 2019, the Company recorded $0.7 million of interest expense, including unused facility fees, related to the Revolving Credit Facility.

The Revolving Credit Facility requires the Company to meet certain financial covenants. The Company was in compliance with all financial covenants and was not in default of any other provisions under the Revolving Credit Facility as of March 31, 2019.