Financing Activities (Tables)

9 Months Ended

Sep. 30, 2022

Financing Activities[Abstract]

Schedule of Outstanding Indebtedness Includes Borrowings

Our outstanding indebtedness as of September 30, 2022 includes the following borrowings that closed during the nine months ended September 30, 2022 (in thousands):

	Loan Amount		Balance at September 30, 2022		Contractual Interest Rate	Maturity Date
Variable-Rate:
Variable property loans	$	100,000	$	100,000	Multiple (1)	Multiple (1)
Construction loan	$	23,000	$	1	One-Month SOFR+ 4.41% (min 5.56%)	June 2025 (2)
Fixed-Rate:
Non-recourse property loans	$	574,700	$	574,700	4.63%	Multiple (3)

(1)Includes two variable rate property loans for $60.0 million and $40.0 million, respectively. The $60.0 million loan has an original maturity date of August 2024, with an option to extend the loan term one additional year to August 2025. Total debt issuance costs for this loan of approximately $1.5 million have been deferred, and this loan bears an interest rate based on the One-Month SOFR plus a 6.75% spread with an all in minimum interest rate of 8.00%. The $40.0 million loan has an original maturity date of January 2024, with two options to extend the loan term for six month periods to July 2024 and January 2025. This loan bears an interest rate based on One-Month SOFR plus a 6.45% spread with an all in minimum interest rate of 6.50%.

(2)The Construction Loan includes an option to extend the maturity one additional year to August 2025. Total debt issuance costs of approximately $1.2 million have been deferred.

(3)Includes 14 long term, fixed rate, non-recourse property loans with a weighted-average term of 9.4 years and a weighted average interest rate of 4.63%. Total debt issuance costs of approximately $5.4 million have been deferred.