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Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of principal payments | The following table summarizes the components of the Company’s indebtedness as of December 31, 2021 and 2020 (dollars in thousands):
|  | 2021 |  | 2020 |  | Margin Above LIBOR |  | Interest Rate 1 |  | Contractual Maturity Date
Unsecured and Secured Debt: |  |  |  |  |  |  |  |  |  |
Unsecured Debt: |  |  |  |  |  |  |  |  |  |
Credit Facility |  | $ | — |  |  | $ | — |  |  | 1.0% 2 |  | n/a |  | 8/20/2025
5-Year Term Loan B |  | 100,000 |  |  | 100,000 |  |  | 1.2% 2 |  | 1.2 % 3 |  | 1/1/2027
$50M 7-Year Unsecured 5 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.2 | % |  | 9/1/2022
$100M 7-Year Unsecured 5 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 3.8 | % |  | 7/14/2024
$50M 10-Year Unsecured 5 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.0 | % |  | 7/7/2026
$50M 12-Year Unsecured 5 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.7 | % |  | 10/31/2027
$100M 7-Year Unsecured 5 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 2.4 | % |  | 7/15/2028
$100M 10-Year Unsecured 5 |  | 100,000 |  |  | — |  |  | n/a |  | 3.1 | % |  | 12/3/2029
$125M 9-Year Unsecured 5 |  | 125,000 |  |  | — |  |  | n/a |  | 2.4 | % |  | 8/8/2030
$50M 10-Year Unsecured 5 |  | 50,000 |  |  | — |  |  | n/a |  | 2.8 | % |  | 7/15/2031
Total Unsecured Debt |  | 725,000 |  |  | 450,000 |  |  |  |  |  |  |
Secured Debt: |  |  |  |  |  |  |  |  |  |
Belleville 4 |  | — |  |  | 11,271 |  |  | n/a |  | 5.5 | % |  | 4/1/2021
Total Secured Debt |  | — |  |  | 11,271 |  |  |  |  |  |  |
Total Unsecured and Secured Debt |  | 725,000 |  |  | 461,271 |  |  |  |  |  |  |
Less: Unamortized premium/discount and debt issuance costs |  | (4,330) |  |  | (2,153) |  |  |  |  |  |  |
Total |  | $ | 720,670 |  |  | $ | 459,118 |  |  |  |  |  |  |
1 Reflects the contractual interest rate under the terms of each loan as of December 31, 2021. See footnote (3) below. Excludes the effects of unamortized debt issuance costs and unamortized fair market value premiums, if any. 2 The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 1.00% to 1.45% (1.00% as of December 31, 2021) for the revolving credit facility and 1.15% to 1.65% (1.15% as of December 31, 2021) for the $100.0 million term loan, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. 3 As of December 31, 2020, interest on $50.0 million of the $100.0 million term loan was effectively capped through the use of an interest rate cap that expired on May 4, 2021. See “Note 8 - Derivative Financial Instruments” for more information regarding the Company’s prior interest rate cap. 4 Loan was collateralized by one property as of December 31, 2020. 5 Collectively, the “Senior Unsecured Notes”. The scheduled principal payments of the Company’s debt as of December 31, 2021 were as follows (dollars in thousands):
| Credit Facility |  | Term Loan |  | Senior Unsecured Notes |  |  |  | Total Debt
2022 | $ | — |  | $ | — |  | $ | 50,000 |  |  |  | $ | 50,000
2023 | — |  | — |  | — |  |  |  | —
2024 | — |  | — |  | 100,000 |  |  |  | 100,000
2025 | — |  | — |  | — |  |  |  | —
2026 | — |  | — |  | 50,000 |  |  |  | 50,000
Thereafter | — |  | 100,000 |  | 425,000 |  |  |  | 525,000
Total debt | — |  | 100,000 |  | 625,000 |  |  |  | 725,000
Deferred financing costs, net | — |  | (505) |  | (3,825) |  |  |  | (4,330)
Total debt, net | $ | — |  | $ | 99,495 |  | $ | 621,175 |  |  |  | $ | 720,670
Weighted average interest rate | n/a |  | 1.2 | % |  | 3.2 | % |  |  |  | 2.9 | %

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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