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Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt 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”. On August 20, 2021, a subsidiary of the Company entered into a Sixth Amended and Restated Senior Credit Agreement (the “Amended Facility”) which consists of a $250.0 million revolving credit facility that matures in August 2025 and a $100.0 million term loan that matures in January 2027. Among other things, the Amended Facility extended the maturity date of the revolving credit facility and the $100.0 million term loan. As of both December 31, 2021 and 2020, there were no borrowings outstanding on the revolving credit facility and $100.0 million of borrowings outstanding on the term loan. As of December 31, 2021, the Company had no interest rate caps. As of December 31, 2020, the Company had one interest rate cap to hedge the variable cash flows associated with $50.0 million of its $100.0 variable-rate term loan, which expired on May 4, 2021. See “Note 8 - Derivative Financial Instruments” for more information regarding the Company’s prior interest rate cap. The aggregate amount of the Amended Facility may be increased to a total of up to $650.0 million, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $100.0 million term loan and the $250.0 million revolving credit facility, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loan, is generally to be paid based upon, at the Company’s option, either (i) LIBOR plus the applicable LIBOR margin or (ii) the applicable base rate which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, or thirty-day LIBOR plus the applicable LIBOR margin for LIBOR rate loans under the Amended Facility plus 1.25%. The applicable LIBOR margin 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. The Amended Facility requires quarterly payments of an annual facility fee in an amount ranging from 0.15% to 0.30%, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. The Amended Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Amended Facility and the Senior Unsecured Notes are not secured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Amended Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Amended Facility and the Senior Unsecured Notes as of December 31, 2021 and 2020. During the year ended December 31, 2021, the Company fully repaid its $11.3 million mortgage loan payable. As of December 31, 2020, this mortgage loan payable, net of deferred financing costs, totaled approximately $11.3 million, and bore interest at a weighted average fixed annual rate of 5.5%. The mortgage loan payable was collateralized by one property. As of December 31, 2020, the total gross book value of the property securing the debt was approximately $32.7 million. As of December 31, 2021, the Company did not have any encumbered properties. 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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