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Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table summarizes the components of the Company’s indebtedness as of June 30, 2022 and December 31, 2021 (dollars in thousands). The Company has no secured debt:
|  | June 30, 2022 |  | December 31, 2021 |  | Margin Above SOFR |  | Interest Rate 1 |  | Contractual Maturity Date
Unsecured Debt: |  |  |  |  |  |  |  |  |  |
Unsecured Debt: |  |  |  |  |  |  |  |  |  |
Credit Facility |  | $ | 12,000 |  |  | $ | — |  |  | 1.1% 2 |  | 2.3 | % |  | 8/20/2025
5-Year Term Loan |  | 100,000 |  |  | 100,000 |  |  | 1.3% 2 |  | 2.8 | % |  | 1/1/2027
$50M 7-Year Unsecured 3 |  | 50,000 |  |  | 50,000 4 |  | n/a |  | 4.2 | % |  | 9/1/2022
$100M 7-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 3.8 | % |  | 7/14/2024
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.0 | % |  | 7/7/2026
$50M 12-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 4.7 | % |  | 10/31/2027
$100M 7-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 2.4 | % |  | 7/15/2028
$100M 10-Year Unsecured 3 |  | 100,000 |  |  | 100,000 |  |  | n/a |  | 3.1 | % |  | 12/3/2029
$125M 9-Year Unsecured 3 |  | 125,000 |  |  | 125,000 |  |  | n/a |  | 2.4 | % |  | 8/17/2030
$50M 10-Year Unsecured 3 |  | 50,000 |  |  | 50,000 |  |  | n/a |  | 2.8 | % |  | 7/15/2031
Total Unsecured Debt |  | 737,000 |  |  | 725,000 |  |  |  |  |  |  |
Total Unsecured Debt |  | 737,000 |  |  | 725,000 |  |  |  |  |  |  |
Less: Unamortized premium/discount and debt issuance costs |  | (3,941) |  |  | (4,330) |  |  |  |  |  |  |
Total |  | $ | 733,059 |  |  | $ | 720,670 |  |  |  |  |  |  |
1 Reflects the contractual interest rate under the terms of each loan as of June 30, 2022. Excludes the effects of unamortized debt issuance costs and unamortized fair market value premiums, if any.The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of June 30, 2022) for the revolving credit facility and 1.25% to 1.75% (1.25% as of June 30, 2022) 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 and includes a 10 basis points SOFR credit adjustment. 3 Collectively, the “Senior Unsecured Notes”. 4 On August 1, 2022, the Company prepaid a $50.0 million tranche of the Senior Unsecured Notes using borrowings from the Company’s revolving credit facility. The notes bore interest at 4.23% and had an original maturity date of September 1, 2022.
Schedule of principal payments | The scheduled principal payments of the Company’s debt as of June 30, 2022 were as follows (dollars in thousands):
| Credit Facility |  | Term Loan |  | Senior Unsecured Notes |  |  |  | Total Debt
2022 (6 months) | $ | — |  | $ | — |  | $ | 50,000 | 1 |  |  | $ | 50,000
2023 | — |  | — |  | — |  |  |  | —
2024 | — |  | — |  | 100,000 |  |  |  | 100,000
2025 | 12,000 |  | — |  | — |  |  |  | 12,000
2026 | — |  | — |  | 50,000 |  |  |  | 50,000
Thereafter | — |  | 100,000 |  | 425,000 |  |  |  | 525,000
Total debt | 12,000 |  | 100,000 |  | 625,000 |  |  |  | 737,000
Deferred financing costs, net | — |  | (455) |  | (3,486) |  |  |  | (3,941)
Total debt, net | $ | 12,000 |  | $ | 99,545 |  | $ | 621,514 |  |  |  | $ | 733,059
Weighted average interest rate | 2.3 | % |  | 2.8 | % |  | 3.2 | % |  |  |  | 3.1 | %
1 On August 1, 2022, the Company prepaid a $50.0 million tranche of the Senior Unsecured Notes using borrowings from the Company’s revolving credit facility. The notes bore interest at 4.23% and had an original maturity date of September 1, 2022.

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
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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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