Debt (Tables)

6 Months Ended

Jun. 30, 2022

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

1Reflects 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.

3Collectively, the “Senior Unsecured Notes”.

4On 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		%

1On 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.