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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Subsequent to June 30, 2022, we: •entered into the Second Amendment to the Credit Agreement with a syndicate of financial institutions to provide for a $250.0 million increase to the Revolving Facility, resulting in a $1.1 billion unsecured revolving credit facility. In addition, the Operating Partnership issued a seven-year $300M Term Loan and used the proceeds to repay the $200M Term Loan that was scheduled to mature in 2023 and for general corporate purposes. In conjunction with these transactions, we (i) designated the interest rate swaps related to the $200M Term Loan to the $300M Term Loan and the interest reference rate will be replaced with term SOFR effective with the next reset date in August 2022 through November 22, 2023; (ii) entered into two forward-starting interest rate swap contracts with notional amounts totaling $200.0 million that swap a floating rate of term SOFR to a fixed rate with an effective date of November 22, 2023 through August 1, 2025; and (iii) entered into two agreements to swap a total of $100.0 million of SOFR-based variable rate debt to a fixed rate with an effective date of August 1, 2022 through August 1, 2025. See Note 7 to the consolidated financial statements for further details; •closed on the acquisition of Palms Plaza, a 68,976 square foot multi-tenant retail property located in the Miami MSA, for a gross purchase price of $35.8 million; and •repaid two mortgages payable with principal balances totaling $44.9 million and a weighted average fixed interest rate of 4.20%.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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