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Subsequent Events | 3 Months Ended
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Mar. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except as disclosed in the applicable footnotes and below. Dispositions The Company disposed of seven properties subsequent to March 31, 2024 for an aggregate price of approximately $18.2 million. New CMBS Loan On April 5, 2024, the Company entered into the 2024 CMBS Loan with (i) Bank of Montreal, (ii) Société Générale Financial Corporation, (iii) Barclays Capital Real Estate Inc. and (iv) KeyBank National Association (each individually, a “Lender,” and collectively, the “Lenders”), in the aggregate amount of $237.0 million. The 2024 CMBS Loan is secured by, among other things, first priority mortgages on 20 industrial properties the Company owns across the United States. The 2024 CMBS Loan has a 5-year term, is interest-only (payable monthly) at a fixed rate of 5.74% per year and matures on April 6, 2029. The 2024 CMBS Loan contains certain covenants, including, certain obligations to reserve funds and requires the Company to maintain a net worth of $150.0 million and liquid assets having a market value of at least $10.0 million. Repayment of McLaren Loan In April 2024, the Company repaid its mortgage loan that encumbered its McLaren properties in the United Kingdom. The mortgage loan had a principal balance of £101,000, and was repaid using borrowings under the GBP portion of the Company’s Revolving Credit Facility.

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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