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Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | Debt consists of the following (in thousands):
|  |  |  |  |  |  |  | Amounts Outstanding as of
|  | Contractual Maturity Date |  | Fully Extended Maturity Date (1) |  | Interest Rate (2) |  | March 31, 2024 |  | December 31, 2023
Debt: |  |  |  |  |  |  |  |  |  |
2027 Term Loan (3) |  | January 15, 2026 |  | January 15, 2027 |  | 3.12% |  | $ | 175,000 |  |  | $ | 175,000 |
2028 Term Loan (4) |  | February 11, 2028 |  | — |  | 3.88% |  | 200,000 |  |  | 200,000 |
2029 Term Loan (5) |  | July 3, 2026 |  | January 3, 2029 |  | 4.99% |  | 250,000 |  |  | 150,000 |
Revolver (6) |  | August 11, 2026 |  | August 11, 2027 |  | 6.42% |  | 75,000 |  |  | 80,000 |
Mortgage Note |  | November 1, 2027 |  | — |  | 4.53% |  | 8,322 |  |  | 8,361 |
Total debt |  |  |  |  |  |  |  | 708,322 |  |  | 613,361 |
Unamortized discount and debt issuance costs |  |  |  |  |  | (3,946) |  |  | (3,566) |
Unamortized deferred financing costs, net (7) |  |  |  |  |  | (1,757) |  |  | (1,942) |
Total debt, net |  |  |  |  |  |  |  | $ | 702,619 |  |  | $ | 607,853 |
(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument. (2) Rate represents the effective interest rate as of March 31, 2024 and includes the effect of interest rate swap agreements, as described further in “Note 6 - Debt” and “Note 7 - Derivative Financial Instruments.” (3) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2024. The Company has entered into five interest rate swap agreements that effectively convert the floating rate to a fixed rate. The hedged fixed rate reset effective November 27, 2023 to 1.87% and will reset again effective December 23, 2024 to 2.40%. (4) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2024. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (5) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of March 31, 2024. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (6) The annual interest rate of the Revolver assumes daily SOFR as of March 31, 2024 of 5.32% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of March 31, 2024. (7) The Company records deferred financing costs associated with the Revolver in other assets, net on its condensed consolidated balance sheets. The Company reclassed the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan.
Interest Income and Interest Expense Disclosure | The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Revolving credit facilities (1) |  | $ | 1,158 |  |  | $ | 1,150 |
Term loans (2) |  | 5,672 |  |  | 2,499 |
Mortgage note payable |  | 95 |  |  | 93 |
Non-cash: |  |  |  |
Amortization of deferred financing costs |  | 238 |  |  | 185 |
Amortization of debt discount and debt issuance costs, net |  | 349 |  |  | 151 |
Amortization of deferred gains on interest rate swaps |  | (979) |  |  | — |
Capitalized interest |  | (353) |  |  | (134) |
Total interest expense, net |  | $ | 6,180 |  |  | $ | 3,944 |
(1) Includes facility fees and non-utilization fees of approximately $0.2 million for both the three months ended March 31, 2024 and 2023. (2) Includes the effects of interest rate hedges in place as of such date.
Schedule of Maturities of Long-term Debt | Payments on the 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan are interest only through maturity. As of March 31, 2024, scheduled debt maturities, including balloon payments, are as follows (in thousands):
|  | Scheduled Principal |  | Balloon Payment (1) |  | Total
Remainder of 2024 |  | $ | 123 |  |  | $ | — |  |  | $ | 123 |
2025 |  | 170 |  |  | — |  |  | 170 |
2026 |  | 178 |  |  | 500,000 |  |  | 500,178 |
2027 |  | 170 |  |  | 7,681 |  |  | 7,851 |
2028 |  | — |  |  | 200,000 |  |  | 200,000 |
Total |  | $ | 641 |  |  | $ | 707,681 |  |  | $ | 708,322 |

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