XML 51 R36.htm IDEA: XBRL DOCUMENT
v3.22.4

DEBT, NET (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt, net is summarized as follows:
|  |  |  |  | Outstanding Borrowings
| Stated Interest Rate |  | Maturity Date |  | December 31, 2022 |  | December 31, 2021
Loans payable |  |  |  |  |  |  |
DRP Revolver (1) | (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Eurodollar) |  | 11/5/24 |  | 25,000 |  |  | 25,000 |
EB-5 Loan Agreement | 5.75% |  | (i) 1/25/26 (ii) 11/26/27 |  | 62,200 |  |  | 26,100 |
Transtar Revolver (2) | (i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR + 3.00% |  | 12/27/25 |  | 10,000 |  |  | — |
Total loans payable |  |  |  |  | 97,200 |  |  | 51,100 |
Bonds payable |  |  |  |  |  |  |
Series 2020 Bonds | (i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00% |  | (i) 1/1/35 (ii) 1/1/50 (iii) 1/1/25 |  | 263,980 |  |  | 263,980 |
Series 2021 Bonds | (i) Series 2021A Bonds: 1.875% to 3.00% (ii) Series 2021B Bonds: 4.10% |  | (i) 1/1/26 to 1/1/50 (ii) 1/1/28 |  | 425,000 |  |  | 425,000 |
Senior Notes due 2027 (3) | 10.50% |  | 8/1/2027 |  | 474,828 |  |  | — |
Total bonds payable |  |  |  |  | 1,163,808 |  |  | 688,980 |
Total debt |  |  |  |  | 1,261,008 |  |  | 740,080 |
Less: Debt issuance costs |  |  |  |  | (30,851) |  |  | (21,456) |
Total debt, net |  |  |  |  | $ | 1,230,157 |  |  | $ | 718,624 |
Total debt due within one year |  |  |  |  | $ | — |  |  | $ | — |
______________________________________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Requires a quarterly commitment fee at a rate of 0.500% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Includes an unamortized discount of $25,172 at December 31, 2022.
Schedule of Maturities of Long-term Debt | As of December 31, 2022, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
DRP Revolver | $ | — |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,000 |
EB-5 Loan Agreement | — |  |  | — |  |  | — |  |  | 35,800 |  |  | 26,400 |  |  | — |  |  | 62,200 |
Series 2020 Bonds | — |  |  | — |  |  | 79,060 |  |  | — |  |  | — |  |  | 184,920 |  |  | 263,980 |
Series 2021 Bonds | — |  |  | — |  |  | — |  |  | 9,025 |  |  | 4,750 |  |  | 411,225 |  |  | 425,000 |
Transtar Revolver | — |  |  | — |  |  | 10,000 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |
Senior Notes due 2027 | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | — |  |  | 500,000 |
Total principal payments on loans and bonds payable | $ | — |  |  | $ | 25,000 |  |  | $ | 89,060 |  |  | $ | 44,825 |  |  | $ | 531,150 |  |  | $ | 596,145 |  |  | $ | 1,286,180 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration