XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

Revolving Credit Facilities | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Revolving Credit Facilities |
7. | Revolving Credit Facilities
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below):
|  | Carrying Amount at September 30, 2021 |  |  | Weighted-Average Interest Rate at September 30, 2021 |  | Maturity Date at September 30, 2021
Unsecured Credit Facility |  | $ | — |  |  | N/A |  | January 2024
PNC Facility |  |  | — |  |  | N/A |  | January 2024
The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $950 million if certain financial covenants are maintained and certain borrowing conditions are satisfied, and an accordion feature for expansion of availability up to $1.45 billion, provided that new lenders agree to the existing terms of the facility or existing lenders increase their commitment level, and a maturity date of January 2024, with two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions). The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at September 30, 2021. The Company maintains a $20 million unsecured revolving credit facility with PNC Bank, National Association (“PNC,” the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”) which includes substantially the same terms as those contained in the Unsecured Credit Facility. Additionally, the Company provided an unconditional guaranty to PNC with respect to any obligations of RVI outstanding from time to time under a $30 million revolving credit agreement entered into by RVI with PNC. In the third quarter of 2021, the revolving credit agreement between RVI and PNC was terminated, as well as the Company’s guaranty. The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either LIBOR plus a specified spread (0.90% at September 30, 2021) or the Alternative Base Rate, as defined in the respective facility, plus a specified spread (0% at September 30, 2021). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc., S&P Global Ratings, Fitch Investor Services, Inc. and their successors. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at September 30, 2021.

X
- Definition Revolving credit facilities. + References No definition available. + Details
Name: | sitc_RevolvingCreditFacilitiesTextBlock
Namespace Prefix: | sitc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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