SUBSEQUENT EVENTS

6 Months Ended

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%.