Debt (Tables)

3 Months Ended

Mar. 31, 2022

Notes and Loans Payable [Abstract]

Schedule of Debt

The following table summarizes the Company's debt as of March 31, 2022 and December 31, 2021:

		Interest Rate Type	As of March 31, 2022			As of December 31, 2021
	Maturity Date		Interest Rate	Amount		Interest Rate	Amount
Mortgages Payable
Total mortgages payable	Various	Fixed	3.9600%	$	140,829	4.0700%	$	105,955
Term loans
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5 years	9/22/2026	Fixed	2.6795% (a)	100,000		2.6795% (a)	100,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6915% (a)	50,000		2.6915% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Fixed	2.6990% (a)	50,000		2.6990% (a)	50,000
$200.0 million 5.5 years	3/22/2027	Variable	1M LIBOR + 1.20% (b)	100,000		1M LIBOR +  1.20% (b)	100,000
Total				400,000			400,000
Revolving Line of Credit
$350.0 million total capacity	9/22/2025 (d)	Variable	1M LIBOR +  1.04% (b) (c)	136,000		1M LIBOR +  1.05% (b)	31,000
Total debt			2.5587%	676,829		2.6122%	536,955
Debt discounts and issuance costs, net of accumulated amortization				(3,493)			(3,873)
Debt, net				$	673,336		$	533,082

(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.

(b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively.

(c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment.

(d)Maturity date is not inclusive of two six-month extension options.

Schedule of Maturities for Outstanding Mortgage Indebtedness

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.

Scheduled maturities by year:	As of March 31, 2022
2022	$	—
2023	38,999
2024	15,700
2025	28,630
2026	—
Thereafter	57,500
Total mortgage payable maturities	$	140,829