DEBT, NET

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT, NET

7. DEBT, NET

Our debt, net is summarized as follows:

	June 30, 2022				December 31, 2021
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	220,000	(i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR Rate + 3.00%	12/2/24	$	189,473
DRP Revolver (2)	25,000		(i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Eurodollar)	11/5/24	25,000
EB-5 Loan Agreement	35,550		5.75%	1/25/26	26,100
2021 Bridge Loans	339,805		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	12/15/22	100,527
Total loans payable	620,355				341,100
Bonds payable
Series 2020 Bonds	263,980		(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
Series 2021 Bonds	425,000		(i) Series 2021A Bonds: 1.875% to 3.000% (ii) Series 2021B Bonds: 4.100%	(i) 1/1/26 to 1/1/50 (ii) 1/1/28	425,000
Senior Notes due 2025 (3)	851,951		6.50%	10/1/25	852,198
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (4)	1,002,255		5.50%	5/1/28	1,002,416
Total bonds payable	2,943,186				2,943,594
Debt	3,563,541				3,284,694
Less: Debt issuance costs	(65,975)				(64,483)
Total debt, net	$	3,497,566			$	3,220,211
Total debt due within one year	$	339,805			$	100,527

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(1) Requires a quarterly commitment fee at a rate of 0.50% 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 1.00% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(3) Includes an unamortized discount of $3,090 and $3,509 at June 30, 2022 and December 31, 2021, respectively, and an unamortized premium of $5,041 and $5,707 at June 30, 2022 and December 31, 2021, respectively.

(4) Includes an unamortized premium of $2,255 and $2,416 at June 30, 2022 and December 31, 2021, respectively.

We were in compliance with all debt covenants as of June 30, 2022.