Subsequent Events |
6 Months Ended | ||||||
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Jun. 30, 2021 | |||||||
Subsequent Events [Abstract] | |||||||
Subsequent Events |
12. Subsequent Events For its consolidated financial statements as of June 30, 2021, the Company evaluated subsequent events and noted the following significant events. Subsequent to June 30, 2021, the Company entered into forward sales transactions under the December 2019 ATM Program for the sale of an additional 500,000 shares of its common stock that have not yet been settled. Subject to its right to elect net share settlement, the Company expects to physically settle the forward sales transactions no later than 21.54 . Assuming the forward sales transactions are physically settled in full utilizing a net weighted average initial forward sales price of $ per share, the Company expects to receive net proceeds of approximately $10.8 million, after deducting offering costs, subject to adjustments in accordance with the applicable forward sale transaction. On July 22, 2021, the Company acquired a 61,384 square foot facility for the U.S. Department of Homeland Security (“Various GSA - Cleveland”) in Cleveland, Ohio. The building was originally constructed in 1981 and substantially renovated in 2016 and 2021. The facility is primarily leased to the GSA for beneficial use of ICE and the NWS and has lease expirations ranging from to .On July 23, 2021, we entered into a second amended and restated senior unsecured credit facility (our “second amended senior unsecured credit facility”). Our second amended senior unsecured credit facility increased the total borrowing capacity of our existing senior unsecured credit facility by $50.0 million for a total credit facility size of $650.0 million, and consists of two components: (i) a $450.0 million senior unsecured revolving credit facility (the “amended revolving credit facility”), and (ii) a $200.0 million senior unsecured term loan facility (the “amended term loan facility”), up to $50.0 million of which will be available for a 364-day delayed draw period. The amended revolving credit facility also includes an accordion feature that will provide us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $250.0 million. The Operating Partnership is the borrower, and certain of our subsidiaries that directly own certain of our properties are guarantors under our second amended senior unsecured credit facility. The amended revolving credit facility has an initial four year term and will mature in July 2025, with two six-month as-of-right extension options, subject to certain conditions and the payment of an extension fee. The amended term loan facility has a five year term and will mature in July 2026. In addition, the amended term loan facility is prepayable without penalty for the entire term of the loan. Borrowings under our amended senior unsecured credit facility bear interest, at our option, at floating rates equal to either:
If the Operating Partnership achieves certain sustainability targets as defined in our second amended senior unsecured credit facility agreement, the applicable margin will decrease by 0.01%. In addition, on July 23, 2021, we entered into a fourth amendment to our existing 2016 term loan facility. The fourth amendment amends certain provisions in the 2016 term loan facility to conform to certain changes made to such provisions in our amended senior unsecured credit facility. |