Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

At June 30, 2022 and December 31, 2021, notes payable consisted of the following:

		June 30, 2022		December 31, 2021
		(in thousands)
Charitable Contributions 1	$	859	$	1,238
Private placement debt dated April 30, 20212		233,243		228,690
Mortgage notes3		19,329		10,006
Total notes payable		253,431		239,934
Less: current portion of notes payable		(1,002)		(783)
Notes payable, net of current portion	$	252,429	$	239,151

1 In connection with acquisitions completed in 2017 and 2019, the Company is required to make quarterly charitable contributions of $50 thousand through October 2024 and annual charitable contributions of $250 thousand through May 2024, respectively. The net present value of these required payments has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.

2 The April 30, 2021 private placement debt (the "Notes") was issued in an original amount of $249,934 thousand with an interest rate of 7.00%, maturing on April 30, 2024. The debt was issued at a discount, the carrying value of which was $16,691 thousand and $21,244 thousand as of June 30, 2022 and December 31, 2021, respectively.

3 Mortgage notes in the original amount of $19,947 thousand and $10,437 thousand as of June 30, 2022 and December 31, 2021, respectively, were issued by the Company in connection with various operating properties. These mortgage notes were issued at a discount, the carrying value of which, as of June 30, 2022 and December 31, 2021, was $156 thousand and $162 thousand, respectively, and are presented net of principal payments of $462 thousand and $269 thousand, respectively. The mortgage notes mature between August 20, 2025 and June 5, 2035.

(a) Extension of Maturity Date on April 30, 2021 Notes

On July 14, 2022, the Company exercised its right to extend the maturity date of the Notes by one year from April 30, 2024 to April 30, 2025. The extension to the maturity date did not involve any amendment to the Notes or any additional consideration to the existing lenders.