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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
21. SUBSEQUENT EVENTS
On January 19, 2023, seven indirect wholly-owned subsidiaries of the Company entered into a term loan agreement secured by seven operating properties in the aggregate principal amount of $245.0 million (the “Secured Facility”). The Secured Facility has a scheduled maturity date of February 6, 2028 and may be prepaid in full on or after March 6, 2025, subject to a prepayment premium, and may be prepaid in full on or after August 6, 2027 without any prepayment premium. The Secured Facility bears interest at 5.875% per year through the maturity date and is interest-only (payable monthly) through the maturity date. The Company used the net proceeds from the term loan for general corporate purposes, including to reduce outstanding borrowings under the Company’s unsecured revolving credit facility.
On January 20, 2023, the Company redeemed in full its then outstanding 2023 Notes. The redemption price of the 2023 Notes was approximately $55.2 million (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest). The aggregate redemption price of the 2023 Notes was paid by the Company from available cash balances.