Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Debt Obligations

Schedule of Debt Obligations

		At December 31, 2021				At December 31, 2020
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate (1)	Balance		Borrowing		Balance		Borrowing
Revolving line of credit (2)	1.36%	$	110,900	$	289,100	$	89,900	$	510,100
Term loans, net of debt issue costs	2.63%		99,363		—		n/a		n/a
Senior unsecured notes, net of debt issue costs (3)	4.35%		512,456		—		559,482		—
Total	3.65%	$	722,719	$	289,100	$	649,382	$	510,100

(1) Represents weighted average of interest rate as of December 31, 2021.

(2) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit.

(3) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes.

Our borrowings and repayments for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):

	Year Ended December 31,
	2021						2020				2019
Debt Obligations		Borrowings			Repayments		Borrowings		Repayments			Borrowings			Repayments
Revolving line of credit	$	204,400	(1)	$	(183,400)		$	24,000	$	(28,000)	$	107,900		$	(126,000)
Term loans		100,000			—			n/a		n/a		n/a			n/a
Senior unsecured notes		—			(47,160)	(2)		—		(40,160)		100,000	(3)		(33,667)
Total	$	304,400		$	(230,560)		$	24,000	$	(68,160)	$	207,900		$	(159,667)

(1) Subsequent to December 31, 2021, we borrowed $22,000 under our Revolving Line of Credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our Revolving Line of Credit.

(2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes.

(3) During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85%, have scheduled principal payments and mature on October 20, 2031.

Schedule of interest rate swaps

					Notional
Date Entered	Maturity Date	Swap Rate	Rate Index		Amount		Fair Value
November 2021	November 19, 2025	2.56%	1-month LIBOR	$	50,000	$	(38)
November 2021	November 19, 2026	2.69%	1-month LIBOR		50,000		(134)
				$	100,000	$	(172)

Schedule of borrowings and repayments

Schedule of principal payments and amounts due at maturity

	Total			2022			2023		2024		2025			2026		Thereafter
Revolving line of credit	$	110,900	(1)	$	—		$	—	$	—	$	110,900	(1)	$	—	$	—
Term loans		100,000			—			—		—		50,000			50,000		—
Senior unsecured notes		512,980	(2)		48,160	(2)		49,160		49,160		49,500			51,500		265,500
	$	723,880		$	48,160		$	49,160	$	49,160	$	210,400		$	101,500	$	265,500

(1) Subsequent to December 31, 2021, we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $132,900 outstanding and $267,100 available for borrowing under our unsecured revolving line of credit.

(2) Subsequent to December 31, 2021, we paid $7,000 under our senior unsecured notes, accordingly we have $505,456 outstanding, net of debt issue costs, under our senior unsecured notes.