Debt Obligations (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Debt Obligations |
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| Schedule of interest rate swaps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notional | | Fair Value at December 31, | | Date Entered | | Maturity Date | | Swap Rate | | Rate Index | | | Amount | | | 2023 | | | | 2022 | | November 2021 | | November 19, 2025 | | 2.62 | % | | 1-month SOFR | | $ | 50,000 | | $ | 2,698 | | | $ | 4,003 | | November 2021 | | November 19, 2026 | | 2.76 | % | | 1-month SOFR | | | 50,000 | | | 3,412 | | | | 4,716 | | | | | | | | | | | $ | 100,000 | | $ | 6,110 | | | $ | 8,719 | |
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| Schedule of Debt Obligations |
The following table sets forth information regarding debt obligations by component as of December 31, 2023 and 2022 (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | At December 31, 2022 | | | | Applicable | | | | Available | | | | Available | | | | Interest | | Outstanding | | for | | Outstanding | | for | | Debt Obligations | | Rate (1) | | Balance | | Borrowing | | Balance | | Borrowing | | Revolving line of credit | | 6.66% | | $ | 302,250 | | $ | 97,750 | | $ | 130,000 | | $ | 270,000 | | Term loans, net of debt issue costs | | 2.74% | | | 99,658 | | | — | | | 99,511 | | | — | | Senior unsecured notes, net of debt issue costs | | 4.20% | | | 489,409 | | | — | | | 538,343 | | | — | | Total | | 4.87% | | $ | 891,317 | | $ | 97,750 | | $ | 767,854 | | $ | 270,000 | |
| (1) | Represents weighted average of interest rate as of December 31, 2023. |
| (2) | Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. |
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| Schedule of borrowings and repayments |
Our borrowings and repayments for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | | 2021 | Debt Obligations | | | Borrowings | | | Repayments | | Borrowings | | Repayments | | Borrowings | | Repayments | Revolving line of credit | | $ | 277,450 | | $ | (105,200) | (1) | $ | 194,000 | | $ | (174,900) | | $ | 204,400 | | $ | (183,400) | Term loans | | | — | | | — | | | — | | | — | | | 100,000 | | | — | Senior unsecured notes | | | — | | | (49,160) | | | 75,000 | | | (48,160) | | | — | | | (47,160) | Total | | $ | 277,450 | | $ | (154,360) | | $ | 269,000 | | $ | (223,060) | | $ | 304,400 | | $ | (230,560) |
| (1) | Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. |
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| Schedule of principal payments and amounts due at maturity |
The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2023, and excludes the effects of interest and debt issue costs (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Revolving line of credit | | $ | 302,250 | (1) | $ | — | | $ | 302,250 | (2) | $ | — | | $ | — | | $ | — | | $ | — | | Term loans | | | 100,000 | | | — | | | 50,000 | | | 50,000 | | | — | | | — | | | — | | Senior unsecured notes | | | 490,660 | | | 49,160 | | | 49,500 | | | 51,500 | | | 54,500 | | | 55,000 | | | 231,000 | | | | $ | 892,910 | | $ | 49,160 | | $ | 401,750 | | $ | 101,500 | | $ | 54,500 | | $ | 55,000 | | $ | 231,000 | |
| (1) | Subsequent to December 31, 2023, we repaid $30,500 under our unsecured revolving line of credit. Accordingly, we have $271,750 outstanding and $128,250 available for borrowing under our unsecured revolving line of credit. |
| (2) | Subsequent to December 31, 2023, we exercised our option to extend the maturity date of our Credit Agreement to November 19, 2026. |
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