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Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 15. Subsequent Events

Acquisitions

On April 18, 2022, the Company, in its Core Portfolio, acquired a retail portfolio of 15 properties referred to as the Henderson Portfolio in Dallas, Texas for approximately $85.4 million inclusive of transaction costs.

Financing Activities

On April 6, 2022, the Company entered into an additional term loan (the "$175.0 Million Term Loan"). The $175.0 Million Term Loan bears interest at SOFR plus 1.5% and matures on April 6, 2027. In addition, during April 2022, the Company entered into swaps totaling $100.0 million to fix SOFR at an average rate of 2.5% for borrowings under the $175.0 Million Term Loan. The proceeds of the $175.0 Million Term Loan were used to repay the Revolver.

On April 26, 2022, Fund V obtained a new loan for its Midstate property (Note 2) for up to $50.2 million of which $42.4 million was funded at closing. The loan bears interest at SOFR plus 2.5%, but is swapped to a fixed rate of 5.1%, and matures on April 28, 2025, subject to two 12-month extension options.

On May 2, 2022, Fund V modified its subscription line and extended the maturity date to May 1, 2023. In addition, the commitment was reduced to $135.0 million.

Lending Activities

On April 1, 2022, the Company funded $1.2 million to its unconsolidated 1238 Wisconsin subsidiary (Note 4) under a $12.8 million construction loan commitment, which bears interest at Prime plus 1.0% and matures on December 28, 2023.