13. Subsequent Events

In July 2014, the Company entered into a $250 million senior unsecured revolving credit and term loan agreement consisting of a new $150 million revolving credit facility, a new $65 million seven-year unsecured term loan facility, and the existing $35 million Unsecured Term Loan.

The revolving credit facility is due July 21, 2018, with an additional one-year extension at the Company’s option, subject to customary conditions. Borrowings under the revolving credit facility will be priced at LIBOR plus 135 to 200 basis points, depending on the Company’s leverage, with an initial applicable margin of 135 basis points. The revolving credit facility replaces the Company’s existing $85 million Credit Facility and may be increased to an aggregate of $250 million at the Company’s election, subject to certain terms and conditions.

The new $65 million unsecured term loan facility is due July 21, 2021. Borrowings under the unsecured term loan facility will be priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage, with an initial applicable margin of 165 basis points. The Company has entered into interest rate swaps to fix LIBOR at 2.09% until maturity, implying an all-in interest rate of 3.74% at closing. Proceeds from the new term loan facility were used to repay borrowings under the Company’s prior Credit Facility. The new term loan facility may be increased to an aggregate of $75 million at the Company’s election, subject to certain terms and conditions.

Additionally, conforming changes were made to certain terms and conditions of the Company’s existing Unsecured Term Loan as part of the agreement. The maturity date and pricing remains unchanged.

Subsequent to June 30, 2014, the Company also announced the acquisition of approximately $25 million of retail net lease properties.