| Schedule of Secured and Unsecured Debt Outstanding |
The following table sets forth a summary of the Company’s borrowings outstanding under its respective secured debt, unsecured line of credit and unsecured debt as of June 30, 2025 and December 31, 2024.
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Outstanding Balance at |
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Interest rate at |
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Debt |
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June 30,
2025 |
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December 31,
2024 |
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June 30,
2025 |
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Final
Maturity Date |
Secured debt: |
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Allianz Loan |
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$ |
59,479 |
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$ |
60,085 |
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|
|
4.07 |
% |
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April 10, 2026 |
Nationwide Loan |
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|
14,470 |
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|
14,632 |
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2.97 |
% |
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October 1, 2027 |
Lincoln Life Gateway Mortgage |
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28,800 |
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28,800 |
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3.43 |
% |
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January 1, 2028 |
Minnesota Life Memphis Industrial Loan |
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53,182 |
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|
53,782 |
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3.15 |
% |
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January 1, 2028 |
Minnesota Life Loan |
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18,861 |
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19,101 |
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3.78 |
% |
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May 1, 2028 |
Total secured debt |
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$ |
174,792 |
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$ |
176,400 |
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Unamortized debt issuance costs, net |
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(297 |
) |
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(408 |
) |
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Unamortized premium/(discount), net |
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(10 |
) |
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(12 |
) |
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Total secured debt, net |
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$ |
174,485 |
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$ |
175,980 |
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Unsecured debt: |
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$200m KeyBank Term Loan |
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$ |
200,000 |
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$ |
200,000 |
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2.93 |
% |
(1)(2) |
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February 11, 2027 |
$150m KeyBank Term Loan |
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150,000 |
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150,000 |
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4.30 |
% |
(1)(2) |
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May 2, 2027 |
$100m KeyBank Term Loan |
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100,000 |
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100,000 |
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2.90 |
% |
(1)(2) |
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November 6, 2028 |
Total unsecured debt |
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$ |
450,000 |
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$ |
450,000 |
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Unamortized debt issuance costs, net |
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(1,898 |
) |
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(2,259 |
) |
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Total unsecured debt, net |
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$ |
448,102 |
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$ |
447,741 |
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Borrowings under line of credit: |
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KeyBank unsecured line of credit |
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$ |
214,200 |
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$ |
20,000 |
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5.77 |
% |
(1) |
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November 6, 2028 |
Total borrowings under line of credit |
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$ |
214,200 |
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$ |
20,000 |
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(1)For the month of June 2025, the one-month term SOFR for our unsecured debt was at a weighted average of 4.320% and the one-month term SOFR for our borrowings under the line of credit was at a weighted average of 4.316%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment. (2)The one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively.
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| Schedule of Fair Value of Debt Instruments |
The following table summarizes the aggregate principal outstanding under the Company’s indebtedness and the corresponding estimate of fair value as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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December 31, 2024 |
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Indebtedness |
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Principal Outstanding |
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Fair Value |
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Principal Outstanding |
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Fair Value |
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Secured debt |
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$ |
174,792 |
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$ |
168,156 |
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$ |
176,400 |
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$ |
166,165 |
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Unsecured debt |
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|
450,000 |
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450,000 |
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|
450,000 |
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|
450,000 |
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Borrowings under revolving line of credit, net |
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214,200 |
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214,200 |
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20,000 |
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20,000 |
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Total |
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838,992 |
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$ |
832,356 |
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|
646,400 |
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$ |
636,165 |
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Unamortized debt issuance cost, net |
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(2,195 |
) |
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(2,667 |
) |
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Unamortized premium/(discount), net |
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(10 |
) |
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(12 |
) |
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Total carrying value |
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$ |
836,787 |
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$ |
643,721 |
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