Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Borrowings
Our borrowings as of December 31, 2023 and 2022 are summarized below (dollars in thousands):
  Carrying Value as of As of December 31, 2023
December 31, 2023 December 31, 2022
Stated Interest
Rates(1)
(Range; Wtd Avg)
 Maturity Dates
(Range; Wtd Avg)
Variable-rate revolving lines of credit $ 200  $ 100  7.39% 12/15/2033
Notes and bonds payable:
Fixed-rate notes payable $ 524,199  $ 550,974 
2.45%–5.70%; 3.71%
9/1/2024–7/1/2051; April 2033
Variable-rate notes payable —  1,104 
 N/A
N/A
Fixed-rate bonds payable 52,640  77,776 
2.66%–4.57%; 3.64%
01/12/2024–12/30/2030; August 2026
Total notes and bonds payable 576,839  629,854 
Debt issuance costs – notes and bonds payable (2,928) (3,454) N/A N/A
Notes and bonds payable, net $ 573,911  $ 626,400 
Total borrowings, net $ 574,111  $ 626,500 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
The following table summarizes the pertinent terms of the Current MetLife Facility as of December 31, 2023 (dollars in thousands, except for footnotes):
Issuance Aggregate
Commitment		 Maturity
Dates		 Principal
Outstanding		   Interest Rate Terms  
Undrawn
Commitment(1)
MetLife Lines of Credit $ 75,000  12/15/2033 $ 200 
3M SOFR + 2.00%
(2)
 $ 74,800 
2020 MetLife Term Note 75,000 
(3)
 1/5/2030 36,900 
2.75%, fixed through 1/4/2030
(4)
 38,100 
2022 MetLife Term Note 100,000 
(3)
 1/5/2032 — 
(4)
 100,000 
Totals $ 250,000  $ 37,100  $ 212,900 
(1)Based on the properties that were pledged as collateral under the Current MetLife Facility, as of December 31, 2023, the maximum additional amount we could draw under the facility was approximately $110.2 million.
(2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit).
(3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2024, MetLife has no obligation to disburse the additional funds under either note.
(4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2024, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of December 31, 2023, for the succeeding years are as follows (dollars in thousands):
Period Scheduled Principal Payments
For the fiscal years ending December 31: 2024 $ 40,656 
(1)
2025 39,020 
2026 18,175 
2027 51,389 
2028 77,808 
Thereafter 349,791 
$ 576,839 
(1)     Subsequent to December 31, 2023, we repaid $16.2 million of expiring bonds.
Schedule of Borrowings by Type
We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2023 and 2022 (dollars in thousands):
Period Number of Instruments Aggregate Notional Amount
As of December 31, 2023 4 $ 70,229 
As of December 31, 2022 4 73,392 
The following table presents the fair value of our interest rate swaps and their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative Type Balance Sheet Location December 31, 2023 December 31, 2022
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other assets, net $ 7,366  $ 9,007 
Total $ 7,366  $ 9,007 
The following table presents the amount of income (loss) recognized in comprehensive income within our consolidated financial statements for the years ended December 31, 2023, 2022, and 2021 (dollars in thousands):
For the Years Ended
December 31, 2023 December 31, 2022 December 31, 2021
Derivative in cash flow hedging relationship:
Interest rate swaps $ (1,641) $ 10,043  $ 464 
Total $ (1,641) $ 10,043  $ 464