Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.24.1.u1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings
Our borrowings as of March 31, 2024, and December 31, 2023, are summarized below (dollars in thousands):
  Carrying Value as of As of March 31, 2024
March 31, 2024 December 31, 2023
Stated Interest
Rates(1)
(Range; Wtd Avg)
 Maturity Dates
(Range; Wtd Avg)
Variable-rate revolving lines of credit $ 200  $ 200  7.33% 12/15/2033
Notes and bonds payable:
Fixed-rate notes payable $ 518,444  $ 524,199 
2.45%-6.97%; 3.73%
 9/1/2024–7/1/2051; May 2033
Fixed-rate bonds payable 36,324  52,640 
3.13%–4.57%; 3.86%
 8/30/2024–12/30/2030; October 2027
Total notes and bonds payable 554,768  576,839 
Debt issuance costs – notes and bonds payable (2,814) (2,928) N/A N/A
Notes and bonds payable, net $ 551,954  $ 573,911 
Total borrowings, net $ 552,154  $ 574,111 
(1)Where applicable, stated interest rates are before interest patronage (as described below).
The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2024 (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 MetLife Facility, as of March 31, 2024, 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 March 31, 2024, for the succeeding years are as follows (dollars in thousands):
Period Scheduled Principal Payments
For the remaining nine months ending December 31: 2024 $ 18,570 
For the fiscal years ending December 31: 2025 38,982 
2026 18,124 
2027 51,325 
2028 77,731 
2029 153,213 
Thereafter 196,823 
$ 554,768 
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 March 31, 2024, and December 31, 2023 (dollars in thousands):
Period Number of Instruments Aggregate Notional Amount
As of March 31, 2024 4 $ 69,809 
As of December 31, 2023 4 70,229 
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023 (dollars in thousands):
Derivative Asset (Liability) Fair Value
Derivative Type Balance Sheet Location March 31, 2024 December 31, 2023
Derivatives Designated as Hedging Instruments:
Interest rate swaps Other assets, net $ 8,374  $ 7,366 
Total $ 8,374  $ 7,366 
The following table presents the amount of income (loss) recognized in comprehensive income within our condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 (dollars in thousands):
For the Three Months Ended March 31,
2024 2023
Derivative in cash flow hedging relationship:
Interest rate swaps $ 1,008  $ (1,648)
Total $ 1,008  $ (1,648)