Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.23.3
Debt, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt The following table summarizes the carrying value of debt as of September 30, 2023 and December 31, 2022, and the debt activity for the nine months ended September 30, 2023 (in thousands):
Nine Months Ended September 30, 2023
Balance as of December 31, 2022
 Debt Issuances Repayments, Extinguishment and Assumptions Accretion and Amortization
Balance as of September 30, 2023
Mortgages payable:
Outstanding balance $ 355,000  $ —  $ —  $ —  $ 355,000 
Deferred costs (2,833) —  —  516  (2,317)
Mortgages payable, net 352,167  —  —  516  352,683 
Credit facility term loan:
Outstanding balance 175,000  —  (175,000) —  — 
Deferred costs (1,185) —  504  681  — 
Credit facility term loan, net 173,815  —  (174,496) 681  — 
Credit facility revolver —  175,000  —  —  175,000 
Total debt $ 525,982  $ 175,000  $ (174,496) $ 1,197  $ 527,683 
Schedule of Maturities of Long-Term Debt
The following table summarizes the scheduled aggregate principal repayments due on the Company’s debt outstanding as of September 30, 2023 (in thousands):
Total
October 1, 2023 to December 31, 2023
 $ — 
2024 — 
2025 — 
2026 (1)
175,000 
2027 355,000 
Total $ 530,000 
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(1)As described below, the Company’s Revolving Facility is scheduled to mature on November 12, 2024 and Orion OP has an option to extend the maturity date to May 12, 2026. This table assumes exercise of the extension option.
Schedule of Mortgage Notes Payable
The Company’s mortgages payable consisted of the following as of September 30, 2023 (dollars in thousands):
Encumbered Properties
Net Carrying Value of Collateralized Properties (1)
Outstanding Balance Weighted-Average
Interest Rate		 Weighted-Average Years to Maturity
Fixed-rate debt 19  $ 441,293  $ 355,000  4.97  % 3.4
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(1)Net carrying value is real estate assets, including right-of-use assets, net of real estate liabilities.