Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Arrangements
The following table is a summary of the Company’s debt arrangements:
Outstanding Balance at
 Interest Rate at December 31, 2022¹ Maturity Date at December 31, 2022²
Successor Predecessor
December 31, 2022 December 31, 2021
Debt, variable
Floating rate mortgages3
$ 3,904,395  $ — 
6.57% -8.33%
 August 2024 - November 2024
Unsecured revolving line of credit4
—  32,000  N/A N/A
Unamortized debt issuance costs, net (8,438) — 
Unamortized discounts, net (30,404) — 
Total debt, net / Weighted average interest rate5
$ 3,865,553  $ 32,000 
7.59%
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1 All rates presented reflect a blended SOFR for a 30 day period as stipulated by our debt agreements.
2 At the Company’s option, the maturity for certain debt may be extended by one or multiple years, subject to certain restrictions.
3 Interest rate based on one-month SOFR plus an applicable margin ranging from 2.25% to 3.99% based on amended agreements post closing. The Company uses derivative financial instruments to limit the exposure to changes in interest rates on variable rate debt as further discussed in
Note 6 — Derivative Financial Instruments.
4 As of December 31, 2021 the aggregate borrowing capacity on the line of credit was $400,000, and bore interest at a rate equal to London Inter-bank offered rate plus 0.70%. The line of credit was terminated upon the completion of the Merger.
5 The weighted average interest rate calculation does not include the amortization of debt issuance costs or debt discounts incurred in obtaining debt.
Schedule Of Long-Term Debt Obligation, Fiscal Year Maturity
Scheduled principal payments due on our debt for 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at December 31, 2022:
Years ending December 31: Principal¹
2023 $ — 
2024 3,904,395 
2025 — 
2026 — 
2027 — 
Thereafter — 
Total debt $ 3,904,395 
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1 Debt payment reflects repayment dates, when applicable, pursuant to related loan agreement. These dates do not reflect the extension of periods that are at the Company’s election, subject to certain conditions.