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Note 10 – Subsequent Events

Closing of Amended Credit Facility

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On August 1, 2022, the Company entered into an amendment to the Credit Facility (the “Amendment”), that, among other things:

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Loans based on LIBOR-based interest rates were transitioned to a SOFR-based interest rate equal to term SOFR plus a related spread adjustment of 10 basis points and a borrowing spread based on the current pricing grid in the Credit Facility. The interest rate on the New Term Loan is also equal to term SOFR plus a related spread adjustment of 10 basis points and a borrowing spread based on the current pricing grid in the Credit Facility. The Company may be entitled to a temporary reduction in the interest rate of two basis points provided it meets certain to be agreed upon sustainability goals. The accordion feature contained in the Credit Facility remains unchanged at $500 million.

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In addition, on August 2, 2022, the Company entered into $150 million of forward starting interest rate swaps that commence in October 2022 and mature in January 2028 that will fix the SOFR component on the New Term Loan through January 2028 at 2.54%.

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Completed Disposition of a Property

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In July 2022, the Company sold a medical office building located in Germantown, Tennessee receiving gross proceeds of $17.9 million, resulting in an estimated gain of $6.8 million. As of June 30, 2022, the transaction did not meet the criteria to be classified as held for sale.