million during the nine months ended September 30, 2021, as compared to net draws on the Credit Facility of $9.0 million and convertible note repurchases of $9.9 million during the same period in 2020.
Long-Term Debt. As of September 30, 2021, the Company had $101.0 million available on the Credit Facility. See Note 17, “Long-Term Debt” for the Company’s disclosure related to its long-term debt balance at September 30, 2021.
Acquisitions and Investments. As noted previously, the Company acquired three multi-tenant income properties during the nine months ended September 30, 2021 for an aggregate purchase price of $111.0 million, as further described in Note 4, “Income Properties”.
The Company’s guidance for 2021 investments in income-producing properties totals between $225.0 million and $250.0 million. We expect to fund future acquisitions utilizing cash on hand, cash from operations, proceeds from the dispositions of income properties through 1031 like-kind exchanges, and potentially the sale of all or a portion of our Subsurface Interests, and borrowings on our Credit Facility, if available. We expect dispositions of income properties and subsurface interests will qualify under the like-kind exchange deferred-tax structure, and additional financing sources.
Dispositions. During the nine months ended September 30, 2021, the Company disposed of one multi-tenant income property and 13 single-tenant income properties, which dispositions included four ground leases, for a total disposition volume of $140.8 million, generating aggregate gains of $28.0 million, as further described in Note 4, “Income Properties”.
Contractual Commitments – Expenditures.
The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be completed generally within twelve months. These commitments, as of September 30, 2021, are as follows (in thousands):
|
|
|
|
|
|
As of September 30, 2021
|
Total Commitment (1)
|
|
$
|
15,810
|
Less Amount Funded
|
|
|
(3,716)
|
Remaining Commitment
|
|
$
|
12,094
|
(1) Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.
As of September 30, 2021, we have no other contractual requirements to make capital expenditures.
Off-Balance Sheet Arrangements. None.
Other Matters. We believe we will have sufficient liquidity to fund our operations, capital requirements, maintenance, and debt service requirements over the next twelve months and into the foreseeable future, with cash on hand, cash flow from our operations and $101.0 million available capacity on the existing $210.0 million Credit Facility, based on our current borrowing base of income properties, as of September 30, 2021.
Our Board and management consistently review the allocation of capital with the goal of providing the best long-term return for our stockholders. These reviews consider various alternatives, including increasing or decreasing regular dividends, repurchasing the Company’s securities, and retaining funds for reinvestment. Annually, the Board reviews our business plan and corporate strategies, and makes adjustments as circumstances warrant. Management’s focus is to continue our strategy to diversify our portfolio by redeploying proceeds from like-kind exchange transactions and utilizing our Credit Facility to increase our portfolio of income-producing properties, providing stabilized cash flows with strong risk-adjusted returns primarily in larger metropolitan areas and growth markets.
We believe that we currently have a reasonable level of leverage. Our strategy is to utilize leverage, when appropriate and necessary, and proceeds from sales of income properties, the disposition or payoffs on our commercial loan and master lease investments, and certain transactions in our subsurface interests, to acquire income properties. We may also acquire or originate commercial loan and master lease investments, invest in securities of real estate companies, or make other shorter-term investments. Our targeted investment classes may include the following: