Annual report pursuant to Section 13 and 15(d)

Mortgage Notes Payable and Credit Facility (Tables)

v3.20.4
Mortgage Notes Payable and Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Credit Facility
Our mortgage notes payable and Credit Facility as of December 31, 2020 and December 31, 2019 are summarized below (dollars in thousands):

Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
December 31, 2020 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2020
Mortgage and other secured loans:
Fixed rate mortgage loans 61  $ 435,029  $ 412,771  (1) (2)
Variable rate mortgage loans 7  24,809  45,151  (3) (2)
Premiums and discounts, net - (182) (239) N/A N/A
Deferred financing costs, mortgage loans, net - (3,479) (3,944) N/A N/A
Total mortgage notes payable, net 68  $ 456,177  $ 453,739  (4)
Variable rate revolving credit facility 50  (6) $ 53,900  $ 52,400 
LIBOR + 1.65%
 7/2/2023
Deferred financing costs, revolving credit facility - (588) (821) N/A N/A
Total revolver, net 50  $ 53,312  $ 51,579 
Variable rate term loan facility - $ 160,000  $ 122,300 
LIBOR + 1.60%
 7/2/2024
Deferred financing costs, term loan facility - (797) (1,024) N/A N/A
Total term loan, net N/A $ 159,203  $ 121,276 
Total mortgage notes payable and credit facility 118  $ 668,692  $ 626,594  (5)
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2)We have 53 mortgage notes payable with maturity dates ranging from 11/1/2021 through 8/1/2037.
(3)Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.35% to one month LIBOR +2.75%. At December 31, 2020, one month LIBOR was approximately 0.14%.
(4)The weighted average interest rate on the mortgage notes outstanding at December 31, 2020, was approximately 4.24%.
(5)The weighted average interest rate on all debt outstanding at December 31, 2020, was approximately 3.45%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 50 unencumbered properties as of December 31, 2020.
N/A - Not Applicable
Summary of Long-Term Mortgages
During the year ended December 31, 2020, we repaid seven mortgages collateralized by eight properties, which are summarized below (dollars in thousands):

Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ 18,109  5.19  %
Aggregate Variable Rate Debt Repaid Weighted Average Interest Rate on Variable Rate Debt Repaid
$ 19,284  LIBOR + 2.20%

During the year ended December 31, 2020, we issued six mortgages, collateralized by six properties, which are summarized below (dollars in thousands):

Aggregate Fixed Rate Debt Issued Weighted Average Interest Rate on Fixed Rate Debt
$ 52,578  (1) 3.18  %

(1)We issued an aggregate of $18.3 million of fixed rate debt in connection with our three property portfolio acquisition on January 27, 2020, with a maturity date of February 1, 2030 and a rate of 3.625%. We issued $17.5 million of floating rate debt swapped to fixed of 2.8% in connection with our March 9, 2020 property acquisition, with a maturity date of March 9, 2030. We issued $10.3 million of fixed rate debt in connection with our December 18, 2020 property acquisition, with a maturity date of January 1, 2028 and a rate of 3.0%. We issued $6.4 million of floating rate debt swapped to fixed of 3.25% in connection with our December 21, 2020 property acquisition, with a maturity date of December 23, 2030.
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):

Year Scheduled Principal Payments
2021 $ 23,056 
2022 105,756 
2023 72,495 
2024 49,616 
2025 37,571 
Thereafter 171,344 
$ 459,838  (1)
(1)This figure is does not include $(0.2) million premiums and (discounts), net, and $3.5 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet.
Summary of Interest Rate Cap Agreement The following table summarizes the interest rate caps at December 31, 2020 and 2019 (dollars in thousands):
December 31, 2020 December 31, 2019
Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value
$ 1,537  (1) $ 177,060  $ 9  $ 166,728  $ 250 
(1)We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 1.50% to 2.75%.
The following table summarizes our interest rate swaps at December 31, 2020 and 2019 (dollars in thousands):
December 31, 2020 December 31, 2019
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 68,829  $ —  $ (3,055) $ 45,777  $ —  $ (1,173)
Schedule of Derivative Instruments The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
Amount of loss recognized in Comprehensive Income
2020 2019 2018
Derivatives in cash flow hedging relationships
Interest rate caps $ (337) $ (749) $ 77 
Interest rate swaps (1,882) (1,229) (260)
Total $ (2,219) $ (1,978) $ (183)

The following table sets forth certain information regarding our derivative instruments (dollars in thousands):

Asset (Liability) Derivatives Fair Value at
Derivatives Designated as Hedging Instruments Balance Sheet Location December 31, 2020 December 31, 2019
Interest rate caps Other assets $ 9  $ 250 
Interest rate swaps Other liabilities (3,055) (1,173)
Total derivative liabilities, net $ (3,046) $ (923)