Annual report pursuant to Section 13 and 15(d)

Mortgage Notes Payable and Credit Facility (Tables)

v3.22.0.1
Mortgage Notes Payable and Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Credit Facility Our mortgage notes payable and Credit Facility as of December 31, 2021 and December 31, 2020 are summarized below (dollars in thousands):
Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2021
Mortgage and other secured loans:
Fixed rate mortgage loans 61  $ 436,530  $ 435,029  (1) (2)
Variable rate mortgage loans 6  16,338  24,809  (3) (2)
Premiums and discounts, net - (130) (182) N/A N/A
Deferred financing costs, mortgage loans, net - (2,794) (3,479) N/A N/A
Total mortgage notes payable, net 67  $ 449,944  $ 456,177  (4)
Variable rate revolving credit facility 60  (6) $ 33,550  $ 53,900 
LIBOR + 1.90%
 July 2, 2023
Total revolver 60  $ 33,550  $ 53,900 
Variable rate term loan facility A - 160,000  160,000 
LIBOR + 1.85%
 July 2, 2024
Variable rate term loan facility B - 65,000  — 
LIBOR + 2.00%
 February 11, 2026
Deferred financing costs, term loan facility - (968) (797) N/A N/A
Total term loan, net N/A $ 224,032  $ 159,203 
Total mortgage notes payable and credit facility 127  $ 707,526  $ 669,280  (5)
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2)We have 52 mortgage notes payable with maturity dates ranging from April 22, 2022 through August 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, 2021, one month LIBOR was approximately 0.10%.
(4)The weighted average interest rate on the mortgage notes outstanding at December 31, 2021, was approximately 4.18%.
(5)The weighted average interest rate on all debt outstanding at December 31, 2021, was approximately 3.39%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 60 unencumbered properties as of December 31, 2021.
N/A - Not Applicable
Summary of Long-Term Mortgages
During the year ended December 31, 2021, we repaid three mortgages collateralized by three properties, which are summarized below (dollars in thousands):

Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ 7,669  4.91  %
Variable Rate Debt Repaid Interest Rate on Variable Rate Debt Repaid
$ 7,500  LIBOR + 2.50%

During the year ended December 31, 2021, we issued two mortgages, collateralized by two properties, which are summarized below (dollars in thousands):
Fixed Rate Debt Issued Interest Rate on Fixed Rate Debt
$ 21,500  (1) 3.36  %
(1)On January 22, 2021, we issued $5.5 million of floating rate debt swapped to fixed debt of 3.24% in connection with one property acquisition.
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
2022 $ 105,204 
2023 72,676 
2024 45,915 
2025 38,089 
2026 43,228 
Thereafter 147,756 
$ 452,868  (1)
(1)This figure is does not include $(0.1) million premiums and (discounts), net, and $2.8 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets.
Summary of Interest Rate Cap Agreement The following table summarizes the interest rate caps at December 31, 2021 and 2020 (dollars in thousands):
December 31, 2021 December 31, 2020
Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value
$ 1,228  (1) $ 233,632  $ 324  $ 177,060  $ 9 
(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, 2021 and 2020 (dollars in thousands):
December 31, 2021 December 31, 2020
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 73,212  $ 841  $ (1,217) $ 68,829  $ —  $ (3,055)
Schedule of Derivative Instruments
The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):

Amount of gain (loss) recognized in Comprehensive Income
2021 2020 2019
Derivatives in cash flow hedging relationships
Interest rate caps $ 174  $ (337) $ (749)
Interest rate swaps 2,680  (1,882) (1,229)
Total $ 2,854  $ (2,219) $ (1,978)

The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands):

Amount reclassified out of Accumulated Other Comprehensive Income
2021 2020 2019
Derivatives in cash flow hedging relationships
Interest rate caps $ (145) $ —  $ — 
Total $ (145) $ —  $ — 

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, 2021 December 31, 2020
Interest rate caps Other assets $ 324  $ 9 
Interest rate swaps Other assets 841  — 
Interest rate swaps Other liabilities (1,217) (3,055)
Total derivative liabilities, net $ (52) $ (3,046)