Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Credit Facility (Tables)

v3.22.1
Mortgage Notes Payable and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit
Our mortgage notes payable and Credit Facility as of March 31, 2022 and December 31, 2021 are summarized below (dollars in thousands):

Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
March 31, 2022 March 31, 2022 December 31, 2021 March 31, 2022 March 31, 2022
Mortgage and other secured loans:
Fixed rate mortgage loans 61  $ 433,253  $ 436,530  (1) (2)
Variable rate mortgage loans 6  16,153  16,338  (3) (2)
Premiums and discounts, net - (117) (130) N/A N/A
Deferred financing costs, mortgage loans, net - (2,569) (2,794) N/A N/A
Total mortgage notes payable, net 67  $ 446,720  $ 449,944  (4)
Variable rate revolving credit facility 62  (6) $ 34,550  $ 33,550 
LIBOR + 1.90%
 7/2/2023
Total revolver 62  $ 34,550  $ 33,550 
Variable rate term loan facility A - (6) $ 160,000  $ 160,000 
LIBOR + 1.85%
 7/2/2024
Variable rate term loan facility B - (6) 65,000  65,000 
LIBOR + 2.00%
 2/11/2026
Deferred financing costs, term loan facility - (887) (968) N/A N/A
Total term loan, net N/A $ 224,113  $ 224,032 
Total mortgage notes payable and credit facility 129  $ 705,383  $ 707,526  (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%. As of March 31, 2022, one month LIBOR was approximately 0.45%.
(4)The weighted average interest rate on the mortgage notes outstanding as of March 31, 2022 was approximately 4.19%.
(5)The weighted average interest rate on all debt outstanding as of March 31, 2022 was approximately 3.52%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 62 unencumbered properties as of March 31, 2022.
N/A - Not Applicable
Summary of Long-Term Mortgages During the three months ended March 31, 2022, we did not issue or repay any mortgages.
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2022, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
 
Year Scheduled Principal Payments
Nine Months Ending December 31, 2022 $ 101,744 
2023 72,676 
2024 45,915 
2025 38,089 
2026 43,228 
2027 68,758 
Thereafter 78,996 
Total $ 449,406  (1)
(1)This figure does not include $(0.1) million of premiums and (discounts), net, and $2.6 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Summary of Interest Rate Cap Agreement The following table summarizes the interest rate caps at March 31, 2022 and December 31, 2021 (dollars in thousands):
 
March 31, 2022 December 31, 2021
Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value
$ 1,228  (1) $ 233,557  $ 1,950  $ 233,632  $ 324 
(1)We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 2.75%.
The following table summarizes our interest rate swaps at March 31, 2022 and December 31, 2021 (dollars in thousands):
March 31, 2022 December 31, 2021
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 72,919  $ 2,700  $ (432) $ 73,212  $ 841  $ (1,217)
Schedule of Derivative Instruments
The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):

Amount of gain recognized in Comprehensive Income
Three Months Ended March 31,
2022 2021
Derivatives in cash flow hedging relationships
Interest rate caps $ 1,624  $ 55 
Interest rate swaps 2,643  2,369 
Total $ 4,267  $ 2,424 

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 March 31, 2022 December 31, 2021
Interest rate caps Other assets $ 1,950  $ 324 
Interest rate swaps Other assets 2,700  841 
Interest rate swaps Other liabilities (432) (1,217)
Total derivative liabilities, net $ 4,218  $ (52)