Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Credit Facility (Tables)

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Mortgage Notes Payable and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Line of Credit
Our mortgage notes payable and Credit Facility as of March 31, 2024 and December 31, 2023 are summarized below (dollars in thousands):

Encumbered properties at Carrying Value at Stated Interest Rates at Scheduled Maturity Dates at
March 31, 2024 March 31, 2024 December 31, 2023 March 31, 2024 March 31, 2024
Mortgage and other secured loans:
Fixed rate mortgage loans 45  $ 278,025  $ 298,122  (1) (2)
Premiums and discounts, net —  (33) (42) N/A N/A
Deferred financing costs, mortgage loans, net —  (2,016) (2,227) N/A N/A
Total mortgage notes payable, net 45  $ 275,976  $ 295,853  (3)
Variable rate revolving credit facility 84  (6) $ 75,950  $ 75,750 
SOFR + 1.50%
 (4) 8/18/2026
Total revolver 84  $ 75,950  $ 75,750 
Variable rate term loan facility A —  (6) $ 160,000  $ 160,000 
SOFR + 1.45%
 (4) 8/18/2027
Variable rate term loan facility B —  (6) 60,000  60,000 
SOFR + 1.45%
 (4) 2/11/2026
Variable rate term loan facility C —  (6) 150,000  150,000 
SOFR + 1.45%
 (4) 2/18/2028
Deferred financing costs, term loan facility —  (2,570) (2,742) N/A N/A
Total term loan, net N/A $ 367,430  $ 367,258 
Total mortgage notes payable and credit facility 129  $ 719,356  $ 738,861  (5)
(1)As of March 31, 2024, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.63%.
(2)As of March 31, 2024, we had 39 mortgage notes payable with maturity dates ranging from June 18, 2024 through August 1, 2037.
(3)The weighted average interest rate on the mortgage notes outstanding as of March 31, 2024 was approximately 4.16%.
(4)As of March 31, 2024, Secured Overnight Financing Rate (“SOFR”) was approximately 5.34%.
(5)The weighted average interest rate on all debt outstanding as of March 31, 2024 was approximately 5.78%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 84 unencumbered properties as of March 31, 2024.
N/A - Not Applicable
Schedule of Long-Term Mortgages
During the three months ended March 31, 2024, we repaid two mortgages, collateralized by two properties, which are summarized in the table below (dollars in thousands):
Fixed Rate Debt Repaid Interest Rate on Fixed Rate Debt Repaid
$ 17,674  5.05  %
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2024, 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, 2024 $ 14,253 
2025 27,084 
2026 35,069 
2027 95,073 
2028 37,108 
2029 20,911 
Thereafter 48,527 
Total $ 278,025  (1)
(1)This figure does not include $(0.03) million of premiums and (discounts), net, and $2.0 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Schedule of Interest Rate Cap Agreement The following table summarizes the interest rate caps at March 31, 2024 and December 31, 2023 (dollars in thousands):
 
March 31, 2024 December 31, 2023
Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value
$ 99  (1) $ 60,000  $ 194  $ 65,000  $ 684 
(1)We have entered into various interest rate cap agreements on variable rate debt with SOFR caps ranging from 1.75% to 5.50%.
The following table summarizes our interest rate swaps at March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024 December 31, 2023
Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability Aggregate Notional Amount Aggregate Fair Value Asset Aggregate Fair Value Liability
$ 361,381  $ 11,509  $ (43) $ 361,676  $ 6,222  $ (670)
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, net, recognized in Comprehensive Income
Three Months Ended March 31,
2024 2023
Derivatives in cash flow hedging relationships
Interest rate caps $ (498) $ (1,006)
Interest rate swaps 5,915  (4,889)
Total $ 5,417  $ (5,895)

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

Amount reclassified out of Accumulated Other Comprehensive Income
Three Months Ended March 31,
2024 2023
Interest rate caps $ 106  $ 263 
Total $ 106  $ 263 

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, 2024 December 31, 2023
Interest rate caps Other assets $ 194  $ 684 
Interest rate swaps Other assets 11,509  6,222 
Interest rate swaps Other liabilities (43) (670)
Total derivative liabilities, net $ 11,660  $ 6,236