Annual report pursuant to Section 13 and 15(d)

Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)

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Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes
Our mortgage notes payable, Credit Facility, and Senior Unsecured Notes as of December 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
December 31, 2024 December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2024
Mortgage and other secured loans:
Fixed rate mortgage loans 44  $ 264,243  $ 298,122  (1) (2)
Variable rate mortgage loans 1  7,260  — 
SOFR + 2.25%
 (3) (2)
Premiums and discounts, net —  (8) (42) N/A N/A
Deferred financing costs, mortgage loans, net —  (1,916) (2,227) N/A N/A
Total mortgage notes payable, net 45  $ 269,579  $ 295,853  (4)
Variable rate revolving credit facility 88  (6) $ 1,900  $ 75,750 
SOFR + 1.35%
 (3) 8/18/2026
Deferred financing costs, revolving credit facility —  —  —  N/A N/A
Total revolver 88  $ 1,900  $ 75,750 
Variable rate term loan facility A —  160,000  160,000 
SOFR + 1.30%
 (3) 8/18/2027
Variable rate term loan facility B —  40,000  60,000 
SOFR + 1.30%
 (3) 2/11/2026
Variable rate term loan facility C —  150,000  150,000 
SOFR + 1.30%
 (3) 2/18/2028
Deferred financing costs, term loan facility —  (2,052) (2,742) N/A N/A
Total term loan, net N/A $ 347,948  $ 367,258 
Senior unsecured notes —  $ 75,000  $ —  6.47% 12/18/2029
Deferred financing costs, senior unsecured notes —  (1,042) —  N/A N/A
Total senior unsecured notes, net N/A $ 73,958  $ — 
Total mortgage notes payable, credit facility. and senior unsecured notes 133  $ 693,385  $ 738,861  (5)
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2)We have 40 mortgage notes payable with maturity dates ranging from September 30, 2025 through August 1, 2037.
(3)As of December 31, 2024, SOFR was approximately 4.49%.
(4)The weighted average interest rate on the mortgage notes outstanding at December 31, 2024, was approximately 4.30%.
(5)The weighted average interest rate on all debt outstanding at December 31, 2024, was approximately 5.28%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 88 unencumbered properties as of December 31, 2024.
N/A - Not Applicable
Schedule of Long-Term Mortgages
During the year ended December 31, 2024, we repaid three mortgages collateralized by four properties, which are summarized below (dollars in thousands):

Aggregate Fixed Rate Debt Repaid Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ 32,464  4.59  %

During the year ended December 31, 2024, we issued two mortgages, collateralized by two properties, which are summarized below (dollars in thousands):

Aggregate Fixed Rate Debt Issued Weighted Average Interest Rate on Fixed Rate Debt
$ 15,240  5.60  %

During the year ended December 31, 2024, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands):

Variable Rate Debt Extended Interest Rate on Variable Rate Debt Extended Extension Term
$ 7,386  SOFR + 2.25% 1.3 years
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
2025 $ 19,914 
2026 35,367 
2027 95,406 
2028 37,444 
2029 34,851 
Thereafter 48,521 
$ 271,503  (1)
(1)This figure does not include $(0.01) million premiums and (discounts), net, and $1.9 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets.
Schedule of Interest Rate Caps and Interest Rate Swaps The following table summarizes the interest rate caps at December 31, 2024 and 2023 (dollars in thousands):
December 31, 2024 December 31, 2023
Aggregate Cost Aggregate Notional Amount Aggregate Fair Value Aggregate Notional Amount Aggregate Fair Value
$ 48  (1) $ 60,000  $ —  $ 65,000  $ 684 
(1)We have entered into an interest rate cap agreement on variable rate debt with a SOFR cap of 5.50%.
The following table summarizes our interest rate swaps at December 31, 2024 and 2023 (dollars in thousands):
December 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
$ 360,484  $ 8,965  $ (19) $ 361,676  $ 6,222  $ (670)
Schedule of Impact of Derivative Instruments, Reclassifications of Derivative Instruments and Information Regarding Derivative Instruments
The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):

Amount of gain (loss), net, recognized in Comprehensive Income
2024 2023 2022
Derivatives in cash flow hedging relationships
Interest rate caps $ (691) $ (3,038) $ 4,301 
Interest rate swaps 3,393  (1,815) 7,814 
Total $ 2,702  $ (4,853) $ 12,115 
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
2024 2023 2022
Derivatives in cash flow hedging relationships
Interest rate caps $ (188) $ (971) $ (871)
Total $ (188) $ (971) $ (871)

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, 2024 December 31, 2023
Interest rate caps Other assets $ —  $ 684 
Interest rate swaps Other assets 8,965  6,222 
Interest rate swaps Other liabilities (19) (670)
Total derivative liabilities, net $ 8,946  $ 6,236