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Mortgage Notes Payable and Credit Facility (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of September 30, 2019 and December 31, 2018 are summarized below (dollars in thousands):
|  | Encumbered properties at |  |  |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | September 30, 2019 |  |  |  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | September 30, 2019
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 51 |  |  |  |  | $ | 393,220 |  |  | $ | 385,051 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 12 |  |  |  |  | 45,514 |  |  | 60,659 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  |  |  |  | (254 | ) |  | (301 | ) |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  |  |  |  | (3,791 | ) |  | (4,063 | ) |  | N/A |  | N/A
Total mortgage notes payable, net |  | 63 |  |  |  |  | $ | 434,689 |  |  | $ | 441,346 |  |  | (4) |  |
Variable rate revolving credit facility |  | 43 |  |  | (6) |  | $ | 35,800 |  |  | $ | 50,600 |  |  | LIBOR + 1.65% |  | 7/2/2023
Deferred financing costs, revolving credit facility |  | - |  |  |  |  | (885 | ) |  | (516 | ) |  | N/A |  | N/A
Total revolver, net |  | 43 |  |  |  |  | $ | 34,915 |  |  | $ | 50,084 |  |  |  |  |
Variable rate term loan facility |  | - |  |  | (6) |  | $ | 122,300 |  |  | $ | 75,000 |  |  | LIBOR + 1.60% |  | 7/2/2024
Deferred financing costs, term loan facility |  | - |  |  |  |  | (1,081 | ) |  | (371 | ) |  | N/A |  | N/A
Total term loan, net |  | N/A |  |  |  |  | $ | 121,219 |  |  | $ | 74,629 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 106 |  |  |  |  | $ | 590,823 |  |  | $ | 566,059 |  |  | (5) |  |
(1) | Interest rates on our fixed rate mortgage notes payable vary from 3.42% to 6.63%.
(2) | We have 47 mortgage notes payable with maturity dates ranging from 12/6/2019 through 7/1/2045.
(3) | Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.00% to one month LIBOR + 2.75%. At September 30, 2019, one month LIBOR was approximately 2.02%.
(4) | The weighted average interest rate on the mortgage notes outstanding at September 30, 2019 was approximately 4.58%.
(5) | The weighted average interest rate on all debt outstanding at September 30, 2019 was approximately 4.33%.
(6) | The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 43 unencumbered properties as of September 30, 2019.
N/A - Not Applicable
Schedule of Repaid Debt | During the nine months ended September 30, 2019, we partially repaid one mortgage collateralized by three properties, releasing one of the collateralized properties that we sold on January 31, 2019, and we fully repaid three mortgages fully collateralized by seven properties, all of which are summarized below (dollars in thousands):
Aggregate Variable Rate Debt Repaid |  | Weighted Average Interest Rate on Variable Rate Debt Repaid |  | Aggregate Fixed Rate Debt Repaid |  | Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ | 13,600 |  |  | LIBOR + | 2.47% |  | $ | 25,042 |  |  | 4.18 | %
Summary of Long-Term Mortgages | During the nine months ended September 30, 2019, we issued three mortgages, collateralized by three properties, which are summarized in the table below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt
$ | 41,140 |  | (1) | 3.95%
(1) | We issued $10.6 million of fixed rate debt in connection with one property acquired on December 27, 2018 with a maturity date of February 8, 2029. The interest rate is fixed at 4.70% for the first seven years of the mortgage. After the fixed interest rate period expires, we have the option to adjust the interest rate to a fixed interest rate equal to 1.8% plus the three year treasury rate per annum, or a variable interest rate equal to 1.8% plus the 30 day LIBOR rate per annum. On May 31, 2019, we issued $21.6 million of floating rate debt swapped to fixed rate debt of 3.42% in connection with refinancing mortgage debt at one property with a new maturity date of June 1, 2024. We issued $8.9 million of fixed rate debt in connection with our June 18, 2019 property acquisition with a maturity date of June 18, 2024 and a rate of 4.35%.
During the nine months ended September 30, 2019, we extended the maturity date of two mortgages, collateralized by four properties, which is summarized below (dollars in thousands):
Aggregate Variable Rate Debt Extended |  | Weighted Average Interest Rate on Variable Rate Debt Extended |  | Weighted Average Extension Term
$ | 12,561 |  |  | LIBOR + | 2.51% |  | 2.4 years
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the three months ending December 31, 2019, and each of the five succeeding years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
Three Months Ending December 31, 2019 |  | $ | 8,804 |  |
2020 |  | 31,118 |  |
2021 |  | 37,838 |  |
2022 |  | 106,189 |  |
2023 |  | 70,465 |  |
2024 |  | 47,514 |  |
Thereafter |  | 136,806 |  |
Total |  | $ | 438,734 |  | (1)
(1) | This figure does not include $0.3 million of premiums and discounts, net, and $3.8 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 September 30, 2019 and December 31, 2018 (dollars in thousands):
|  | September 30, 2019 |  | December 31, 2018
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 1,596 |  | (1) | $ | 167,062 |  |  | $ | 368 |  |  | $ | 134,678 |  |  | $ | 622 |
(1) | We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.50% to 3.00%.
The following table summarizes our interest rate swaps at September 30, 2019 and December 31, 2018 (dollars in thousands):
September 30, 2019 |  | December 31, 2018
Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
$ | 45,919 |  |  | $ | — |  |  | $ | (1,609 | ) |  | $ | 24,732 |  |  | $ | 451 |  |  | $ | (396 | )
Schedule of Derivative Instruments | The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):
|  | Amount of (Loss) Gain, net recognized in Comprehensive Income
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |
Interest rate caps |  | $ | (187 | ) |  | $ | 107 |  |  | $ | (671 | ) |  | $ | 576 |
Interest rate swaps |  | (437 | ) |  | 138 |  |  | (1,664 | ) |  | 452 |
Total |  | $ | (624 | ) |  | $ | 245 |  |  | $ | (2,335 | ) |  | $ | 1,028 |
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 |  | September 30, 2019 |  |  | December 31, 2018 |
Interest rate caps |  | Other assets |  | $ | 366 |  |  | $ | 552 |
Interest rate swaps |  | Other assets |  | — |  |  | 451 |
Interest rate swaps |  | Other liabilities |  | (1,609 | ) |  | (396 | )
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |
Interest rate caps |  | Other assets |  | $ | 2 |  |  | $ | 70 |
Total derivative (liabilities) assets |  |  |  | $ | (1,241 | ) |  | $ | 677 |

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