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Mortgage Notes Payable and Credit Facility (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of June 30, 2020 and December 31, 2019 are summarized below (dollars in thousands):
|  | Encumbered properties at |  |  |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | June 30, 2020 |  |  |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | June 30, 2020
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 61 |  |  |  |  | $ | 436,867 |  |  | $ | 412,771 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 9 |  |  |  |  | 32,519 |  |  | 45,151 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  |  |  |  | (210 | ) |  | (239 | ) |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  |  |  |  | (3,793 | ) |  | (3,944 | ) |  | N/A |  | N/A
Total mortgage notes payable, net |  | 70 |  |  |  |  | $ | 465,383 |  |  | $ | 453,739 |  |  | (4) |  |
Variable rate revolving credit facility |  | 51 |  |  | (6) |  | $ | 43,100 |  |  | $ | 52,400 |  |  | LIBOR + 1.65% |  | 7/2/2023
Deferred financing costs, revolving credit facility |  | - |  |  |  |  | (690 | ) |  | (821 | ) |  | N/A |  | N/A
Total revolver, net |  | 51 |  |  |  |  | $ | 42,410 |  |  | $ | 51,579 |  |  |  |  |
Variable rate term loan facility |  | - |  |  | (6) |  | $ | 160,000 |  |  | $ | 122,300 |  |  | LIBOR + 1.60% |  | 7/2/2024
Deferred financing costs, term loan facility |  | - |  |  |  |  | (910 | ) |  | (1,024 | ) |  | N/A |  | N/A
Total term loan, net |  | N/A |  |  |  |  | $ | 159,090 |  |  | $ | 121,276 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 121 |  |  |  |  | $ | 666,883 |  |  | $ | 626,594 |  |  | (5) |  |
(1) | Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2) | We have 55 mortgage notes payable with maturity dates ranging from 9/30/2020 through 8/1/2037.
(3) | Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.00% to one month LIBOR + 2.75%. As of June 30, 2020, one month LIBOR was approximately 0.16%.
(4) | The weighted average interest rate on the mortgage notes outstanding as of June 30, 2020 was approximately 4.27%.
(5) | The weighted average interest rate on all debt outstanding as of June 30, 2020 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 51 unencumbered properties as of June 30, 2020.
N/A - Not Applicable
Summary of Long-Term Mortgages | During the six months ended June 30, 2020, we repaid three mortgages, collateralized by four properties, which are summarized in the table below (dollars in thousands):
Aggregate Fixed Rate Debt Repaid |  | Interest Rate on Fixed Rate Debt Repaid
$ | 5,918 |  |  | 6.00%
Aggregate Variable Rate Debt Repaid |  | Weighted Average Interest Rate on Variable Rate Debt Repaid
$ | 12,107 |  |  | LIBOR + | 2.25%
During the six months ended June 30, 2020, we issued four mortgages, collateralized by four properties, which are summarized in the table below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt
$ | 35,855 |  | (1) | 3.22%
(1) We issued $18.3 million of fixed rate debt in connection with the three-property portfolio acquired on January 27, 2020 with a maturity date of February 1, 2030. The interest rate is fixed at 3.625%. On March 9, 2020, we issued $17.5 million of floating rate debt swapped to fixed rate debt of 2.8% in connection with the one property acquisition.
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the six months ending December 31, 2020, and each of the five succeeding years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
Six Months Ending December 31, 2020 |  | $ | 13,246 |  |
2021 |  | 33,566 |  |
2022 |  | 107,739 |  |
2023 |  | 72,071 |  |
2024 |  | 49,178 |  |
2025 |  | 37,118 |  |
Thereafter |  | 156,468 |  |
Total |  | $ | 469,386 |  | (1)
(1) This figure does not include $0.2 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 our interest rate swaps at June 30, 2020 and December 31, 2019 (dollars in thousands):
June 30, 2020 |  | December 31, 2019
Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
$ | 62,933 |  |  | $ | — |  |  | $ | (3,876 | ) |  | $ | 45,777 |  |  | $ | — |  |  | $ | (1,173 | )
The following table summarizes the interest rate caps at June 30, 2020 and December 31, 2019 (dollars in thousands):
|  | June 30, 2020 |  | December 31, 2019
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 1,537 |  | (1) | $ | 191,718 |  |  | $ | 42 |  |  | $ | 166,728 |  |  | $ | 250 |
(1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 3.00%.
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 recognized in Comprehensive Income
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |
Interest rate caps |  | $ | (143 | ) |  | $ | (150 | ) |  | $ | (307 | ) |  | $ | (484 | )
Interest rate swaps |  | (338 | ) |  | (838 | ) |  | (2,702 | ) |  | (1,227 | )
Total |  | $ | (481 | ) |  | $ | (988 | ) |  | $ | (3,009 | ) |  | $ | (1,711 | )
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 |  | June 30, 2020 |  | December 31, 2019
Interest rate caps |  | Other assets |  | $ | 42 |  |  | $ | 250 |
Interest rate swaps |  | Other liabilities |  | (3,876 | ) |  | (1,173 | )
Total derivative liabilities, net |  |  |  | $ | (3,834 | ) |  | $ | (923 | )

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