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Mortgage Notes Payable and Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit
Our mortgage notes payable and Credit Facility as of September 30, 2020 and December 31, 2019 are summarized below (dollars in thousands):
Encumbered properties atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
September 30, 2020September 30, 2020December 31, 2019September 30, 2020September 30, 2020
Mortgage and other secured loans:
Fixed rate mortgage loans61 $433,840 $412,771 (1)(2)
Variable rate mortgage loans8 28,270 45,151 (3)(2)
Premiums and discounts, net-(196)(239)N/AN/A
Deferred financing costs, mortgage loans, net-(3,550)(3,944)N/AN/A
Total mortgage notes payable, net69 $458,364 $453,739 (4)
Variable rate revolving credit facility51 (6)$43,800 $52,400 
LIBOR + 1.65%
7/2/2023
Deferred financing costs, revolving credit facility-(651)(821)N/AN/A
Total revolver, net51 $43,149 $51,579 
Variable rate term loan facility-(6)$160,000 $122,300 
LIBOR + 1.60%
7/2/2024
Deferred financing costs, term loan facility-(854)(1,024)N/AN/A
Total term loan, netN/A$159,146 $121,276 
Total mortgage notes payable and credit facility120 $660,659 $626,594 (5)
 
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2)We have 54 mortgage notes payable with maturity dates ranging from 12/1/2020 through 8/1/2037.
(3)Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.25% to one month LIBOR + 2.75%. As of September 30, 2020, one month LIBOR was approximately 0.15%.
(4)The weighted average interest rate on the mortgage notes outstanding as of September 30, 2020 was approximately 4.28%.
(5)The weighted average interest rate on all debt outstanding as of September 30, 2020 was approximately 3.51%.
(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 September 30, 2020.
N/A - Not Applicable
Summary of Long-Term Mortgages
During the nine months ended September 30, 2020, we repaid four mortgages, collateralized by five properties, which are summarized in the table below (dollars in thousands):
Aggregate Fixed Rate Debt RepaidInterest Rate on Fixed Rate Debt Repaid
$5,918 6.00%
Aggregate Variable Rate Debt RepaidWeighted Average Interest Rate on Variable Rate Debt Repaid
$16,107 LIBOR +2.19%

During the nine months ended September 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 three months ending December 31, 2020, and each of the five succeeding years and thereafter are as follows (dollars in thousands):
 
YearScheduled Principal Payments
Three Months Ending December 31, 2020$6,013 
202133,555 
2022107,719 
202372,063 
202449,178 
202537,118 
Thereafter156,464 
Total$462,110 (1)

(1)This figure does not include $0.2 million of premiums and discounts, net, and $3.5 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, 2020 and December 31, 2019 (dollars in thousands):
 
September 30, 2020December 31, 2019
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate Fair Value
$1,537 (1)$187,490 $17 $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%.
The following table summarizes our interest rate swaps at September 30, 2020 and December 31, 2019 (dollars in thousands):
September 30, 2020December 31, 2019
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
$62,696 $— $(3,575)$45,777 $— $(1,173)
Schedule of Derivative Instruments
The following tables present the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):
Amount of loss recognized in Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Derivatives in cash flow hedging relationships
Interest rate caps$(25)$(187)$(332)$(671)
Interest rate swaps301 (437)(2,401)(1,664)
Total$276 $(624)$(2,733)$(2,335)

The following table sets forth certain information regarding our derivative instruments (dollars in thousands):
Asset (Liability) Derivatives Fair Value at
Derivatives Designated as Hedging InstrumentsBalance Sheet LocationSeptember 30, 2020December 31, 2019
Interest rate capsOther assets$17 $250 
Interest rate swapsOther liabilities(3,575)(1,173)
Total derivative liabilities, net$(3,558)$(923)