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Mortgage Notes Payable and Credit Facility (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 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
|  | December 31, 2020 |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2020
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 61 |  |  | $ | 435,029 |  |  | $ | 412,771 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 7 |  |  | 24,809 |  |  | 45,151 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  | (182) |  |  | (239) |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  | (3,479) |  |  | (3,944) |  |  | N/A |  | N/A
Total mortgage notes payable, net |  | 68 |  |  | $ | 456,177 |  |  | $ | 453,739 |  |  | (4) |  |
Variable rate revolving credit facility |  | 50 |  | (6) | $ | 53,900 |  |  | $ | 52,400 |  |  | LIBOR + 1.65% |  | 7/2/2023
Deferred financing costs, revolving credit facility |  | - |  | (588) |  |  | (821) |  |  | N/A |  | N/A
Total revolver, net |  | 50 |  |  | $ | 53,312 |  |  | $ | 51,579 |  |  |  |  |
Variable rate term loan facility |  | - |  | $ | 160,000 |  |  | $ | 122,300 |  |  | LIBOR + 1.60% |  | 7/2/2024
Deferred financing costs, term loan facility |  | - |  | (797) |  |  | (1,024) |  |  | N/A |  | N/A
Total term loan, net |  | N/A |  | $ | 159,203 |  |  | $ | 121,276 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 118 |  |  | $ | 668,692 |  |  | $ | 626,594 |  |  | (5) |  |
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 53 mortgage notes payable with maturity dates ranging from 11/1/2021 through 8/1/2037. (3)Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.35% to one month LIBOR +2.75%. At December 31, 2020, one month LIBOR was approximately 0.14%. (4)The weighted average interest rate on the mortgage notes outstanding at December 31, 2020, was approximately 4.24%. (5)The weighted average interest rate on all debt outstanding at December 31, 2020, was approximately 3.45%. (6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 50 unencumbered properties as of December 31, 2020. N/A - Not Applicable
Summary of Long-Term Mortgages | During the year ended December 31, 2020, we repaid seven mortgages collateralized by eight properties, which are summarized below (dollars in thousands):
Aggregate Fixed Rate Debt Repaid |  | Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ | 18,109 |  |  | 5.19 | %
Aggregate Variable Rate Debt Repaid |  | Weighted Average Interest Rate on Variable Rate Debt Repaid
$ | 19,284 |  |  | LIBOR + | 2.20%
During the year ended December 31, 2020, we issued six mortgages, collateralized by six properties, which are summarized below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt |  |  |
$ | 52,578 |  | (1) | 3.18 | % |  |  |
(1)We issued an aggregate of $18.3 million of fixed rate debt in connection with our three property portfolio acquisition on January 27, 2020, with a maturity date of February 1, 2030 and a rate of 3.625%. We issued $17.5 million of floating rate debt swapped to fixed of 2.8% in connection with our March 9, 2020 property acquisition, with a maturity date of March 9, 2030. We issued $10.3 million of fixed rate debt in connection with our December 18, 2020 property acquisition, with a maturity date of January 1, 2028 and a rate of 3.0%. We issued $6.4 million of floating rate debt swapped to fixed of 3.25% in connection with our December 21, 2020 property acquisition, with a maturity date of December 23, 2030.
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 |
2021 |  | $ | 23,056 |  |
2022 |  | 105,756 |  |
2023 |  | 72,495 |  |
2024 |  | 49,616 |  |
2025 |  | 37,571 |  |
Thereafter |  | 171,344 |  |
|  | $ | 459,838 |  | (1)
(1)This figure is does not include $(0.2) million premiums and (discounts), net, and $3.5 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet.
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps at December 31, 2020 and 2019 (dollars in thousands):
|  | December 31, 2020 |  | December 31, 2019
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 1,537 |  | (1) | $ | 177,060 |  |  | $ | 9 |  |  | $ | 166,728 |  |  | $ | 250 |
(1)We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 1.50% to 2.75%. The following table summarizes our interest rate swaps at December 31, 2020 and 2019 (dollars in thousands):
December 31, 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
$ | 68,829 |  |  | $ | — |  |  | $ | (3,055) |  |  | $ | 45,777 |  |  | $ | — |  |  | $ | (1,173) |
Schedule of Derivative Instruments | The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
|  | Amount of loss recognized in Comprehensive Income
|  | 2020 |  | 2019 |  | 2018
Derivatives in cash flow hedging relationships |  |  |  |  |  |
Interest rate caps |  | $ | (337) |  |  | $ | (749) |  |  | $ | 77 |
Interest rate swaps |  | (1,882) |  |  | (1,229) |  |  | (260) |
Total |  | $ | (2,219) |  |  | $ | (1,978) |  |  | $ | (183) |
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, 2020 |  | December 31, 2019
Interest rate caps |  | Other assets |  | $ | 9 |  |  | $ | 250 |
Interest rate swaps |  | Other liabilities |  | (3,055) |  |  | (1,173) |
Total derivative liabilities, net |  |  |  | $ | (3,046) |  |  | $ | (923) |

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