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Mortgage Notes Payable and Credit Facility (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of March 31, 2022 and December 31, 2021 are summarized below (dollars in thousands):
|  | Encumbered properties at |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | March 31, 2022 |  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | March 31, 2022
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 61 |  |  | $ | 433,253 |  |  | $ | 436,530 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 6 |  |  | 16,153 |  |  | 16,338 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  | (117) |  |  | (130) |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  | (2,569) |  |  | (2,794) |  |  | N/A |  | N/A
Total mortgage notes payable, net |  | 67 |  |  | $ | 446,720 |  |  | $ | 449,944 |  |  | (4) |  |
Variable rate revolving credit facility |  | 62 |  | (6) | $ | 34,550 |  |  | $ | 33,550 |  |  | LIBOR + 1.90% |  | 7/2/2023
Total revolver |  | 62 |  |  | $ | 34,550 |  |  | $ | 33,550 |  |  |  |  |
Variable rate term loan facility A |  | - | (6) | $ | 160,000 |  |  | $ | 160,000 |  |  | LIBOR + 1.85% |  | 7/2/2024
Variable rate term loan facility B |  | - | (6) | 65,000 |  |  | 65,000 |  |  | LIBOR + 2.00% |  | 2/11/2026
Deferred financing costs, term loan facility |  | - |  | (887) |  |  | (968) |  |  | N/A |  | N/A
Total term loan, net |  | N/A |  | $ | 224,113 |  |  | $ | 224,032 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 129 |  |  | $ | 705,383 |  |  | $ | 707,526 |  |  | (5) |  |
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 52 mortgage notes payable with maturity dates ranging from April 22, 2022 through August 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%. As of March 31, 2022, one month LIBOR was approximately 0.45%. (4)The weighted average interest rate on the mortgage notes outstanding as of March 31, 2022 was approximately 4.19%. (5)The weighted average interest rate on all debt outstanding as of March 31, 2022 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 62 unencumbered properties as of March 31, 2022. N/A - Not Applicable
Summary of Long-Term Mortgages | During the three months ended March 31, 2022, we did not issue or repay any mortgages.
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2022, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
Nine Months Ending December 31, 2022 |  | $ | 101,744 |  |
2023 |  | 72,676 |  |
2024 |  | 45,915 |  |
2025 |  | 38,089 |  |
2026 |  | 43,228 |  |
2027 |  | 68,758 |  |
Thereafter |  | 78,996 |  |
Total |  | $ | 449,406 |  | (1)
(1)This figure does not include $(0.1) million of premiums and (discounts), net, and $2.6 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 March 31, 2022 and December 31, 2021 (dollars in thousands):
|  | March 31, 2022 |  | December 31, 2021
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 1,228 |  | (1) | $ | 233,557 |  |  | $ | 1,950 |  |  | $ | 233,632 |  |  | $ | 324 |
(1)We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 2.75%. The following table summarizes our interest rate swaps at March 31, 2022 and December 31, 2021 (dollars in thousands):
March 31, 2022 |  | December 31, 2021
Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
$ | 72,919 |  |  | $ | 2,700 |  |  | $ | (432) |  |  | $ | 73,212 |  |  | $ | 841 |  |  | $ | (1,217) |
Schedule of Derivative Instruments | The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):
|  | Amount of gain recognized in Comprehensive Income
|  | Three Months Ended March 31, |  |
|  | 2022 |  | 2021 |  |  |  |
Derivatives in cash flow hedging relationships |  |  |  |  |  |  |  |
Interest rate caps |  | $ | 1,624 |  |  | $ | 55 |  |  |  |  |
Interest rate swaps |  | 2,643 |  |  | 2,369 |  |  |  |  |
Total |  | $ | 4,267 |  |  | $ | 2,424 |  |  |  |  |
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 |  | March 31, 2022 |  | December 31, 2021
Interest rate caps |  | Other assets |  | $ | 1,950 |  |  | $ | 324 |
Interest rate swaps |  | Other assets |  | 2,700 |  |  | 841 |
Interest rate swaps |  | Other liabilities |  | (432) |  |  | (1,217) |
Total derivative liabilities, net |  |  |  | $ | 4,218 |  |  | $ | (52) |

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