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Mortgage Notes Payable and Credit Facility (Tables)
 3 Months Ended
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 atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
March 31, 2022March 31, 2022December 31, 2021March 31, 2022March 31, 2022
Mortgage and other secured loans:
Fixed rate mortgage loans61 $433,253 $436,530 (1)(2)
Variable rate mortgage loans6 16,153 16,338 (3)(2)
Premiums and discounts, net-(117)(130)N/AN/A
Deferred financing costs, mortgage loans, net-(2,569)(2,794)N/AN/A
Total mortgage notes payable, net67 $446,720 $449,944 (4)
Variable rate revolving credit facility62 (6)$34,550 $33,550 
LIBOR + 1.90%
7/2/2023
Total revolver62 $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/AN/A
Total term loan, netN/A$224,113 $224,032 
Total mortgage notes payable and credit facility129 $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):
 
YearScheduled Principal Payments
Nine Months Ending December 31, 2022$101,744 
202372,676 
202445,915 
202538,089 
202643,228 
202768,758 
Thereafter78,996 
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, 2022December 31, 2021
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate 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, 2022December 31, 2021
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability Aggregate Notional AmountAggregate Fair Value AssetAggregate 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,
20222021
Derivatives in cash flow hedging relationships
Interest rate caps$1,624 $55 
Interest rate swaps2,643 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 InstrumentsBalance Sheet LocationMarch 31, 2022December 31, 2021
Interest rate capsOther assets$1,950 $324 
Interest rate swapsOther assets2,700 841 
Interest rate swapsOther liabilities(432)(1,217)
Total derivative liabilities, net$4,218 $(52)