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Mortgage Notes Payable and Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Line of Credit
Our mortgage notes payable and Credit Facility as of September 30, 2022 and December 31, 2021 are summarized below (dollars in thousands):

Encumbered properties atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
September 30, 2022September 30, 2022December 31, 2021September 30, 2022September 30, 2022
Mortgage and other secured loans:
Fixed rate mortgage loans50 $370,291 $436,530 (1)(2)
Variable rate mortgage loans— — 16,338 N/A(2)
Premiums and discounts, net— (94)(130)N/AN/A
Deferred financing costs, mortgage loans, net— (2,579)(2,794)N/AN/A
Total mortgage notes payable, net50 $367,618 $449,944 (3)
Variable rate revolving credit facility82 (6)$7,750 $33,550 
SOFR + 1.50%
(4)8/18/2026
Total revolver82 $7,750 $33,550 
Variable rate term loan facility A— (6)$160,000 $160,000 
SOFR + 1.45%
(4)8/18/2027
Variable rate term loan facility B— (6)60,000 65,000 
SOFR + 1.45%
(4)2/11/2026
Variable rate term loan facility C— (6)150,000 — 
SOFR + 1.45%
(4)2/18/2028
Deferred financing costs, term loan facility— (3,605)(968)N/AN/A
Total term loan, netN/A$366,395 $224,032 
Total mortgage notes payable and credit facility132 $741,763 $707,526 (5)
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%.
(2)We have 44 mortgage notes payable with maturity dates ranging from December 6, 2022 through August 1, 2037.
(3)The weighted average interest rate on the mortgage notes outstanding as of September 30, 2022 was approximately 4.19%.
(4)As of September 30, 2022, Secured Overnight Financing Rate (“SOFR”) was approximately 2.98%.
(5)The weighted average interest rate on all debt outstanding as of September 30, 2022 was approximately 4.31%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 82 unencumbered properties as of September 30, 2022.
N/A - Not Applicable
Summary of Long-Term Mortgages
During the nine months ended September 30, 2022, we repaid 13 mortgages, collateralized by 27 properties, which is summarized in the table below (dollars in thousands):

.
Aggregate Fixed Rate Debt RepaidWeighted Average Interest Rate on Fixed Rate Debt Repaid
$97,843 4.75 %

Aggregate Variable Rate Debt RepaidWeighted Average Interest Rate on Variable Rate Debt Repaid
$30,336 LIBOR/SOFR +2.50%(1)
(1)As of September 30, 2022, Secured Overnight Financing Rate (“SOFR”) was approximately 2.98%.

During the nine months ended September 30, 2022, we issued five mortgages, collateralized by 10 properties, which is summarized in the table below (dollars in thousands):

.
Aggregate Fixed Rate Debt Issued Weighted Average Interest Rate on Fixed Rate Debt
$41,313 (1)4.39 %
(1)We issued $10.0 million of fixed rate debt with a maturity date of May 4, 2027, in connection with the two-property portfolio acquired on May 4, 2022. The interest rate is fixed at 4.00%. We issued $10.0 million of fixed rate debt with a maturity date of June 1, 2032, in connection with the three-property acquisition on May 12, 2022. The interest rate is fixed at 3.40%. We issued $16.9 million of fixed rate debt with a maturity date of August 1, 2027, in connection with the two-property acquisition on August 5, 2022. The interest rate is fixed at 4.95%. We issued $4.4 million of swapped to fixed rate debt with a maturity date of September 16, 2029, in connection with the property acquisition on September 16, 2022. The interest rate is swapped to a fixed rate of 5.39%.

Variable Rate Debt IssuedInterest Rate on Variable Rate Debt
$15,000 (1)SOFR +2.50%
(1)We issued $15.0 million of variable rate debt in connection with refinancing mortgage debt at two properties with a new maturity date of April 27, 2024 and interest rate of SOFR plus 2.50%. This mortgage was repaid on August 18, 2022.

During the nine months ended September 30, 2022, we extended the maturity date of three mortgages, collateralized by five properties, which is summarized in the table below (dollars in thousands):

Aggregate Fixed Rate Debt ExtendedWeighted Average Interest Rate on Fixed Rate Debt ExtendedExtension Term
$14,633 5.41 %1.0 year
Variable Rate Debt ExtendedInterest Rate on Variable Rate Debt ExtendedExtension Term
$7,059 (1)LIBOR +2.75%1.0 year
(1)We repaid this mortgage on August 18, 2022.
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the three months ending December 31, 2022, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
 
YearScheduled Principal Payments
Three Months Ending December 31, 2022$16,030 
202366,120 
202420,420 
202538,802 
202642,258 
202794,717 
Thereafter91,944 
Total$370,291 (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 September 30, 2022 and December 31, 2021 (dollars in thousands): 
September 30, 2022December 31, 2021
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate Fair Value
$1,228 (1)$225,000 $4,843 $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 September 30, 2022 and December 31, 2021 (dollars in thousands):
September 30, 2022December 31, 2021
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
$230,136 $8,868 $(66)$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 (loss), net, recognized in Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Derivatives in cash flow hedging relationships
Interest rate caps$1,758 $(49)$4,520 $(26)
Interest rate swaps5,032 470 9,140 2,151 
Total$6,790 $421 $13,660 $2,125 

The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the condensed consolidated financial statements (dollars in thousands):

Amount reclassified out of Accumulated Other Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Interest rate caps$(52)$(145)$(52)$(145)
Total$(52)$(145)$(52)$(145)

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, 2022December 31, 2021
Interest rate capsOther assets$4,843 $324 
Interest rate swapsOther assets8,868 841 
Interest rate swapsOther liabilities(66)(1,217)
Total derivative liabilities, net$13,645 $(52)