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Mortgage Notes Payable and Credit Facility (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Line of Credit
Our mortgage notes payable and Credit Facility as of March 31, 2023 and December 31, 2022 are summarized below (dollars in thousands):

Encumbered properties atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
March 31, 2023March 31, 2023December 31, 2022March 31, 2023March 31, 2023
Mortgage and other secured loans:
Fixed rate mortgage loans50 $357,034 $362,037 (1)(2)
Variable rate mortgage loans— — — N/A(2)
Premiums and discounts, net— (72)(83)N/AN/A
Deferred financing costs, mortgage loans, net— (2,406)(2,565)N/AN/A
Total mortgage notes payable, net50 $354,556 $359,389 (3)
Variable rate revolving credit facility84 (6)$26,250 $23,250 
SOFR + 1.50%
(4)8/18/2026
Total revolver84 $26,250 $23,250 
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 60,000 
SOFR + 1.45%
(4)2/11/2026
Variable rate term loan facility C— (6)150,000 150,000 
SOFR + 1.45%
(4)2/18/2028
Deferred financing costs, term loan facility— (3,260)(3,433)N/AN/A
Total term loan, netN/A$366,740 $366,567 
Total mortgage notes payable and credit facility134 $747,546 $749,206 (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 April 6, 2023 through August 1, 2037.
(3)The weighted average interest rate on the mortgage notes outstanding as of March 31, 2023 was approximately 4.24%.
(4)As of March 31, 2023, Secured Overnight Financing Rate (“SOFR”) was approximately 4.87%.
(5)The weighted average interest rate on all debt outstanding as of March 31, 2023 was approximately 5.33%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 84 unencumbered properties as of March 31, 2023.
N/A - Not Applicable
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the nine months ending December 31, 2023, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
 
YearScheduled Principal Payments
Nine Months Ending December 31, 2023$64,537 
202420,508 
202536,559 
202642,379 
202794,848 
202828,858 
Thereafter69,345 
Total$357,034 (1)
(1)This figure does not include $(0.1) million of premiums and (discounts), net, and $2.4 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, 2023 and December 31, 2022 (dollars in thousands):
 
March 31, 2023December 31, 2022
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate Fair Value
$620 (1)$225,000 $3,264 $225,000 $4,629 
(1)We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 1.50% to 2.50%.
The following table summarizes our interest rate swaps at March 31, 2023 and December 31, 2022 (dollars in thousands):
March 31, 2023December 31, 2022
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
$362,545 $5,353 $(2,876)$362,832 $8,264 $(897)
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 (loss) gain, net, recognized in Comprehensive Income
Three Months Ended March 31,
20232022
Derivatives in cash flow hedging relationships
Interest rate caps$(1,006)$1,624 
Interest rate swaps(4,889)2,643 
Total$(5,895)$4,267 

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 March 31,
20232022
Interest rate caps$263 $— 
Total$263 $— 

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, 2023December 31, 2022
Interest rate capsOther assets$3,264 $4,629 
Interest rate swapsOther assets5,353 8,264 
Interest rate swapsOther liabilities(2,876)(897)
Total derivative liabilities, net$5,741 $11,996