XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Mortgage Notes Payable and Credit Facility (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 2023 and December 31, 2022 are summarized below (dollars in thousands):
|  | Encumbered properties at |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | December 31, 2023 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2023
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 47 |  |  | $ | 298,122 |  |  | $ | 362,037 |  |  | (1) |  | (2)
Premiums and discounts, net |  | — |  |  | (42) |  |  | (83) |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | — |  |  | (2,227) |  |  | (2,565) |  |  | N/A |  | N/A
Total mortgage notes payable, net |  | 47 |  |  | $ | 295,853 |  |  | $ | 359,389 |  |  | (3) |  |
Variable rate revolving credit facility |  | 85 |  | (6) | $ | 75,750 |  |  | $ | 23,250 |  |  | SOFR + 1.50% | (4) | 8/18/2026
Total revolver |  | 85 |  |  | $ | 75,750 |  |  | $ | 23,250 |  |  |  |  |
Variable rate term loan facility A |  | — |  |  | 160,000 |  |  | 160,000 |  |  | SOFR + 1.45% | (4) | 8/18/2027
Variable rate term loan facility B |  | — |  |  | 60,000 |  |  | 60,000 |  |  | SOFR + 1.45% | (4) | 2/11/2026
Variable rate term loan facility C |  | — |  |  | 150,000 |  |  | 150,000 |  |  | SOFR + 1.45% | (4) | 2/18/2028
Deferred financing costs, term loan facility |  | — |  |  | (2,742) |  |  | (3,433) |  |  | N/A |  | N/A
Total term loan, net |  | N/A |  | $ | 367,258 |  |  | $ | 366,567 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 132 |  |  | $ | 738,861 |  |  | $ | 749,206 |  |  | (5) |  |
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 41 mortgage notes payable with maturity dates ranging from June 18, 2024 through August 1, 2037. (3)The weighted average interest rate on the mortgage notes outstanding at December 31, 2023, was approximately 4.19%. (4)As of December 31, 2023, SOFR was approximately 5.38%. (5)The weighted average interest rate on all debt outstanding at December 31, 2023, was approximately 5.78%. (6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 85 unencumbered properties as of December 31, 2023. N/A - Not Applicable
Summary of Long-Term Mortgages | During the year ended December 31, 2023, we repaid six mortgages collateralized by six properties, which are summarized below (dollars in thousands):
Fixed Rate Debt Repaid |  | Interest Rate on Fixed Rate Debt Repaid
$ | 58,864 |  |  | 4.69 | %
During the year ended December 31, 2023, we issued three mortgages, collateralized by three properties, which are summarized below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt |  |  |
$ | 9,000 |  |  | 6.10 | % |  |  |
During the year ended December 31, 2023, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands):
Fixed Rate Debt Extended |  | Interest Rate on Fixed Rate Debt Extended |  | Extension Term
$ | 8,769 |  |  | 6.50 | % |  | 1.0 year
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 |
2024 |  | $ | 25,079 |  |
2025 |  | 36,457 |  |
2026 |  | 35,087 |  |
2027 |  | 95,039 |  |
2028 |  | 37,115 |  |
Thereafter |  | 69,345 |  |
|  | $ | 298,122 |  | (1)
(1)This figure does not include $(0.04) million premiums and (discounts), net, and $2.2 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets.
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps at December 31, 2023 and 2022 (dollars in thousands):
|  | December 31, 2023 |  | December 31, 2022
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 141 |  | (1) | $ | 65,000 |  |  | $ | 684 |  |  | $ | 225,000 |  |  | $ | 4,629 |
(1)We have entered into various interest rate cap agreements on new variable rate debt with SOFR caps ranging from 1.49% to 1.75%. The following table summarizes our interest rate swaps at December 31, 2023 and 2022 (dollars in thousands):
December 31, 2023 |  | December 31, 2022
Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
$ | 361,676 |  |  | $ | 6,222 |  |  | $ | (670) |  |  | $ | 362,832 |  |  | $ | 8,264 |  |  | $ | (897) |
Schedule of Derivative Instruments | The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
|  | Amount of gain, net, recognized in Comprehensive Income
|  | 2023 |  | 2022 |  | 2021
Derivatives in cash flow hedging relationships |  |  |  |  |  |
Interest rate caps |  | $ | (3,038) |  |  | $ | 4,301 |  |  | $ | 174 |
Interest rate swaps |  | (1,815) |  |  | 7,814 |  |  | 2,680 |
Total |  | $ | (4,853) |  |  | $ | 12,115 |  |  | $ | 2,854 |
The following table presents the reclassifications of our derivative instruments out of accumulated other comprehensive income into interest expense in the consolidated financial statements (dollars in thousands):
|  | Amount reclassified out of Accumulated Other Comprehensive Income
|  | 2023 |  | 2022 |  | 2021
Derivatives in cash flow hedging relationships |  |  |  |  |  |
Interest rate caps |  | $ | (971) |  |  | $ | (871) |  |  | $ | (145) |
Total |  | $ | (971) |  |  | $ | (871) |  |  | $ | (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 Instruments |  | Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022
Interest rate caps |  | Other assets |  | $ | 684 |  |  | $ | 4,629 |
Interest rate swaps |  | Other assets |  | 6,222 |  |  | 8,264 |
Interest rate swaps |  | Other liabilities |  | (670) |  |  | (897) |
Total derivative liabilities, net |  |  |  | $ | 6,236 |  |  | $ | 11,996 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration