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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 atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
December 31, 2023December 31, 2023December 31, 2022December 31, 2023December 31, 2023
Mortgage and other secured loans:
Fixed rate mortgage loans47 $298,122 $362,037 (1)(2)
Premiums and discounts, net— (42)(83)N/AN/A
Deferred financing costs, mortgage loans, net— (2,227)(2,565)N/AN/A
Total mortgage notes payable, net47 $295,853 $359,389 (3)
Variable rate revolving credit facility85 (6)$75,750 $23,250 
SOFR + 1.50%
(4)8/18/2026
Total revolver85 $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/AN/A
Total term loan, netN/A$367,258 $366,567 
Total mortgage notes payable and credit facility132 $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 RepaidInterest 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 ExtendedInterest Rate on Fixed Rate Debt ExtendedExtension 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):

YearScheduled Principal Payments
2024$25,079 
202536,457 
202635,087 
202795,039 
202837,115 
Thereafter69,345 
$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, 2023December 31, 2022
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate 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, 2023December 31, 2022
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value LiabilityAggregate Notional AmountAggregate Fair Value AssetAggregate 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
202320222021
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
202320222021
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 InstrumentsBalance Sheet LocationDecember 31, 2023December 31, 2022
Interest rate capsOther assets$684 $4,629 
Interest rate swapsOther assets6,222 8,264 
Interest rate swapsOther liabilities(670)(897)
Total derivative liabilities, net$6,236 $11,996