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Mortgage Notes Payable and Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Company's Mortgage Notes Payable and Credit Facility
Our mortgage notes payable and Credit Facility as of September 30, 2024 and December 31, 2023 are summarized below (dollars in thousands):

Encumbered properties atCarrying Value atStated Interest Rates atScheduled Maturity Dates at
September 30, 2024September 30, 2024December 31, 2023September 30, 2024September 30, 2024
Mortgage and other secured loans:
Fixed rate mortgage loans44 $266,121 $298,122 (1)(2)
Variable rate mortgage loans1 7,308 — N/A(2)
Premiums and discounts, net— (16)(42)N/AN/A
Deferred financing costs, mortgage loans, net— (1,792)(2,227)N/AN/A
Total mortgage notes payable, net45 $271,621 $295,853 (3)
Variable rate revolving credit facility87 (6)$53,250 $75,750 
SOFR + 1.35%
(4)8/18/2026
Total revolver87 $53,250 $75,750 
Variable rate term loan facility A— (6)$160,000 $160,000 
SOFR + 1.30%
(4)8/18/2027
Variable rate term loan facility B— (6)60,000 60,000 
SOFR + 1.30%
(4)2/11/2026
Variable rate term loan facility C— (6)150,000 150,000 
SOFR + 1.30%
(4)2/18/2028
Deferred financing costs, term loan facility— (2,224)(2,742)N/AN/A
Total term loan, netN/A$367,776 $367,258 
Total mortgage notes payable and credit facility132 $692,647 $738,861 (5)
(1)As of September 30, 2024, interest rates on our fixed rate mortgage notes payable varied from 2.80% to 6.63%.
(2)As of September 30, 2024, we had 39 mortgage notes payable with maturity dates ranging from January 1, 2025 through August 1, 2037.
(3)The weighted average interest rate on the mortgage notes outstanding as of September 30, 2024 was approximately 4.23%.
(4)As of September 30, 2024, the Secured Overnight Financing Rate (“SOFR”) was approximately 4.96%.
(5)The weighted average interest rate on all debt outstanding as of September 30, 2024 was approximately 5.47%.
(6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 87 unencumbered properties as of September 30, 2024.
N/A - Not Applicable
Schedule of Long-Term Mortgages
During the nine months ended September 30, 2024, we repaid two mortgages, collateralized by two properties, which are summarized in the table below (dollars in thousands):

Fixed Rate Debt RepaidInterest Rate on Fixed Rate Debt Repaid
$17,674 5.05 %

During the nine months ended September 30, 2024, we extended the maturity date of one mortgage, collateralized by one property, which is summarized in the table below (dollars in thousands):

Variable Rate Debt ExtendedInterest Rate on Variable Rate Debt ExtendedExtension Term
$7,386 SOFR +2.25%1.3 years
Schedule of Principal Payments of Mortgage Notes Payable
Scheduled principal payments of mortgage notes payable for the three months ending December 31, 2024, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
 
YearScheduled Principal Payments
Three Months Ending December 31, 2024$2,383 
202534,346 
202635,069 
202795,090 
202837,108 
202920,911 
Thereafter48,522 
Total$273,429 (1)
(1)This figure does not include $(0.02) million of premiums and (discounts), net, and $1.8 million of deferred financing costs, which are reflected in mortgage notes payable, net on the condensed consolidated balance sheets.
Schedule of Interest Rate Caps and Swaps The following table summarizes the interest rate caps at September 30, 2024 and December 31, 2023 (dollars in thousands):
 
September 30, 2024December 31, 2023
Aggregate CostAggregate Notional AmountAggregate Fair ValueAggregate Notional AmountAggregate Fair Value
$48 (1)$60,000 $1 $65,000 $684 
(1)We have entered into an interest rate cap agreement on variable rate debt with a SOFR cap of 5.50%.
The following table summarizes our interest rate swaps at September 30, 2024 and December 31, 2023 (dollars in thousands):
September 30, 2024December 31, 2023
Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability Aggregate Notional AmountAggregate Fair Value AssetAggregate Fair Value Liability
$360,787 $3,860 $(2,186)$361,676 $6,222 $(670)
Schedule of Impact of Derivative Instruments and Information Regarding Derivative Instruments
The following table presents the impact of our derivative instruments in the condensed consolidated financial statements (dollars in thousands):

Amount of gain, net, recognized in Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Derivatives in cash flow hedging relationships
Interest rate caps$(62)$(654)$(690)$(2,429)
Interest rate swaps(10,394)5,743 (3,878)9,647 
Total$(10,456)$5,089 $(4,568)$7,218 

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,
2024202320242023
Interest rate caps$62 $409 $175 $937 
Total$62 $409 $175 $937 

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, 2024December 31, 2023
Interest rate capsOther assets$1 $684 
Interest rate swapsOther assets3,860 6,222 
Interest rate swapsOther liabilities(2,186)(670)
Total derivative liabilities, net$1,675 $6,236