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Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes | Our mortgage notes payable, Credit Facility, and Senior Unsecured Notes as of December 31, 2024 and December 31, 2023 are summarized below (dollars in thousands):
|  | Encumbered properties at |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | December 31, 2024 |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2024
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 44 |  |  | $ | 264,243 |  |  | $ | 298,122 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 1 |  |  | 7,260 |  |  | — |  |  | SOFR + 2.25% | (3) | (2)
Premiums and discounts, net |  | — |  |  | (8) |  |  | (42) |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | — |  |  | (1,916) |  |  | (2,227) |  |  | N/A |  | N/A
Total mortgage notes payable, net |  | 45 |  |  | $ | 269,579 |  |  | $ | 295,853 |  |  | (4) |  |
Variable rate revolving credit facility |  | 88 |  | (6) | $ | 1,900 |  |  | $ | 75,750 |  |  | SOFR + 1.35% | (3) | 8/18/2026
Deferred financing costs, revolving credit facility |  | — |  |  | — |  |  | — |  |  | N/A |  | N/A
Total revolver |  | 88 |  |  | $ | 1,900 |  |  | $ | 75,750 |  |  |  |  |
Variable rate term loan facility A |  | — |  |  | 160,000 |  |  | 160,000 |  |  | SOFR + 1.30% | (3) | 8/18/2027
Variable rate term loan facility B |  | — |  |  | 40,000 |  |  | 60,000 |  |  | SOFR + 1.30% | (3) | 2/11/2026
Variable rate term loan facility C |  | — |  |  | 150,000 |  |  | 150,000 |  |  | SOFR + 1.30% | (3) | 2/18/2028
Deferred financing costs, term loan facility |  | — |  |  | (2,052) |  |  | (2,742) |  |  | N/A |  | N/A
Total term loan, net |  | N/A |  | $ | 347,948 |  |  | $ | 367,258 |  |  |  |  |
Senior unsecured notes |  | — |  |  | $ | 75,000 |  |  | $ | — |  |  | 6.47% |  | 12/18/2029
Deferred financing costs, senior unsecured notes |  | — |  |  | (1,042) |  |  | — |  |  | N/A |  | N/A
Total senior unsecured notes, net |  | N/A |  | $ | 73,958 |  |  | $ | — |  |  |  |  |
Total mortgage notes payable, credit facility. and senior unsecured notes |  | 133 |  |  | $ | 693,385 |  |  | $ | 738,861 |  |  | (5) |  |
(1)Interest rates on our fixed rate mortgage notes payable vary from 2.80% to 6.63%. (2)We have 40 mortgage notes payable with maturity dates ranging from September 30, 2025 through August 1, 2037. (3)As of December 31, 2024, SOFR was approximately 4.49%. (4)The weighted average interest rate on the mortgage notes outstanding at December 31, 2024, was approximately 4.30%. (5)The weighted average interest rate on all debt outstanding at December 31, 2024, was approximately 5.28%. (6)The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 88 unencumbered properties as of December 31, 2024. N/A - Not Applicable
Schedule of Long-Term Mortgages | During the year ended December 31, 2024, we repaid three mortgages collateralized by four properties, which are summarized below (dollars in thousands):
Aggregate Fixed Rate Debt Repaid |  | Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ | 32,464 |  |  | 4.59 | %
During the year ended December 31, 2024, we issued two mortgages, collateralized by two properties, which are summarized below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt |  |  |
$ | 15,240 |  |  | 5.60 | % |  |  |
During the year ended December 31, 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 Extended |  | Interest Rate on Variable Rate Debt Extended |  | Extension 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 each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
2025 |  | $ | 19,914 |  |
2026 |  | 35,367 |  |
2027 |  | 95,406 |  |
2028 |  | 37,444 |  |
2029 |  | 34,851 |  |
Thereafter |  | 48,521 |  |
|  | $ | 271,503 |  | (1)
(1)This figure does not include $(0.01) million premiums and (discounts), net, and $1.9 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheets.
Schedule of Interest Rate Caps and Interest Rate Swaps | The following table summarizes the interest rate caps at December 31, 2024 and 2023 (dollars in thousands):
|  | December 31, 2024 |  | December 31, 2023
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 48 |  | (1) | $ | 60,000 |  |  | $ | — |  |  | $ | 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 December 31, 2024 and 2023 (dollars in thousands):
December 31, 2024 |  | December 31, 2023
Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability |  | Aggregate Notional Amount |  | Aggregate Fair Value Asset |  | Aggregate Fair Value Liability
$ | 360,484 |  |  | $ | 8,965 |  |  | $ | (19) |  |  | $ | 361,676 |  |  | $ | 6,222 |  |  | $ | (670) |
Schedule of Impact of Derivative Instruments, Reclassifications of Derivative Instruments and Information Regarding Derivative Instruments | The following tables present the impact of our derivative instruments in the consolidated financial statements (dollars in thousands):
|  | Amount of gain (loss), net, recognized in Comprehensive Income
|  | 2024 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationships |  |  |  |  |  |
Interest rate caps |  | $ | (691) |  |  | $ | (3,038) |  |  | $ | 4,301 |
Interest rate swaps |  | 3,393 |  |  | (1,815) |  |  | 7,814 |
Total |  | $ | 2,702 |  |  | $ | (4,853) |  |  | $ | 12,115 |
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
|  | 2024 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationships |  |  |  |  |  |
Interest rate caps |  | $ | (188) |  |  | $ | (971) |  |  | $ | (871) |
Total |  | $ | (188) |  |  | $ | (971) |  |  | $ | (871) |
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, 2024 |  | December 31, 2023
Interest rate caps |  | Other assets |  | $ | — |  |  | $ | 684 |
Interest rate swaps |  | Other assets |  | 8,965 |  |  | 6,222 |
Interest rate swaps |  | Other liabilities |  | (19) |  |  | (670) |
Total derivative liabilities, net |  |  |  | $ | 8,946 |  |  | $ | 6,236 |

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