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DEBT OBLIGATIONS

12 Months Ended

Dec. 31, 2021

DEBT OBLIGATIONS

DEBT OBLIGATIONS

NOTE 8—DEBT OBLIGATIONS

Mortgages Payable

The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):

​

​	​	​	​	​	​	​	​
​	​	​	December 31,
​		​	2021			2020
Mortgages payable, gross	​	​	$	399,660	​	$	433,549
Unamortized deferred financing costs	​	​	​	(3,316)	​		(3,845)
Mortgages payable, net	​	​	$	396,344	​	$	429,704

​

At December 31, 2021, there were 69 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $670,462,000 before accumulated depreciation of $120,055,000. After giving effect to interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.50%, and mature between 2022 and 2042. The weighted average interest rate on all mortgage debt was 4.18% and 4.19% at December 31, 2021 and 2020, respectively.

​

During 2020, due to the COVID-19 pandemic, the Company and its mortgage lenders agreed to defer the payment of $1,670,000 of debt service due in 2020 and 2021. Of the total deferred, approximately $215,000 and $174,000 was repaid in 2021 and 2020, respectively, $210,000 was deferred until 2022 through 2023 and the balance was deferred until the maturity of such debt.

​

Scheduled principal repayments during the periods indicated are as follows (amounts in thousands):

​

​	​	​	​
Year Ending December 31,		​	​
2022	​	$	44,843
2023	​	​	25,774
2024	​	​	62,634
2025	​	​	42,615
2026	​	​	29,277
Thereafter	​	​	194,517
Total	​	$	399,660

​

Line of Credit

The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $30,000,000 and 30% of the borrowing base, subject to a cap of (i) $10,000,000 for renovation purposes and (ii) $20,000,000 for operating expense purposes. These limits will apply through June 30, 2022. On July 1, 2022, the maximum amounts the Company can borrow for renovation expenses and operating expenses will change to $20,000,000 and $10,000,000, respectively, and, to the extent that either of these maximums is exceeded as of June 30, 2022, such excess must be repaid immediately. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company is required to pledge to the lenders the equity interests in such subsidiaries.

NOTE 8—DEBT OBLIGATIONS (Continued)

The facility, which matures December 31, 2022, provides for an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 and 200 basis points at December 31, 2021 and 2020, respectively. An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately 1.86%, 2.53% and 4.03% during 2021, 2020 and 2019, respectively.

The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2021.

The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):

​	​	​	​	​	​	​
​	​	December 31,
​	​	2021			2020
Line of credit, gross	​	$	11,700	​	$	12,950
Unamortized deferred financing costs	​	​	(216)	​	​	(425)
Line of credit, net	​	$	11,484	​	$	12,525

​

At March 1, 2022, there was an outstanding balance of $14,700,000 (before unamortized deferred financing costs), and $20,000,000 was available for operating expense purposes under the facility.

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