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DEBT OBLIGATIONS
 12 Months Ended
Dec. 31, 2022
DEBT OBLIGATIONS  
DEBT OBLIGATIONS

NOTE 8—DEBT OBLIGATIONS

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Mortgages Payable

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

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

​

2022

    

2021

Mortgages payable, gross

​

​

$

409,175

​

$

399,660

Unamortized mortgage intangible asset (a)

​

​

​

(658)

​

​

—

Unamortized deferred financing costs

​

​

​

(3,355)

​

 

(3,316)

Mortgages payable, net

​

​

$

405,162

​

$

396,344

(a)In connection with the assumption of a below-market mortgage upon the acquisition of the Northwood, Ohio properties (see Note 4).

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At December 31, 2022, there were 66 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $647,524,000 before accumulated depreciation of $111,847,000. 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 2023 and 2047. The weighted average interest rate on all mortgage debt was 4.10% and 4.18% at December 31, 2022 and 2021, respectively.

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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 $1,079,000 was repaid from 2020 through 2022, $109,000 is to be repaid during 2023 and the balance was deferred until the maturity of such debt.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

    

2023

    

2024

    

2025

    

2026

    

2027

    

Thereafter

    

Total

Amortization payments

​

$

12,288

​

$

11,388

​

$

10,037

​

$

9,897

​

$

8,766

​

$

39,489

​

$

91,865

Principal due at maturity

​

 

12,973

​

 

50,695

​

 

32,063

​

 

19,179

​

 

38,525

​

 

163,875

​

 

317,310

Total

​

$

25,261

​

$

62,083

​

$

42,100

​

$

29,076

​

$

47,291

​

$

203,364

​

$

409,175

​

Line of Credit

​

In November 2022, the Company entered into an amendment to its credit facility with Manufacturers and Traders Trust Company and VNB New York, LLC which, among other things, extended the facility’s maturity to December 31, 2026 from December 31, 2022, increased the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40,000,000 or 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. In connection with the amendment, the Company incurred a $666,000 commitment fee which will be amortized over the remaining term of the facility. 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.

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The facility provides for an interest rate equal to 30-day SOFR plus an applicable margin ranging from 175 basis points to 275 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 basis points at December 31, 2022 and 2021.

NOTE 8—DEBT OBLIGATIONS (CONTINUED)

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An unused facility fee of .25% per annum applies to the facility. The weighted average interest rate on the facility was approximately 3.42%, 1.86% and 2.53% during 2022, 2021 and 2020, respectively.

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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, 2022.

​

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

​

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

​

2022

    

2021

Line of credit, gross

​

​

$

21,800

​

$

11,700

Unamortized deferred financing costs

​

​

​

(732)

​

​

(216)

Line of credit, net

​

​

$

21,068

​

$

11,484

​

At December 31, 2022 and March 6, 2023, $78,200,000 and $88,500,000, respectively, was available to be borrowed under the facility, including an aggregate of up to $40,000,000 available at each date for renovation and operating expense purposes.