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Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Borrowings | Our borrowings as of September 30, 2023, and December 31, 2022, are summarized below (dollars in thousands):
| Carrying Value as of |  | As of September 30, 2023
| September 30, 2023 |  | December 31, 2022 |  | Stated Interest Rates(1) (Range; Wtd. Avg) |  | Maturity Dates (Range; Wtd. Avg)
Variable-rate revolving lines of credit | $ | 100 |  |  | $ | 100 |  |  | 7.36% |  | 4/5/2024
Notes and bonds payable: |  |  |  |  |  |  |
Fixed-rate notes payable | $ | 534,539 |  |  | $ | 550,974 |  |  | 2.45%-5.70%; 3.73% |  | 9/1/2024–7/1/2051; June 2033
Variable-rate notes payable | — |  |  | 1,104 |  |  | N/A |  | N/A
Fixed-rate bonds payable | 52,658 |  |  | 77,776 |  |  | 2.66%–4.57%; 3.64% |  | 01/12/2024–12/30/2030; August 2026
Total notes and bonds payable | 587,197 |  |  | 629,854 |  |  |  |  |
Debt issuance costs – notes and bonds payable | (3,099) |  |  | (3,454) |  |  | N/A |  | N/A
Notes and bonds payable, net | $ | 584,098 |  |  | $ | 626,400 |  |  |  |  |
Total borrowings, net | $ | 584,198 |  |  | $ | 626,500 |  |  |  |  |
(1)Where applicable, stated interest rates are before interest patronage (as described below). The following table summarizes the pertinent terms of the Current MetLife Facility as of September 30, 2023 (dollars in thousands, except for footnotes):
Issuance |  | Aggregate Commitment |  | Maturity Dates |  | Principal Outstanding |  | Interest Rate Terms |  | Undrawn Commitment(1) |
MetLife Lines of Credit |  | $ | 75,000 |  |  | 4/5/2024 |  | $ | 100 |  |  | 3-month Term SOFR + 2.11% | (2) | $ | 74,900 |  |
2020 MetLife Term Note |  | 75,000 |  | (3) | 1/5/2030 |  | 36,900 |  |  | 2.75%, fixed through 1/4/2030 | (4) | 38,100 |  |
2022 MetLife Term Note |  | 100,000 |  | (3) | 1/5/2032 |  | — |  |  | (4) |  | 100,000 |  |
Totals |  | $ | 250,000 |  |  |  |  | $ | 37,000 |  |  |  |  | $ | 213,000 |  |
(1)Based on the properties that were pledged as collateral under the Current MetLife Facility, as of September 30, 2023, the maximum additional amount we could draw under the facility was approximately $110.3 million. (2)The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). (3)If the aggregate commitments under the 2020 MetLife Term Note and the 2022 MetLife Term Note are not fully utilized by December 31, 2024, MetLife has no obligation to disburse the additional funds under either note. (4)Interest rates on future disbursements under each of the 2020 MetLife Term Note and the 2022 MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2024, the 2020 MetLife Term Note and the 2022 MetLife Term Note are each subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the respective note).
Schedule of Aggregate Maturities | Scheduled principal payments of our aggregate notes and bonds payable as of September 30, 2023, for the succeeding years are as follows (dollars in thousands):
Period |  | Scheduled Principal Payments |
For the remaining three months ending December 31: | 2023 |  | $ | 4,326 |  |
For the fiscal years ending December 31: | 2024 |  | 40,829 |  |
| 2025 |  | 39,204 |  |
| 2026 |  | 18,368 |  |
| 2027 |  | 51,592 |  |
| 2028 |  | 78,023 |  |
| Thereafter |  | 354,855 |  |
|  |  | $ | 587,197 |  |
Schedule of Borrowings by Type | We had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of September 30, 2023, and December 31, 2022 (dollars in thousands):
Period |  | Number of Instruments |  | Aggregate Notional Amount |  |  |  |
As of September 30, 2023 |  | 4 |  | $ | 71,501 |  |  |  |  |
As of December 31, 2022 |  | 4 |  | 73,392 |  |  |  |  |
The following table presents the fair value of our interest rate swaps as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2023, and December 31, 2022 (dollars in thousands):
|  |  |  | Derivative Asset (Liability) Fair Value
Derivative Type |  | Balance Sheet Location |  | September 30, 2023 |  | December 31, 2022
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
Interest rate swaps |  | Other assets, net |  | $ | 10,271 |  |  | $ | 9,007 |
Total |  |  |  | $ | 10,271 |  |  | $ | 9,007 |
The following table presents the amount of income recognized in comprehensive income within our condensed consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):
| For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |  |  |
| 2023 |  | 2022 |  |  | 2023 |  | 2022 |  |  |
Derivative in cash flow hedging relationship: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 1,557 |  |  | $ | 3,199 |  |  |  | $ | 1,264 |  |  | $ | 10,491 |  |  |  |
Total | $ | 1,557 |  |  | $ | 3,199 |  |  |  | $ | 1,264 |  |  | $ | 10,491 |  |  |  |

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