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Mortgage Loans Payable and Unsecured Credit Facility (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | Debt obligations are composed of the following at September 30, 2022 and collateralized by the 19 property portfolio:
|  |  |  | September 30, 2022
|  |  |  |  |  |  | Contractual
|  | Maturity |  | Balance |  |  | interest rates
Description |  | dates |  | outstanding |  |  | weighted-average
Secured credit facility: |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |
Term loan (a) |  | Aug 2023 |  | $ | 130,000,000 |  |  | 5.1%
Unamortized issuance costs |  |  |  |  | (3,404,000 | ) |  |
|  |  |  | $ | 126,596,000 |  |  |
(a) The interest rate on this term loan consists of the term Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5% through February 2023, at which time increases to 4.0%.
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at December 31, 2021:
December 31, 2021
Designation/ |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 5 |  |  | $ | 8,232,000 |  |  | 2023-2025 |  | Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations and the condensed consolidated statements of equity for the three and nine months ended September 30, 2022 and 2021, respectively:
|  |  |  | (Loss) gain recognized in other |
|  |  |  | comprehensive income (loss) |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
Cash flow |  | Derivative |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Qualifying |  | Interest rate swaps |  | $ | (3,131,000 | ) |  | $ | 113,000 |  |  | $ | 6,001,000 |  |  | $ | 1,869,000 |
|  |  |  | (Loss) recognized in other |
|  |  |  | comprehensive income (loss) |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | Classification |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | Continuing Operations |  | $ | — |  |  | $ | (1,482,000 | ) |  | $ | (2,320,000 | ) |  | $ | (4,942,000 | )

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