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Mortgage Loans Payable and Unsecured Credit Facility (Tables)
9 Months Ended
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

)