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Loans Payable (Tables)
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt Obligations

Debt obligations are composed of the following at March 31, 2023 and collateralized by 12 properties:

 

 

 

 

 

March 31, 2023

 

 

 

 

 

 

 

Contractual

 

 

Maturity

 

Balance

 

 

interest rates

Description

 

dates

 

outstanding

 

 

weighted-average

Fixed-rate:

 

 

 

 

 

 

 

Term loan

 

Nov 2032

 

$

110,000,000

 

 

5.3%

Term loan

 

Jan 2033

 

 

25,000,000

 

 

6.4%

 

 

 

 

 

135,000,000

 

 

5.5%

Unamortized issuance costs

 

 

 

 

(3,448,000

)

 

 

 

 

 

 

$

131,552,000

 

 

 

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 qualifying interest rate swaps on the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022:

 

 

 

(Loss) recognized in other

 

 

 

comprehensive income

 

 

 

reclassified into earnings (effective portion)

 

 

 

Three months ended March 31,

 

Classification

 

2023

 

 

2022

 

Continuing Operations

 

$

 

 

$

(1,362,000

)