MORTGAGE NOTES PAYABLE

9 Months Ended

Sep. 30, 2022

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE

NOTE 8 - MORTGAGE NOTES PAYABLE

The following table summarizes the Trust’s mortgage notes payable.  

	Principal Balance At
	September 30,		December 31,
	2022		2021
	(in thousands)
Fixed rate mortgage notes payable (a)	$	514,297	$	490,413
Variable rate mortgage notes payable		-		5,237
Mortgage notes payable		514,297		495,650
Less unamortized debt issuance costs		2,307		2,508
	$	511,990	$	493,142

(a) Includes $106,717 and $108,734 of variable rate mortgage debt that was swapped to a fixed rate at September 30, 2022 and December 31, 2021, respectively.

We are required to make the following principal payments on our outstanding mortgage notes payable for each of the five succeeding fiscal years and thereafter as follows:

Years ending December 31,	Amount
	(in thousands)
2022 (October 1, 2022 - December 31, 2022)	$	6,055
2023		53,006
2024		22,653
2025		53,130
2026		45,546
Thereafter		333,907
Total payments	$	514,297