DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consist of the following (dollars in thousands):

	December 31,
	2021		2020
Mortgages payable	$	200,857	$	130,997
Junior subordinated notes	37,400		37,400
Deferred loan costs	(1,277)		(880)
Total debt obligations	$	236,980	$	167,517

Summary of Activity in Property Debt

A summary of activity in property debt for the year ended December 31, 2021 is as follows (dollars in thousands):

Balance at December 31, 2020	$	130,434
Acquisitions	116,105
Fair value adjustment upon consolidation	2,582
Debt payoff in conjunction with property sales	(14,260)
Debt Payoff	(31,879)
Principal Amortization	(2,688)
Changes in Deferred Fees	(417)
Balance at December 31, 2021	$	199,877

Schedule of Maturities of Long-term Debt

Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands):

Year Ending December 31,	Scheduled Principal Payments
2022	$	31,355
2023	1,679
2024	2,095
2025	17,467
2026	1,904
Thereafter	146,357
	$	200,857

Schedule of Outstanding Debt

The Company incurred the following mortgage debt in connection with the purchase of its venture partners' interests in the year ended December 31, 2021 (dollars in thousands):

Location	Acquisition Date	Mortgage balance at acquisition			Interest Rate		Maturity Date
Bells Bluff - West Nashville, TN	8/18/2021	$	52,000		3.48	%	August 2041
Crestmont at Thornblade - Greenville, SC	10/1/2021	26,425		(a)	4.69	%	November 2028
Crossings - Nashville, TN	12/1/2021	37,680			3.11	%	December 2031
		$	116,105

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(a) Debt assumed in connection with the purchase of the joint venture partner's remaining interest in the venture does not include purchase price allocation of

$2,642 related to this debt.

Schedule of Repayment of Debt

The Company paid off the following debt in the year ended December 31, 2021 (dollars in thousands):

	Mortgage Payoff		Interest Rate		Maturity Date	Prepayment Charges
Avalon - supplemental	$	2,903	4.92	%	3/1/2022	$	29
Avondale Station	7,140		3.74	%	12/1/2022	376
Avondale Station - supp1emental	6,866		5.53	%	12/1/2022	277
Woodland Trails	14,025		4.36	%	2/1/2022	140
RIPCO	945		5.25	%	4/1/2022	—
Total debt paid	$	31,879				$822