Debt and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Mortgages and Credit Facilities Payable

As of June 30, 2023 and December 31, 2022, the Company had the following mortgages and credit facility payable:

	June 30, 2023						December 31, 2022
Type of Debt	Principal Amount			Weighted Average Interest Rate			Principal Amount			Weighted Average Interest Rate
Fixed rate mortgages payable	$	112,184			3.84	%	$	112,345			3.84	%
Variable rate mortgages payable with swap agreements		26,000			4.55	%		67,348			3.71	%
Mortgages payable	$	138,184			3.97	%	$	179,693			3.79	%
Credit facility payable		713,000			4.92	%		677,000			4.56	%
Total debt before unamortized debt issuance costs including impact of interest rate swaps	$	851,184			4.76	%	$	856,693			4.40	%
(Less): Unamortized debt issuance costs		(3,727	)					(4,348	)
Total debt	$	847,457					$	852,345

Schedule of Principal Payments and Maturities of Company's Debt

As of June 30, 2023, scheduled principal payments and maturities on the Company’s debt were as follows:

	June 30, 2023
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Maturities of Mortgage Loans		Maturity of Credit Facility		Total
2023 (remainder of the year)	$	165	$	—	$	—	$	165
2024		341		—		—		341
2025		295		92,656		—		92,951
2026		—		44,727		138,000		182,727
2027		—		—		575,000		575,000
Thereafter		—		—		—		—
Total	$	801	$	137,383	$	713,000	$	851,184

Summary of Interest Rate Swap Contracts Outstanding

The following table summarizes the Company’s interest rate swap contracts outstanding as of June 30, 2023.

Date Entered	Effective Date	Maturity Date	Receive Floating Rate Index (a)	Pay Fixed Rate			Notional Amount		Fair Value at June 30, 2023
Assets
December 5, 2022	December 1, 2022	January 1, 2026	One-month Term SOFR		2.25	%		26,000		1,371
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.69	%		90,000		7,254
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.85	%		100,000		7,517
February 3, 2022	March 1, 2022	February 3, 2027	One-month Term SOFR		1.72	%		85,000		6,795
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		60,000		2,811
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		60,000		2,806
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.71	%		75,000		3,515
May 17, 2022	June 1, 2022	February 3, 2027	One-month Term SOFR		2.77	%		55,000		2,483
							$	551,000	$	34,552

(a)At June 30, 2023, the one-month term SOFR was 5.14%.

Schedule of Effect of Derivatives on Consolidated Statements of Operations and Comprehensive Income (Loss)

The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,					Six Months Ended  June 30,
Derivatives in Cash Flow Hedging Relationships	2023			2022		2023			2022
Effective portion of derivatives	$	14,170		$	7,142	$	9,625		$	19,141
Reclassification adjustment for amounts included in net gain or loss (effective portion)	$	(3,849	)	$	1,372	$	(7,334	)	$	2,840