Mortgage Notes Payable, Net (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Mortgage Notes Payable

The following is a summary of the Company's mortgage notes payable, net (in thousands):

	Outstanding borrowings		Premium, net		Deferred Finance Costs, net			Carrying Value		Outstanding borrowings		Premium, net		Deferred Finance Costs, net			Carrying Value
Collateral	September 30, 2020									December 31, 2019
Uptown Buckhead	$	18,973	$	-	$	(153	)	$	18,820	$	19,264	$	-	$	(178	)	$	19,086
Crosstown at Chapel Hill		42,650		—		(279	)		42,371		42,650		—		(325	)		42,325
The Brookwood - Key Bank		16,743		109		(51	)		16,801		17,063		186		(88	)		17,161
The Brookwood - Capital One		2,530		8		(9	)		2,529		2,566		14		(15	)		2,565
Adair off Addison and Adair    off Addison Apartment Homes		33,210		—		(333	)		32,877		33,210		—		(380	)		32,830
1000 Spalding Crossing		23,381		—		(70	)		23,311		23,737		—		(113	)		23,624
Montclair Terrace		19,612		—		(141	)		19,471		19,958		—		(182	)		19,776
Grand Reserve		47,845		—		(489	)		47,356		47,845		—		(539	)		47,306
Verdant Apartment Homes		36,402		—		(137	)		36,265		36,913		—		(178	)		36,735
Arcadia Apartment Homes		39,232		—		(150	)		39,082		39,782		—		(195	)		39,587
Ravina Apartment Homes		25,694		—		(111	)		25,583		26,241		—		(165	)		26,076
81 Fifty at West Hills Apartment    Homes		51,022		—		(287	)		50,735		51,833		—		(368	)		51,465
The Palmer at Las Colinas		45,700		—		(387	)		45,313		45,700		—		(437	)		45,263
Windbrooke Crossing		36,657		—		(220	)		36,437		37,222		—		(272	)		36,950
Woods of Burnsville		37,148		—		(287	)		36,861		37,744		—		(355	)		37,389
Indigo Creek		39,750		—		(262	)		39,488		40,402		—		(320	)		40,082
Martin's Point		29,467		—		(242	)		29,225		29,944		—		(289	)		29,655
	$	546,016	$	117	$	(3,608	)	$	542,525	$	552,074	$	200	$	(4,399	)	$	547,875

The following table presents additional information about the Company's mortgage notes payable, net at September 30, 2020 (in thousands, except percentages):

	Maturity Date	Margin over LIBOR			Annual Interest Rate			Average Monthly Debt Service		Average Monthly Escrow
Uptown Buckhead	7/1/2025		2.22	%		2.37	%	$	70	$	52	(1) (3) (5)
Crosstown at Chapel Hill	7/1/2025		1.77	%		1.92	%		84		75	(1) (3) (4)
The Brookwood - Key Bank	11/1/2021		—			4.73	%		104		65	(2) (6)
The Brookwood - Capital One	11/1/2021		—			5.40	%		16		—	(2) (6)
Adair off Addison and Adair    off Addison Apartment Homes	5/1/2026		1.64	%		1.79	%		73		74	(1) (3) (4)
1000 Spalding Crossing	1/1/2022		—			3.88	%		116		51	(2) (6)
Montclair Terrace	6/1/2023		2.45	%		2.60	%		80		27	(1) (3) (6)
Grand Reserve	5/1/2028		1.72	%		1.87	%		76		90	(1) (3) (4)
Verdant Apartment Homes	5/1/2023		-			3.89	%		176		35	(2) (6)
Arcadia Apartment Homes	5/1/2023		-			3.89	%		189		38	(2) (6)
Ravina Apartment Homes	5/1/2022		-			3.76	%		144		151	(2) (6)
81 Fifty at West Hills Apartment    Homes	7/1/2023		2.36	%		2.51	%		205		58	(1) (3) (6)
The Palmer at Las Colinas	9/1/2026		2.11	%		2.26	%		85		156	(1) (3) (4)
Windbrooke Crossing	1/1/2024		2.69	%		2.84	%		154		65	(1) (3) (6)
Woods of Burnsville	2/1/2024		2.13	%		2.28	%		145		173	(1) (3) (6)
Indigo Creek	5/1/2024		1.93	%		2.08	%		127		74	(1) (3) (6)
Martin's Point	11/1/2024		1.86	%		2.01	%		111		76	(1) (3) (6)

(1) Variable rate based on one-month LIBOR of 0.1483% (as of September 30, 2020) plus a fixed margin

(2) Fixed rate

(3) Variable rate hedged with interest rate cap cash flow hedge

(4) Monthly interest-only payment currently required

(5) Monthly fixed principal plus interest payment required

(6) Fixed monthly payment of principal and interest payment required

Schedule of Annual Principal Payments

Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium and deferred financing costs, for each of the next five 12-month periods ending September 30, and thereafter, are as follows (in thousands):

2021	$	8,716
2022		76,106
2023		146,821
2024		111,344
2025		85,753
Thereafter		117,276
Total principal payments	$	546,016

Amortization of Deferred Financing Costs

Amortization of deferred financing costs for the next five 12-month periods ending September 30, and thereafter, is as follows (in thousands):

2021	$	1,042
2022		903
2023		739
2024		420
2025		254
Thereafter		250
	$	3,608