Mortgage Notes Payable, Net (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table reflects the Company’s mortgage notes payable as of December 31, 2019 and 2018:

Portfolio	Encumbered Properties (1)	Outstanding Loan Amount as of December 31,						Effective Interest Rate(2) as of December 31,			Interest Rate
		2019			2018			2019		2018			Maturity
		(In thousands)			(In thousands)
Countryside Medical Arts - Safety Harbor, FL	—	$	—		$	5,690		—	%	6.20%	Variable	(4)	Apr. 2019	(7)
St. Andrews Medical Park - Venice, FL	—	—			6,289			—	%	6.20%	Variable	(4)	Apr. 2019	(7)
Palm Valley Medical Plaza - Goodyear, AZ	1	3,112			3,222			4.15	%	4.15%	Fixed		Jun. 2023
Medical Center V - Peoria, AZ	1	2,884			2,977			4.75	%	4.75%	Fixed		Sep. 2023
Courtyard Fountains - Gresham, OR	—	—			23,905			—	%	3.87%	Fixed		Jan. 2020	(8)
Fox Ridge Bryant - Bryant, AR	1	7,283			7,427			3.98	%	3.98%	Fixed		May 2047
Fox Ridge Chenal - Little Rock, AR	1	16,695			16,988			3.98	%	3.98%	Fixed		May 2049
Fox Ridge North Little Rock - North Little Rock, AR	1	10,359			10,541			3.98	%	3.98%	Fixed		May 2049
Philip Professional Center - Lawrenceville, GA	—	—			4,793			—	%	4.00%	Fixed		Oct. 2019	(7)
Capital One MOB Loan	35	378,500			250,000			3.66	%	4.44%	Fixed	(5)	Dec. 2026
Bridge Loan	—	—			20,271			—	%	4.87%	Fixed/Variable	(6)	Dec. 2019	(9)
Multi-Property CMBS Loan	21	118,700			118,700			4.60	%	4.6%	Fixed		May 2028
Gross mortgage notes payable	61	537,533			470,803			3.90	%	4.48%
Deferred financing costs, net of accumulated amortization (3)		(7,718		)	(6,591		)
Mortgage premiums and discounts, net		(1,531		)	(1,373		)
Mortgage notes payable, net		$	528,284		$	462,839

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⁽¹⁾ Does not include real estate assets mortgaged to secure advances under the Fannie Mae Master Credit Facilities (as defined below) or eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below). The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the real estate assets comprising the borrowing base have been pledged for the benefit of the lenders thereunder (see Note 5 — Credit Facilities for additional details).

⁽²⁾  Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2019. For the LIBOR based loans, LIBOR in effect at the balance sheet date was utilized. For the Capital One MOB Loan, the effective rate does not include the effect of amortizing the amount paid to terminate the previous pay-fixed swap. See Note 7 — Derivatives and Hedging Activities for additional details.

⁽³⁾ Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are generally expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close.

⁽⁴⁾  Based on 30-day LIBOR.

⁽⁵⁾  Variable rate loan, based on 30-day LIBOR, which is fixed as a result of entering into “pay-fixed” interest rate swap agreements. In connection with the amendment to this loan in December 2019 (see additional details below), the Company terminated the previous interest rate swap agreements and entered into new interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details).

⁽⁶⁾ Variable rate loan based on 30-day LIBOR, of which $8.0 million is fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details).

⁽⁷⁾  The loan was repaid and the property was added to the borrowing base under the Credit Facility in April 2019.

⁽⁸⁾  Loan was repaid in October 2019, in advance of its scheduled maturity, and the property was added to the borrowing base of the Credit Facility.

⁽⁹⁾  Loan was repaid in October 2019, in advance of its scheduled maturity, and nine of the properties were added to the borrowing base of the Credit Facility.