Mortgage Notes Payable, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table reflects the Company’s mortgage notes payable as of December 31, 2021 and 2020:

Portfolio	Encumbered Properties	Outstanding Loan Amount as of December 31,				Effective Interest Rate (1) as of December 31,			Interest Rate
		2021		2020		2021		2020			Maturity
		(In thousands)		(In thousands)
Palm Valley Medical Plaza - Goodyear, AZ	1	$	2,879	$	2,998	4.15	%	4.15%	Fixed		Jun. 2023
Medical Center V - Peoria, AZ	1	2,684		2,786		4.75	%	4.75%	Fixed		Sep. 2023
Fox Ridge Bryant - Bryant, AR	1	6,977		7,133		3.98	%	3.98%	Fixed		May 2047
Fox Ridge Chenal - Little Rock, AR	1	16,024		16,390		2.95	%	3.98%	Fixed		May 2049
Fox Ridge North Little Rock - North Little Rock, AR	1	9,943		10,170		2.95	%	3.98%	Fixed		May 2049
Capital One MOB Loan	41	378,500		378,500		3.71	%	3.71%	Fixed	(2)	Dec. 2026
Multi-Property CMBS Loan	21	118,700		118,700		4.60	%	4.60%	Fixed		May 2028
Shiloh - Illinois (3)	1	13,384		13,684		4.34	%	4.34%	Fixed		March 2026
BMO CMBS	9	42,750		—		2.89	%	—%	Fixed		Dec. 2031
Gross mortgage notes payable	77	591,841		550,361		3.82	%	3.94%
Deferred financing costs, net of accumulated amortization (4)		(6,186)		(6,191)
Mortgage premiums and discounts, net		(1,416)		(1,472)
Mortgage notes payable, net		$	584,239	$	542,698

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(1)    Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2021 and December 31, 2020. 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.

(2) 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).

(3)    The Company assumed this fixed rate mortgage when it acquired a property during the year ended December 31, 2020.

(4)    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.