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Credit Facilities, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Credit Facilities
The Company had the following credit facilities outstanding as of December 31, 2021 and 2020:
Outstanding Facility Amount as of December 31,
Effective Interest Rate as of December 31,(9)(10)
Credit Facility
Encumbered Properties(1)
2021202020212020Interest RateMaturity
(In thousands)(In thousands)
Credit Facility:
Revolving Credit Facility
$— $173,674 — %3.21 %VariableMar. 2023(8)
Term Loan
150,000 150,000 4.11 %4.95 %Variable(6)Mar. 2024
Deferred financing costs
(2,994)(4,298)
Term Loan, net
147,006 145,702 
Total Credit Facility
92(2)$147,006 $319,376 
Fannie Mae Master Credit Facilities:
Capital One Facility11(3)$212,417 $212,467 2.51 %2.60 %Variable(7)Nov. 2026
KeyBank Facility10(4)142,628 142,708 2.56 %2.65 %Variable(7)Nov. 2026
Total Fannie Mae Master Credit Facilities
21$355,045 $355,175 
Total Credit Facilities113$502,051 $674,551 3.00 %(5)3.29 %(5)
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(1)Encumbered properties are as of December 31, 2021.
(2)The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder.
(3)Secured by first-priority mortgages on 11 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2021 with a carrying value of $346.2 million.
(4)Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2021 with carrying value of $255.0 million.
(5)Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2021 and 2020, respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details.
(6)Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details).
(7)Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details).
(8)The company has the option to extend maturity one year to March 2024 subject to certain conditions.
(9)Effective interest rate below for variable rate debt gives effect to any “Pay-fixed” swap entered into by the Company allocated to the loan for presentation purposes. If no “Pay-fixed” swaps are allocated, the effective interest rate below represents the variable rate (or contractual floor if appropriate) and the applicable margin in effect as of December 31, 2021 and 2020. Interest rate caps are not considered unless the cap is currently in effect.
(10)The Company has interest “Pay-fixed” swaps which are designated as cash flow hedges on outstanding combined borrowings. To present average rates in the table above, the Company historically allocated the $50.0 million notional amount of a “Pay-fixed” swap to its Revolving Credit Facility with any remaining notional amounts applied to its Capital One Fannie Mae Facility. As of December 31, 2021, all $50.0 million of the “Pay-fixed” swap was allocated to the Capital One Fannie Mae Facility because there were no outstanding borrowings under the Revolving Credit Facility. As of December 31, 2020, all $50.0 million of the ‘Pay-fixed” swap was allocated to the Revolving Credit Facility. All other “Pay-fixed” swaps were allocated to the Capital One MOB mortgage loan and the Term Loan consistently for both December 31, 2021 and 2020.
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled aggregate principal payments for the five years subsequent to December 31, 2021 and thereafter, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities):
Future Principal
Payments
(In thousands)Mortgage Notes PayableCredit FacilitiesTotal
2022$1,331 $2,820 $4,151 
20236,469 4,497 10,966 
20241,178 4,497 5,675 
20251,221 4,497 5,718 
2026391,442 154,122 545,564 
Thereafter190,200 334,612 524,812 
Total$591,841 $505,045 $1,096,886