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Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Credit Facilities The Company had the following credit facilities outstanding as of March 31, 2022 and December 31, 2021:
Outstanding Facility
Amount as of
Effective Interest Rate (9)(10)
Credit Facility
Encumbered Properties (1)
March 31,
2022		December 31, 2021March 31,
2022		December 31, 2021Interest RateMaturity
(In thousands)(In thousands)
Credit Facility:
   Revolving Credit Facility$— $— — %— %VariableMar. 2023(8)
   Term Loan
150,000 150,000 3.98 %4.11 %Fixed(6)Mar. 2024
   Deferred financing costs(2,667)(2,994)
   Term Loan, net
147,333 147,006 
Total Credit Facility
92(2)$147,333 $147,006 
Fannie Mae Master Credit Facilities:
Capital One Facility
11(3)$212,266 $212,417 2.66 %2.51 %Variable(7)Nov. 2026
KeyBank Facility
10(4)142,389 142,628 2.70 %2.56 %Variable(7)Nov. 2026
Total Fannie Mae Master Credit Facilities
21$354,655 $355,045 
Total Credit Facilities113$501,988 $502,051 3.06 %(5)3.00 %(5)
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(1)Encumbered properties are as of March 31, 2022.
(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 March 31, 2022 with a carrying value of $345.4 million.
(4)Secured by first-priority mortgages on ten of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of March 31, 2022 with a carrying value of $254.5 million.
(5)Calculated on a weighted average basis for all credit facilities outstanding as of March 31, 2022 and December 31, 2021.
(6)Variable rate loan, based on LIBOR, all of which was economically fixed as a result of entering into “pay-fixed” interest rate swap agreements (the Company designates its “pay-fixed” interest rate swaps against all 30-day LIBOR debt, 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and 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. All other “pay-fixed” swaps were allocated to the Capital One MOB mortgage loan and the Term Loan consistently for both March 31, 2022 and December 31, 2021.
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled aggregate principal payments for the five years subsequent to March 31, 2022 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 (remainder)$827 $2,536 $3,363 
20233,987 (1)5,769 9,756 
20241,178 155,769 156,947 
20251,221 5,769 6,990 
2026391,442 5,289 396,731 
Thereafter190,199 329,523 519,722 
Total$588,854 $504,655 $1,093,509 
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(1)Includes the Palm Valley mortgage loan of $2.8 million which was repaid in full subsequent to March 31, 2022 prior to its maturity in June 2023, for additional information see Note 17 — Subsequent Events.