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Mortgage Notes Payable, Net (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s mortgage notes payable, net as of June 30, 2022 and December 31, 2021 consisted of the following:
Outstanding Loan Amount as of
Effective Interest Rate as of
Portfolio
Encumbered Properties
June 30,
2022		December 31,
2021		June 30,
2022
Interest Rate
Maturity
Anticipated Repayment
(In thousands)(In thousands)
2019 Class A-1 Net Lease Mortgage Notes102$117,931 $118,231 3.83 %FixedMay 2049May 2026
2019 Class A-2 Net Lease Mortgage Notes108120,338 120,644 4.52 %FixedMay 2049May 2029
2021 Class A-1 Net-Lease Mortgage Notes4954,047 54,487 2.24 %FixedMay 2051May 2028
2021 Class A-2 Net-Lease Mortgage Notes4793,353 94,113 2.83 %FixedMay 2051May 2031
2021 Class A-3 Net-Lease Mortgage Notes3335,000 35,000 3.07 %FixedMay 2051May 2028
2021 Class A-4 Net-Lease Mortgage Notes3555,000 55,000 3.65 %FixedMay 2051May 2031
     Total Net Lease Mortgage Notes 374475,669 477,475 
Stop & Shop
445,000 45,000 3.50 %FixedJan. 2030Jan. 2030
Column Financial Mortgage Notes365706,197 715,000 3.79 %FixedAug. 2025Aug. 2025
Bob Evans I
2222,842 22,842 4.71 %FixedSep. 2037Sep. 2027
Mortgage Loan II
12210,000 210,000 4.25 %FixedJan. 2028Jan. 2028
Mortgage Loan III
2233,400 33,400 4.12 %FixedJan. 2028Jan. 2028
Cottonwood Commons (4)
119,250 — 4.52 %FixedSep. 2023Sep. 2023
The Marquis (4)
18,556 — 3.95 %FixedMay 2023May 2023
Assumed Multi-Tenant Mortgage I (4)
316,700 — 4.68 %FixedSep. 2033Sep. 2023
Assumed Multi-Tenant Mortgage II (4)
425,000 — 4.54 %FixedFeb. 2024Feb. 2024
Assumed Multi-Tenant Mortgage III (4)
331,300 — 3.70 %FixedApr. 2023Apr. 2023
Assumed Multi-Tenant Mortgage IV (4)
428,387 — 3.90 %FixedApr. 2023Apr. 2023
Assumed Multi-Tenant Mortgage V (4)
761,134 — 3.70 %FixedSep. 2023Sep. 2023
The Plant (4)
1123,000 — 3.87 %FixedMay 2033May 2023
Gross mortgage notes payable
8231,806,435 1,503,717 3.82 %
 (1)
Deferred financing costs, net of accumulated amortization (2)
(36,990)(38,672)
Mortgage premiums and (discounts), net (3)
(1,419)(115)
Mortgage notes payable, net
$1,768,026 $1,464,930 
__________
(1)Calculated on a weighted-average basis for all mortgages outstanding as of June 30, 2022.
(2)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 it is probable the financing will not close.
(3)Mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining terms of the respective mortgages.
(4)The Company assumed this fixed-rate mortgage when it acquired a property in the CIM Portfolio Acquisition during the six months ended June 30, 2022 with net discounts of $1.5 million.
Schedule of Maturities of Long-term Debt
The following table summarizes the scheduled aggregate principal payments on mortgage notes payable based on anticipated maturity dates for the five years subsequent to June 30, 2022 and thereafter:
Future Principal Payments
(In thousands)Mortgage Notes
Credit Facility (1)
Senior Notes (2)
Total
2022 (remainder)$3,078 $— $— $3,078 
2023289,784 — — 289,784 
202426,646 — — 26,646 
2025707,867 — — 707,867 
2026116,929 488,000 — 604,929 
202721,553 — — 21,553 
Thereafter640,578 — 500,000 1,140,578 
 $1,806,435 $488,000 $500,000 $2,794,435 
________
(1)The Credit Facility matures on April 1, 2026, subject to the Company’s right, subject to customary conditions, to extend the maturity date by up to two additional six-month terms. See Note 5 — Credit Facility for additional information.
(2)The Senior Notes will mature on September 30, 2028. See Note 6 — Senior Notes, Net for additional information.