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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2021
Long-Term Debt [Abstract]  
Summary of Long Term Debt Lender Balance at December 31, 2020 Interest rate at December 31, 2020 Maturity Amortization provision Properties encumbered at December 31, 2020Fixed rate debt Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 $ 8,454  4.54% 08/2024 25 years 1 OSK X, LLC (1) 13,199  4.33% 12/2023 (5) 25 years 1 OSK X, LLC (1) 880  4.33% 12/2023 (5) 7 years -Paycheck Protection Program (7) 2,299  1.00% 05/2022 (7) -Total fixed rate debt 24,832 Variable rate debt Wells Fargo 25,386  2.55% (2) 11/2022 (6) 30 years 3 KeyBank credit facility (3) 118,114  4% (4) 1/2023 Interest only 10 Total variable rate debt 143,500 15  Total long-term debt $168,332 Less: Deferred financing costs (1,806) Total long-term debt, net of deferred financing costs $166,526 (1) Both loans are collateralized by Aloft Leawood. These loans were formerly held by Great Western Bank prior to being purchased by OSK X, LLC on December 24, 2020.(2) Variable rate of 30-day LIBOR plus 2.39%, effectively fixed at 4.44% after giving effect to interest rate swap (see Note 9).(3) The commitment fee on unused facility is 0.20% when the usage is over 50% of the total commitment and 0.25% when the usage under 50% of the commitment. Total unused availability under this credit facility was $11,886 at December 31, 2020. (4) Borrowings under the facility accrued interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread of 3.25% or a base rate plus 2.25%. (5) Term was extended for additional two years on December 2, 2020.(6) Two one year extension options subject to the satisfaction of certain conditions.(7) The PPP loans were made up of three separate loans received in April 2020. Monthly payments totaling $121 were scheduled to begin October 2021 if the loan or a portion of it was not forgiven. The entire amount of the loans was used for payroll, utilities, and interest, and was forgiven by the Small Business Association (“SBA”) during the second quarter of 2021.