Debt (Tables)

9 Months Ended

Sep. 30, 2019

Notes and Loans Payable [Abstract]

Schedule of Outstanding Debt

As of September 30, 2019 and December 31, 2018, the Company had the following mortgages payable outstanding:

	September 30, 2019			December 31, 2018
Mortgages payable (a)	$	176,502		$	213,925
Premium, net of accumulated amortization	60			239
Discount, net of accumulated amortization	(130		)	(158		)
Issuance costs, net of accumulated amortization	(668		)	(1,079		)
Total mortgages payable, net	$	175,764		$	212,927

(a)

Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of September 30, 2019 and December 31, 2018, with a weighted-average interest rate of 4.34% and 4.33% as of September 30, 2019 and December 31, 2018, respectively.

As of September 30, 2019 and December 31, 2018, the Company had the following borrowings outstanding under its unsecured term loans:

	September 30, 2019				December 31, 2018
	Principal Balance			Interest Rate	Principal Balance			Interest Rate	Maturity Date
$250.0 million 5 year - swapped to fixed rate	$	90,000		2.5510% (a)	$	90,000		2.5510% (a)	December 21, 2023
$250.0 million 5 year - swapped to fixed rate	60,000			2.5525% (a)	60,000			2.5525% (a)	December 21, 2023
$250.0 million 5 year - variable-rate	50,000			3.3003% (b)	50,000			3.5493% (c)	December 21, 2023
$250.0 million 5 year - variable-rate	50,000			3.3003% (b)	26,000			3.6794% (d)	December 21, 2023
$150.0 million 5.5 year - variable-rate	100,000			3.3003% (b)	100,000			3.5493% (c)	June 21, 2024
$150.0 million 5.5 year - variable-rate	50,000			3.3003% (b)	26,000			3.6794% (d)	June 21, 2024
Total unsecured term loans	400,000				352,000
Issuance costs, net of accumulated amortization	(2,667		)		(3,145		)
Total unsecured term loans, net	$	397,333			$	348,855

(a) The Company swapped $90,000 (notional amount of $90,000) and $60,000 (notional amount of $60,000) of variable-rate debt at an interest rate of 1-Month LIBOR plus 1.20% to a fixed rate of 2.5510% and 2.5525%, respectively. The swaps have an effective date of December 10, 2015 and a termination date of December 1, 2019. As a result, all net deferred amounts in accumulated comprehensive income related to these swaps will be reclassified into earnings during 2019.

(b) Interest rate reflects 1-Month LIBOR plus 1.20% effective September 3, 2019.

(c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 3, 2018.

(d)

Interest rate reflects 1-Month LIBOR plus 1.20% effective December 21, 2018.

Schedule of Maturities for Outstanding Mortgage Indebtedness

The following table shows the scheduled maturities of the Company's mortgages payable as of September 30, 2019 for the remainder of 2019, each of the next four years and thereafter.

	Maturities during the year ending December 31,
	2019		2020		2021		2022		2023		Thereafter		Total
Mortgages payable	$	—	$	41,000	$	—	$	50,034	$	41,138	$	44,330	$	176,502