Schedule of Maturities for Outstanding Mortgage Indebtedness |
The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2020 for the remainder of 2020, each of the next four years and thereafter. | | | | | Scheduled maturities by year: | As of March 31, 2020 | 2020 | $ | — |
| 2021 | — |
| 2022 | 49,538 |
| 2023 | 40,726 |
| 2024 | 15,700 |
| Thereafter | 28,630 |
| Total mortgage payable maturities | $ | 134,594 |
| Debt issuance costs, net of accumulated amortization | (575 | ) | Discount, net of accumulated amortization | (111 | ) | Total mortgages payable, net | $ | 133,908 |
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Schedule of Outstanding Debt |
As of March 31, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding: | | | | | | | | | | | | | | | | March 31, 2020 | | December 31, 2019 | | | | Principal Balance | | Interest Rate | | Principal Balance | | Interest Rate | | Maturity Date | $250.0 million 5 year - swapped to fixed rate | $ | 100,000 |
| | 2.6795% (a) | | $ | 100,000 |
| | 2.6795% (a) | | December 21, 2023 | $250.0 million 5 year - swapped to fixed rate | 100,000 |
| | 2.6795% (a) | | 100,000 |
| | 2.6795% (a) | | December 21, 2023 | $250.0 million 5 year - variable-rate | 50,000 |
| | 2.7811% (b) | | 50,000 |
| | 2.8911% (c) | | December 21, 2023 | $150.0 million 5.5 year - swapped to fixed rate | 50,000 |
| | 2.6915% (a) | | 50,000 |
| | 2.6915% (a) | | June 21, 2024 | $150.0 million 5.5 year - swapped to fixed rate | 50,000 |
| | 2.6990% (a) | | 50,000 |
| | 2.6990% (a) | | June 21, 2024 | $150.0 million 5.5 year - variable-rate | 50,000 |
| | 2.7811% (b) | | 50,000 |
| | 2.8911% (c) | | June 21, 2024 | Total unsecured term loans | 400,000 |
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| | 400,000 |
| | | | | Issuance costs, net of accumulated amortization | (2,246 | ) | | | | (2,471 | ) | | | | | Total unsecured term loans, net | $ | 397,754 |
| | | | $ | 397,529 |
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| | (a) | As of March 31, 2020, the Company has four interest rate swap agreements, of which two have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%. |
| | (b) | Interest rate reflects 1-Month LIBOR plus 1.20% effective March 2, 2020. |
| | (c) | Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019. |
(d) During the twelve months subsequent to March 31, 2020, the Company expects to reclassify $3,532 of deferred amounts in accumulated comprehensive income (loss) into earnings.
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