Debt (Tables)

3 Months Ended

Mar. 31, 2020

Notes and Loans Payable [Abstract]

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

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				400,000
Issuance costs, net of accumulated amortization	(2,246		)		(2,471		)
Total unsecured term loans, net	$	397,754			$	397,529

(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.