Debt (Tables)

9 Months Ended

Sep. 30, 2021

Notes and Loans Payable [Abstract]

Schedule of Debt

As of September 30, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows:

	September 30, 2021		December 31, 2020
Mortgages payable (a)	$	106,288	$	107,261
Discount, net of accumulated amortization	(56)		(84)
Issuance costs, net of accumulated amortization	(364)		(449)
Total mortgages payable, net	$	105,868	$	106,728

(a)Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of September 30, 2021 and December 31, 2020.

As of September 30, 2021, the Company had the following unsecured term loan tranches outstanding under the Amended Term Loan Agreement:

	Principal Balance		Interest Rate	Maturity Date
$200.0 million 5 year - swapped to fixed rate	$	100,000	2.6795% (a)	September 22, 2026
$200.0 million 5 year - swapped to fixed rate	100,000		2.6795% (a)	September 22, 2026
$200.0 million 5.5 year - swapped to fixed rate	50,000		2.6915% (a)	March 22, 2027
$200.0 million 5.5 year - swapped to fixed rate	50,000		2.6990% (a)	March 22, 2027
$200.0 million 5.5 year - variable rate	100,000		1.2860% (b)	March 22, 2027
Total unsecured term loans	400,000
Issuance costs, net of accumulated amortization	(3,717)
Total unsecured term loans, net	$	396,283

(a)As of September 30, 2021, the Company has four interest rate swap agreements, of which two each 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%, respectively.

(b)Interest rate reflects 1-Month LIBOR plus 1.20% effective September 1, 2021.

Schedule of Maturities for Outstanding Mortgage Indebtedness

The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2021 for the remainder of 2021, each of the next four years and thereafter.

Scheduled maturities by year:	As of September 30, 2021
2021	$	—
2022	22,511
2023	39,447
2024	15,700
2025	28,630
Thereafter	—
Total mortgage payable maturities	$	106,288