XML 29 R22.htm IDEA: XBRL DOCUMENT v3.20.1
Mortgage Loans Payable and Unsecured Credit Facility (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations

Debt and finance lease obligations are composed of the following at March 31, 2020:

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

Contractual

 

 

 

Maturity

 

Balance

 

 

interest rates

 

Description

 

dates

 

outstanding

 

 

weighted-average

 

Fixed-rate mortgage

 

Jun 2026

 

$

46,425,000

 

 

3.9%

 

Finance lease obligation

 

Sep 2050

 

 

5,656,000

 

 

5.3%

 

Unsecured credit facilities (a):

 

 

 

 

 

 

 

 

 

 

Variable-rate:

 

 

 

 

 

 

 

 

 

 

Revolving credit facility

 

Sep 2021

(b)

 

182,000,000

 

 

2.5%

 

Term loan

 

Sep 2022

 

 

50,000,000

 

 

2.6%

 

Fixed-rate (c):

 

 

 

 

 

 

 

 

 

 

Term loan

 

Feb 2021

 

 

75,000,000

 

 

3.7%

 

Term loan

 

Feb 2022

 

 

50,000,000

 

 

3.1%

 

Term loan

 

Sep 2022

 

 

50,000,000

 

 

3.3%

 

Term loan

 

Apr 2023

 

 

100,000,000

 

 

3.3%

 

Term loan

 

Sep 2024

 

 

75,000,000

 

 

3.8%

 

Term loan

 

Jul 2025

 

 

75,000,000

 

 

4.7%

 

 

 

 

 

 

709,081,000

 

 

3.3%

 

Unamortized issuance costs

 

 

 

 

(2,578,000

)

 

 

 

 

 

 

 

 

$

706,503,000

 

 

 

 

 

 

 

(a)

During the quarter ended March 31, 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 basis points (“bps”) (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of an increase in the Company’s leverage ratio.

 

(b)

The revolving credit facility is subject to a one-year extension at the Company’s option.

 

(c)

The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.   

Summary of Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at March 31, 2020 and December 31, 2019:

 

March 31, 2020

Designation/

 

 

 

 

 

 

 

Fair

 

 

Maturity

 

Balance sheet

Cash flow

 

Derivative

 

Count

 

 

value

 

 

dates

 

location

Qualifying

 

Interest rate swaps

 

 

7

 

 

$

22,062,000

 

 

2020-2025

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

Designation/

 

 

 

 

 

 

 

Fair

 

 

Maturity

 

Balance sheet

Cash flow

 

Derivative

 

Count

 

 

value

 

 

dates

 

location

Qualifying

 

Interest rate swaps

 

 

2

 

 

$

136,000

 

 

2020-2023

 

Other assets and deferred charges, net

Qualifying

 

Interest rate swaps

 

 

6

 

 

$

7,180,000

 

 

2021-2025

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three months ended March 31, 2020 and 2019, respectively:

 

 

 

 

 

(Loss) gain recognized in other

 

 

 

 

 

comprehensive (loss) income

 

 

 

 

 

(effective portion)

 

Designation/

 

 

 

Three months ended March 31,

 

Cash flow

 

Derivative

 

2020

 

 

2019

 

Qualifying

 

Interest rate swaps

 

$

(15,363,000

)

 

$

(4,877,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) recognized in other

 

 

 

 

 

comprehensive (loss) income

 

 

 

 

 

reclassified into earnings (effective portion)

 

 

 

 

 

Three months ended March 31,

 

 

 

Classification

 

2020

 

 

2019

 

 

 

Continuing Operations

 

$

(349,000

)

 

$

565,000