Mortgage Loans Payable and Unsecured Credit Facilities (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Debt Disclosure [Abstract] |
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Schedule of Debt and Finance Lease Obligations Related to Continuing Operations |
Debt and finance lease obligations are composed of the following at December 31, 2021 and 2020:
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December 31, 2021 |
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December 31, 2020 |
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Contractual |
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Contractual |
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Maturity |
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Balance |
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interest rates |
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Balance |
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interest rates |
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Description |
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dates |
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outstanding |
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weighted-average |
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outstanding |
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weighted-average |
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Fixed-rate mortgage |
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Franklin Village |
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Jun 2026 |
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$ |
44,571,000 |
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3.9% |
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$ |
45,645,000 |
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3.9% |
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Shops at Suffolk Downs (a) |
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Jun 2031 |
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15,600,000 |
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3.5% |
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- |
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n/a |
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Trexlertown Plaza (a) |
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Jun 2031 |
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36,100,000 |
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3.5% |
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- |
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n/a |
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The Point (a) |
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Jun 2031 |
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29,700,000 |
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3.5% |
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- |
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n/a |
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Christina Crossing (a) |
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Jun 2031 |
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17,000,000 |
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3.5% |
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- |
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n/a |
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Lawndale Plaza (a) |
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Jun 2031 |
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15,600,000 |
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3.5% |
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- |
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n/a |
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Senator Square finance lease obligation |
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Sep 2050 |
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5,596,000 |
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5.3% |
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5,631,000 |
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5.3% |
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164,167,000 |
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3.6% |
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51,276,000 |
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4.1% |
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Unsecured credit facilities: |
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Variable-rate: |
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Revolving credit facility (b) |
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Aug 2024 |
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66,000,000 |
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1.6% |
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175,000,000 |
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2.7% |
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Term loan |
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Sep 2022 |
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- |
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n/a |
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50,000,000 |
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1.9% |
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Fixed-rate (c): |
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Term loan |
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Feb 2022 |
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- |
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n/a |
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50,000,000 |
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3.3% |
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Term loan |
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Apr 2023 |
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100,000,000 |
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3.3% |
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100,000,000 |
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3.5% |
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Term loan |
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Sep 2024 |
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75,000,000 |
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3.8% |
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75,000,000 |
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3.9% |
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Term loan |
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Jul 2025 |
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75,000,000 |
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4.7% |
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75,000,000 |
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4.8% |
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Term loan |
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Aug 2026 |
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50,000,000 |
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3.3% |
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50,000,000 |
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3.5% |
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530,167,000 |
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3.5% |
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626,276,000 |
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3.4% |
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Unamortized issuance costs |
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(3,129,000 |
) |
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(2,002,000 |
) |
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$ |
527,038,000 |
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$ |
624,274,000 |
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(a) |
The mortgages for these properties are cross-collateralized. |
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(b) |
The revolving credit facility is subject to two one-year extensions at the Company’s option. |
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(c) |
The interest rates on these term loans consist of 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. |
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Schedule of Principal Payments on Mortgage Loan Payable, Finance Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility |
Scheduled principal payments on a mortgage loan payable, finance lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2021, due on various dates from 2023 to 2050, are as follows:
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Mortgage Loan |
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Finance Lease |
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Revolving |
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Term |
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Unamortized |
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Year |
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Payable |
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Obligation |
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Credit Facility |
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Loans |
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Total |
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Issuance Costs |
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Total |
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2022 |
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$ |
1,116,000 |
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$ |
37,000 |
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$ |
- |
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$ |
- |
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$ |
1,153,000 |
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$ |
(600,000 |
) |
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$ |
553,000 |
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2023 |
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1,160,000 |
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39,000 |
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- |
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100,000,000 |
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101,199,000 |
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(518,000 |
) |
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100,681,000 |
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2024 |
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1,206,000 |
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41,000 |
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66,000,000 |
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(a) |
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75,000,000 |
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142,247,000 |
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(451,000 |
) |
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141,796,000 |
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2025 |
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1,253,000 |
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44,000 |
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- |
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75,000,000 |
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76,297,000 |
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(359,000 |
) |
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75,938,000 |
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2026 |
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40,922,000 |
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48,000 |
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- |
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50,000,000 |
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90,970,000 |
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(243,000 |
) |
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90,727,000 |
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Thereafter |
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112,914,000 |
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5,387,000 |
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- |
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- |
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118,301,000 |
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(958,000 |
) |
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117,343,000 |
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$ |
158,571,000 |
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$ |
5,596,000 |
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$ |
66,000,000 |
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$ |
300,000,000 |
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$ |
530,167,000 |
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$ |
(3,129,000 |
) |
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$ |
527,038,000 |
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(a) |
The revolving credit facility is subject to two one-year extensions at the Company's option. |
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Summary of Derivative Financial Instruments Held |
The following is a summary of the derivative financial instruments held by the Company at December 31, 2021 and December 31, 2020:
December 31, 2021 |
Designation/ |
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Fair |
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Maturity |
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Balance sheet |
Cash flow |
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Derivative |
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Count |
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value |
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dates |
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location |
Qualifying |
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Interest rate swaps |
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5 |
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$ |
8,232,000 |
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2023-2025 |
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Accounts payable and accrued liabilities |
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December 31, 2020 |
Designation/ |
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Fair |
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Maturity |
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Balance sheet |
Cash flow |
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Derivative |
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Count |
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value |
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dates |
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location |
Qualifying |
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Interest rate swaps |
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7 |
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$ |
18,927,000 |
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2021-2025 |
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Accounts payable and accrued liabilities |
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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 2021, 2020 and 2019, respectively:
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Gain (loss) recognized in other |
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comprehensive (loss) income |
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(effective portion) |
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Designation/ |
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Years ended December 31, |
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Cash flow |
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Derivative |
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2021 |
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2020 |
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2019 |
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Qualifying |
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Interest rate swaps |
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$ |
(4,148,000 |
) |
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$ |
(17,940,000 |
) |
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$ |
(13,090,000 |
) |
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(Loss) gain recognized in other |
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comprehensive (loss) income |
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reclassified into earnings (effective portion) |
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Years ended December 31, |
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Classification |
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2021 |
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2020 |
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2019 |
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Continuing Operations |
|
$ |
(6,476,000 |
) |
|
$ |
(6,062,000 |
) |
|
$ |
1,196,000 |
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