XML 44 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Mortgage and Other Indebtedness (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Participating Mortgage Loans
Mortgage and other indebtedness consisted of the following as of September 30, 2019 and December 31, 2018:
 
 
As of September 30, 2019
 
Principal
 
Unamortized Net Premiums
 
Unamortized Debt Issuance Costs
 
Total
Senior unsecured notes - fixed rate
$
550,000

 
$

 
$
(4,289
)
 
$
545,711

Unsecured revolving credit facility

 

 
(2,882
)
 
(2,882
)
Unsecured term loans
250,000

 

 
(1,912
)
 
248,088

Mortgage notes payable - fixed rate
332,603

 
2,608

 
(251
)
 
334,960

Mortgage notes payable - variable rate
72,951

 

 
(244
)
 
72,707

Total mortgage and other indebtedness
$
1,205,554

 
$
2,608

 
$
(9,578
)
 
$
1,198,584

 
 
As of December 31, 2018
 
Principal
 
Unamortized Net Premiums
 
Unamortized Debt Issuance Costs
 
Total
Senior unsecured notes - fixed rate
$
550,000

 
$

 
$
(4,864
)
 
$
545,136

Unsecured revolving credit facility
45,600

 

 
(3,796
)
 
41,804

Unsecured term loans
345,000

 

 
(2,470
)
 
342,530

Mortgage notes payable - fixed rate
534,679

 
6,566

 
(584
)
 
540,661

Mortgage notes payable - variable rate
73,491

 

 
(321
)
 
73,170

Total mortgage and other indebtedness
$
1,548,770

 
$
6,566

 
$
(12,035
)
 
$
1,543,301


Schedule of Debt
Consolidated indebtedness, including weighted average maturities and weighted average interest rates as of September 30, 2019, considering the impact of interest rate swaps, is summarized below:
 
 
Outstanding Amount
 
Ratio
 
Weighted Average
Interest Rate
 
Weighted Average
Maturity (Years)
Fixed rate debt1
$
1,148,803

 
95
%
 
4.01
%
 
5.8
Variable rate debt
56,751

 
5
%
 
3.92
%
 
7.7
Net debt premiums and issuance costs, net
(6,970
)
 
N/A

 
N/A

 
N/A
Total
$
1,198,584

 
100
%
 
4.03
%
 
5.9
 
____________________
1
Fixed rate debt includes, and variable rate date excludes, the portion of such debt that has been hedged by interest rate derivatives. As of September 30, 2019, $266.2 million in variable rate debt is hedged for a weighted average 3.3 years.

Deferred Cost Amortization
The accompanying consolidated statements of operations include amortization of debt issuance costs as a component of interest expense as follows:
  
 
 
Nine Months Ended
September 30,
 
 
2019
 
2018
Amortization of debt issuance costs
 
$
2,128

 
$
2,220


The amounts of such amortization included in the accompanying consolidated statements of operations are as follows:
 
Nine Months Ended
September 30,
 
2019
 
2018
Amortization of deferred leasing costs, lease intangibles and other
$
10,601

 
$
14,531

Amortization of above market lease intangibles
958

 
2,026