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Debt | 6 Months Ended
--- | ---
Jun. 30, 2018
Notes and Loans Payable [Abstract] |
Debt | Debt Mortgages payable As of June 30, 2018 and December 31, 2017, the Company had the following mortgages payable outstanding:
| June 30, 2018 |  | December 31, 2017
Mortgages payable (a) | $ | 292,835 |  |  | $ | 370,804 |
Premium, net of accumulated amortization | 359 |  |  | 478 |
Discount, net of accumulated amortization | (176 | ) |  | (195 | )
Debt issuance costs, net of accumulated amortization | (1,297 | ) |  | (1,611 | )
Total mortgages payable, net | $ | 291,721 |  |  | $ | 369,476 |
(a) | Mortgages payable had fixed interest rates (for both conforming loans and loans in default) ranging from 3.49% to 5.49%, with a weighted average interest rate of 4.34% as of June 30, 2018, and 3.49% to 10.45% with a weighted average interest rate of 5.13%, as of December 31, 2017.
Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of June 30, 2018, the Company was in compliance with all mortgage loan requirements. The following table shows the scheduled maturities of the Company's mortgages payable as of June 30, 2018, for the remainder of 2018, each of the next four years, and thereafter.
| Maturities during the year ending December 31, |  |  |  |
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
Mortgages payable | $ | 59,575 |  |  | $ | — |  |  | $ | 41,000 |  |  | $ | 12,694 |  |  | $ | 51,206 |  |  | $ | 128,360 |  |  | $ | 292,835 |
The Company believes that it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to these mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand, available capacity on term loan and line of credit, if any, to repay, refinance or extend the debt maturing in the near term. Of the total outstanding mortgages payable, $3,000 is recourse to the Company at June 30, 2018. Credit agreements On November 5, 2015, the Company entered into a term loan credit agreement for a $300,000 unsecured credit facility with an accordion feature that allows the Company to increase the size of the unsecured term loan credit facility to $600,000, subject to certain conditions. As of June 30, 2018 and December 31, 2017, the Company had the following borrowings outstanding under its term loan credit facility:
| June 30, 2018 |  | December 31, 2017 |  |
| Aggregate Principal Balance |  | Interest Rate |  | Aggregate Principal Balance |  | Interest Rate |  | Maturity Date
5 year - swapped to fixed rate (a) | $ | 90,000 |  |  | 2.6510% |  | $ | 90,000 |  |  | 2.6510% |  | January 15, 2021
5 year - swapped to fixed rate (b) | 60,000 |  |  | 2.6525% |  | 60,000 |  |  | 2.6525% |  | January 15, 2021
5 year - variable rate (c) | 50,000 |  |  | 3.2825% |  | 50,000 |  |  | 2.6607% |  | January 15, 2021
7 year - variable rate (d) | 100,000 |  |  | 3.5825% |  | 100,000 |  |  | 2.9607% |  | November 5, 2022
Total unsecured term loans | 300,000 |  |  |  |  | 300,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (1,385 | ) |  |  |  | (1,615 | ) |  |  |  |
| $ | 298,615 |  |  |  |  | $ | 298,385 |  |  |  |  |
(a) | The Company swapped $90,000 of variable rate debt at an interest rate of 1-Month LIBOR plus 1.3% to a fixed rate of 2.6510%. The swap has an effective date of December 10, 2015, a termination date of December 1, 2019, and a notional amount of $90,000.
(b) | The Company swapped $60,000 of variable rate debt at an interest rate of 1-Month LIBOR plus 1.3% to a fixed rate of 2.6525%. The swap has an effective date of December 10, 2015, a termination date of December 1, 2019, and a notional amount of $60,000.
(c) | Interest rate reflects 1-Month LIBOR plus 1.3% as of June 30, 2018 and December 31, 2017.
(d) | Interest rate reflects 1-Month LIBOR plus 1.6% as of June 30, 2018 and December 31, 2017.
The term loan credit facility is subject to the maintenance of certain financial covenants. As of June 30, 2018 and December 31, 2017, the Company was in compliance with all of the covenants and default provisions under the term loan credit agreement. On February 3, 2015, the Company entered into an amended and restated credit agreement for a $300,000 unsecured revolving line of credit with an accordion feature that allows the Company to increase the size of its unsecured line of credit up to $600,000, subject to certain conditions. The unsecured revolving line of credit matures on February 2, 2019 and contains one twelve-month extension option that the Company may exercise upon payment of an extension fee equal to 0.15% of the commitment amount on the maturity date and subject to certain other conditions. The unsecured revolving line of credit bears interest at a rate equal to 1-Month LIBOR plus 1.40% and requires the maintenance of certain financial covenants. The Company had $300,000 available under the unsecured revolving line of credit as of June 30, 2018.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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