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Debt (Tables)

9 Months Ended

Sep. 30, 2018

Notes and Loans Payable [Abstract]

Schedule of Outstanding Debt

As of September 30, 2018 and December 31, 2017, the Company had the following mortgages payable outstanding:

	September 30, 2018				December 31, 2017
Mortgages payable (a)	$	240,351			$	370,804
Premium, net of accumulated amortization	299				478
Discount, net of accumulated amortization	(167		)		(195		)
Debt issuance costs, net of accumulated amortization	(1,219		)		(1,611		)
Total mortgages payable, net	$	239,264			$	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 4.37% as of September 30, 2018, and 3.49% to 10.45% with a weighted average interest rate of 5.13%, as of December 31, 2017.

As of September 30, 2018 and December 31, 2017, the Company had the following borrowings outstanding under its term loan credit facility and line of credit:

	September 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				3.4038%		50,000				2.6607%		January 15, 2021
7 year - variable rate (d)	100,000				3.7038%		100,000				2.9607%		November 5, 2022
Total unsecured term loans	300,000						300,000
Issuance costs, net of accumulated amortization	(1,270		)				(1,615		)
Total unsecured term loans, net of amortized issuance costs	$	298,730					$	298,385
Unsecured revolving line of credit - variable rate (e)	52,000				3.5211%		—				n/a		February 2, 2019
Total outstanding credit agreements, net	$	350,730

(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 September 30, 2018 and December 31, 2017.

(d) Interest rate reflects 1-Month LIBOR plus 1.6% as of September 30, 2018 and December 31, 2017.

(e) Interest rate reflects 1-Month LIBOR plus 1.4% as of September 30, 2018.

Schedule Of Maturities For Outstanding Mortgage Indebtedness

The following table shows the scheduled maturities of the Company's mortgages payable as of September 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	$	7,575			$	—			$	41,000			$	12,627			$	50,982			$	128,167			$	240,351

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of the terms and amounts of participation in loan arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377297&loc=d3e10013-112621

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