XML 45 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

As of December 31, 2018, the Company had the following borrowings outstanding under its unsecured term loans:

	Principal Balance				Interest Rate		Maturity Date
$250.0 million 5 year - swapped to fixed rate (a)	$	90,000			2.5510%		December 21, 2023
$250.0 million 5 year - swapped to fixed rate (b)	60,000				2.5525%		December 21, 2023
$250.0 million 5 year - variable rate (c)	50,000				3.5493%		December 21, 2023
$250.0 million 5 year - variable rate (d)	26,000				3.6794%		December 21, 2023
$150.0 million 5.5 year - variable rate (c)	100,000				3.5493%		June 21, 2024
$150.0 million 5.5 year - variable rate (d)	26,000				3.6794%		June 21, 2024
Total unsecured term loans	352,000
Issuance costs, net of accumulated amortization (e)	(3,145		)
Total outstanding credit agreements, net	$	348,855

(a) The Company swapped $90,000 of variable rate debt at an interest rate of 1-Month LIBOR plus 1.2% to a fixed rate of 2.5510%. 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 1.2% to a fixed rate of 2.5525%. 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 1.20% as of December 3, 2018.

(d) Interest rate reflects 1-Month LIBOR plus 1.20% as of December 21, 2018.

(e) Reflects issuance costs, net of accumulated amortization, of $1,966 related to the December 21, 2018 term loans, and $1,179 related to the November 5, 2015 term loans. In accordance with the Company's accounting policy for debt modification, the Company did not write-off the issuance costs associated with the modification of the November 5, 2015 term loans as it did not meet the criteria of a substantial modification.

As of December 31, 2017, the Company had the following borrowings outstanding under its unsecured term loan:

	Principal Balance				Interest Rate		Maturity Date
5 year - swapped to fixed rate (a)	$	90,000			2.6510%		January 15, 2021
5 year - swapped to fixed rate (b)	60,000				2.6525%		January 15, 2021
5 year - variable rate (c)	50,000				2.6607%		January 15, 2021
7 year - variable rate (d)	100,000				2.9607%		November 5, 2022
Total unsecured term loans	300,000
Issuance costs, net of accumulated amortization	(1,615		)
Total outstanding credit agreements, net	$	298,385

(a) The Company swapped the $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 December 31, 2017.

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

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

	December 31, 2018				December 31, 2017
Mortgages payable (a)	$	213,925			$	370,804
Premium, net of accumulated amortization	239				478
Discount, net of accumulated amortization	(158		)		(195		)
Debt issuance costs, net of accumulated amortization	(1,079		)		(1,611		)
Total mortgages payable, net	$	212,927			$	369,476

(a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49%, with a weighted average interest rate of 4.33% as of December 31, 2018, and 3.49% to 10.45% (for both conforming loans and loans in default), with a weighted average interest rate of 5.13% as of December 31, 2017.

Schedule Of Maturities For Outstanding Mortgage Indebtedness

The following table shows the scheduled maturities of the Company's mortgages payable as of December 31, 2018, for each of the next five years, and thereafter:

	Maturities during the year ending December 31,
	2019				2020				2021				2022				2023				Thereafter				Total
Mortgages payable	$	—			$	41,000			$	12,557			$	50,748			$	41,740			$	67,880			$	213,925

Schedule of Effect of Derivative Financial Instruments Included in AOCI

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

Location and amount of gain recognized in accumulated comprehensive income											Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income											Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
	2018				2017			2016				2018				2017			2016				2018				2017			2016
Unrealized gain on derivatives	$	923			1,183			623			Interest expense, net	$	956			(423	)		(1,295	)		Interest expense, net	$	24,943			30,155			44,135

Schedule of Location of Derivative Financial Instruments on Consolidated Financial Statements

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements:

Location and amount of gain recognized in accumulated comprehensive income											Location and amount of gain (loss) reclassified from accumulated comprehensive income into net income											Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
	2018				2017			2016				2018				2017			2016				2018				2017			2016
Unrealized gain on derivatives	$	923			1,183			623			Interest expense, net	$	956			(423	)		(1,295	)		Interest expense, net	$	24,943			30,155			44,135

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ Details

Name:	us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration