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Debt (Tables) | 9 Months Ended
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Sep. 30, 2019
Notes and Loans Payable [Abstract] |
Schedule of Outstanding Debt | As of September 30, 2019 and December 31, 2018, the Company had the following mortgages payable outstanding:
| September 30, 2019 |  | December 31, 2018
Mortgages payable (a) | $ | 176,502 |  |  | $ | 213,925 |
Premium, net of accumulated amortization | 60 |  |  | 239 |
Discount, net of accumulated amortization | (130 | ) |  | (158 | )
Issuance costs, net of accumulated amortization | (668 | ) |  | (1,079 | )
Total mortgages payable, net | $ | 175,764 |  |  | $ | 212,927 |
(a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of September 30, 2019 and December 31, 2018, with a weighted-average interest rate of 4.34% and 4.33% as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019 and December 31, 2018, the Company had the following borrowings outstanding under its unsecured term loans:
| September 30, 2019 |  | December 31, 2018 |  |
| Principal Balance |  | Interest Rate |  | Principal Balance |  | Interest Rate |  | Maturity Date
$250.0 million 5 year - swapped to fixed rate | $ | 90,000 |  |  | 2.5510% (a) |  | $ | 90,000 |  |  | 2.5510% (a) |  | December 21, 2023
$250.0 million 5 year - swapped to fixed rate | 60,000 |  |  | 2.5525% (a) |  | 60,000 |  |  | 2.5525% (a) |  | December 21, 2023
$250.0 million 5 year - variable-rate | 50,000 |  |  | 3.3003% (b) |  | 50,000 |  |  | 3.5493% (c) |  | December 21, 2023
$250.0 million 5 year - variable-rate | 50,000 |  |  | 3.3003% (b) |  | 26,000 |  |  | 3.6794% (d) |  | December 21, 2023
$150.0 million 5.5 year - variable-rate | 100,000 |  |  | 3.3003% (b) |  | 100,000 |  |  | 3.5493% (c) |  | June 21, 2024
$150.0 million 5.5 year - variable-rate | 50,000 |  |  | 3.3003% (b) |  | 26,000 |  |  | 3.6794% (d) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  | 352,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (2,667 | ) |  |  |  | (3,145 | ) |  |  |  |
Total unsecured term loans, net | $ | 397,333 |  |  |  |  | $ | 348,855 |  |  |  |  |
(a) | The Company swapped $90,000 (notional amount of $90,000) and $60,000 (notional amount of $60,000) of variable-rate debt at an interest rate of 1-Month LIBOR plus 1.20% to a fixed rate of 2.5510% and 2.5525%, respectively. The swaps have an effective date of December 10, 2015 and a termination date of December 1, 2019. As a result, all net deferred amounts in accumulated comprehensive income related to these swaps will be reclassified into earnings during 2019.
(b) | Interest rate reflects 1-Month LIBOR plus 1.20% effective September 3, 2019.
(c) | Interest rate reflects 1-Month LIBOR plus 1.20% effective December 3, 2018.
(d) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 21, 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, 2019 for the remainder of 2019, each of the next four years and thereafter.
| Maturities during the year ending December 31, |  |  |  |
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Mortgages payable | $ | — |  |  | $ | 41,000 |  |  | $ | — |  |  | $ | 50,034 |  |  | $ | 41,138 |  |  | $ | 44,330 |  |  | $ | 176,502 |

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