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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Debt | As of December 31, 2019 and 2018, the Company had the following mortgages payable outstanding:
| December 31, 2019 |  | December 31, 2018
Mortgages payable (a) | $ | 176,051 |  |  | $ | 213,925 |
Premium, net of accumulated amortization | — |  |  | 239 |
Discount, net of accumulated amortization | (121 | ) |  | (158 | )
Debt issuance costs, net of accumulated amortization | (609 | ) |  | (1,079 | )
Total mortgages payable, net | $ | 175,321 |  |  | $ | 212,927 |
(a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of December 31, 2019 and 2018, with a weighted average interest rate of 4.34% and 4.33% as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Company had the following borrowings outstanding under its unsecured term loans:
| December 31, 2019 |  | December 31, 2018 |  |
| Principal Balance |  | Interest Rate |  | Principal Balance |  | Interest Rate |  | Maturity Date
$250.0 million 5 year - swapped to fixed rate | $ | 100,000 |  |  | 2.6795% (a) |  | $ | 90,000 |  |  | 2.5510% (a) |  | December 21, 2023
$250.0 million 5 year - swapped to fixed rate | 100,000 |  |  | 2.6795% (a) |  | 60,000 |  |  | 2.5525% (a) |  | December 21, 2023
$250.0 million 5 year - variable rate | 50,000 |  |  | 2.8911% (b) |  | 50,000 |  |  | 3.5493% (c) |  | December 21, 2023
$250.0 million 5 year - variable rate | — |  |  | —% |  | 26,000 |  |  | 3.6794% (d) |  | December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6915% (a) |  | 50,000 |  |  | 3.5493% (c) |  | June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6990% (a) |  | 50,000 |  |  | 3.5493% (c) |  | June 21, 2024
$150.0 million 5.5 year - variable rate | 50,000 |  |  | 2.8911% (b) |  | 26,000 |  |  | 3.6794% (d) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  | 352,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (2,471 | ) |  |  |  | (3,145 | ) |  |  |  |
Total outstanding credit agreements, net | $ | 397,529 |  |  |  |  | $ | 348,855 |  |  |  |  |
(a) | During the third quarter of 2019, the Company entered into four interest rate swap agreements which effectively replaced the two previous interest rate swaps which terminated on December 1, 2019. Of the four new interest rate swap agreements, two have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.6795%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.6915% and 2.6990%. As of December 31, 2018, 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 had an effective date of December 10, 2015, and a termination date of December 1, 2019.
(b) | Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
(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.
Schedule Of Maturities For Outstanding Mortgage Indebtedness | The following table shows the scheduled maturities of the Company's mortgages payable as of December 31, 2019, for each of the next five years, and thereafter:
| Maturities during the year ending December 31, |  |  |  |
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Mortgages payable | $ | 41,000 |  |  | $ | — |  |  | $ | 49,788 |  |  | $ | 40,933 |  |  | $ | 15,700 |  |  | $ | 28,630 |  |  | $ | 176,051 |
Schedule of Effect of Derivative Financial Instruments Included in AOCI | The following table represents the effect of the derivative financial instruments on the 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
| 2019 |  | 2018 |  | 2017 |  |  | 2019 |  | 2018 |  | 2017 |  |  | 2019 |  | 2018 |  | 2017
Unrealized gain on derivatives | $ | 816 |  |  | 923 |  |  | 1,183 |  |  | Interest expense, net | $ | 1,396 |  |  | 956 |  |  | (423 | ) |  | Interest expense, net | $ | 22,717 |  |  | 24,943 |  |  | 30,155 |
Schedule of Location of Derivative Financial Instruments on Consolidated Financial Statements | The following table represents the effect of the derivative financial instruments on the 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
| 2019 |  | 2018 |  | 2017 |  |  | 2019 |  | 2018 |  | 2017 |  |  | 2019 |  | 2018 |  | 2017
Unrealized gain on derivatives | $ | 816 |  |  | 923 |  |  | 1,183 |  |  | Interest expense, net | $ | 1,396 |  |  | 956 |  |  | (423 | ) |  | Interest expense, net | $ | 22,717 |  |  | 24,943 |  |  | 30,155 |

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