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Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt As of December 31, 2019, the Company's total debt, net, was $572,850, which consists of mortgages payable, net, of $175,321 and credit agreements, net, of $397,529. 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 its mortgages payable and credit agreements. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. Mortgages payable 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.
Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of December 31, 2019 and 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 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 |
Credit Agreements Unsecured revolving line of credit On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company’s prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022, with two six month extension options. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. A facility fee accrues on the aggregate commitments at a rate ranging from 0.15% to 0.30% depending on the Company’s total leverage ratio, and as of December 31, 2019 and 2018, the facility fee was 0.15%. As of December 31, 2019, the Company had no outstanding borrowings under the unsecured revolving credit agreements. Unsecured term loans On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated the Company’s prior unsecured term loan credit agreement in its entirety, and provides for $400,000 in unsecured term loans (the "Term Loan Agreement"). The Term Loan Agreement consists of two tranches: a $250,000 5-year tranche maturing on December 21, 2023, and a $150,000 5.5-year tranche maturing on June 21, 2024. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. The term loan credit facility is subject to maintenance of certain financial covenants. As of December 31, 2019 and 2018, the Company was in compliance with all of the covenants and default provisions under the credit agreements. 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.
For the years ending December 31, 2019 and 2018, each of the Company's interest rate swaps are in an asset position and included within deferred costs and other assets, net on the consolidated balance sheets. The Company has designated these interest rate swaps as cash flow hedges. 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 |
As of December 31, 2019, the Company expects $379 of deferred amounts in accumulated comprehensive income to be reclassified into earnings during the next 12 months.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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