XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Notes and Loans Payable [Abstract] |
Schedule of Debt | As of September 30, 2020 and December 31, 2019, the Company's mortgages payable, net were as follows:
| September 30, 2020 |  | December 31, 2019
Mortgages payable (a) | $ | 107,580 |  |  | $ | 176,051 |
Discount, net of accumulated amortization | (93) |  |  | (121) |
Issuance costs, net of accumulated amortization | (478) |  |  | (609) |
Total mortgages payable, net | $ | 107,009 |  |  | $ | 175,321 |
(a)Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of September 30, 2020, and 3.49% to 5.49%, with a weighted average interest rate of 4.34% as of December 31, 2019. As of September 30, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:
| September 30, 2020 |  | December 31, 2019 |  |
| Principal Balance |  | Interest Rate |  | Principal Balance |  | Interest Rate |  | Maturity Date
$250.0 million 5 year - swapped to fixed rate | $ | 100,000 |  |  | 2.6795% (a) |  | $ | 100,000 |  |  | 2.6795% (a) |  | December 21, 2023
$250.0 million 5 year - swapped to fixed rate | 100,000 |  |  | 2.6795% (a) |  | 100,000 |  |  | 2.6795% (a) |  | December 21, 2023
$250.0 million 5 year - variable rate | 50,000 |  |  | 1.3551% (b) |  | 50,000 |  |  | 2.8911% (c) |  | December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6915% (a) |  | 50,000 |  |  | 2.6915% (a) |  | June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6990% (a) |  | 50,000 |  |  | 2.6990% (a) |  | June 21, 2024
$150.0 million 5.5 year - variable rate | 50,000 |  |  | 1.3551% (b) |  | 50,000 |  |  | 2.8911% (c) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  | 400,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (1,796) |  |  |  |  | (2,471) |  |  |  |  |
Total unsecured term loans, net | $ | 398,204 |  |  |  |  | $ | 397,529 |  |  |  |  |
(a)As of September 30, 2020, the Company has four interest rate swap agreements, of which two each 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 2.68%. 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 2.69% and 2.70%. (b)Interest rate reflects 1-Month LIBOR plus 1.20% effective September 1, 2020. (c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2020 for the remainder of 2020, each of the next four years and thereafter.
Scheduled maturities by year: | As of September 30, 2020
2020 | $ | — |
2021 | — |
2022 | 22,939 |
2023 | 40,311 |
2024 | 15,700 |
Thereafter | 28,630 |
Total mortgage payable maturities | $ | 107,580 |
Debt issuance costs, net of accumulated amortization | (478) |
Discount, net of accumulated amortization | (93) |
Total mortgages payable, net | $ | 107,009 |

X
- References No definition available. + Details
Name: | us-gaap_NotesAndLoansPayableAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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