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Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt As of December 31, 2020, the Company's total debt, net, was $555,109, which consists of mortgages payable, net, of $106,728, credit agreements, net, of $50,000, and unsecured term loans, net, of $398,381. 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. 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. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of December 31, 2020 and 2019, the Company was in compliance with all loan covenants. Mortgages payable As of December 31, 2020 and 2019, the Company had the following mortgages payable outstanding:
| December 31, 2020 |  | December 31, 2019
Mortgages payable (a) | $ | 107,261 |  |  | $ | 176,051 |
Discount, net of accumulated amortization | (84) |  |  | (121) |
Debt issuance costs, net of accumulated amortization | (449) |  |  | (609) |
Total mortgages payable, net | $ | 106,728 |  |  | $ | 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 December 31, 2020, and 3.49% to 5.49%, with a weighted average interest rate of 4.34% as of December 31, 2019. The following table shows the scheduled maturities of the Company's mortgages payable as of December 31, 2020:
Scheduled maturities by year: | As of December 31, 2020
2021 | $ | — |
2022 | 22,834 |
2023 | 40,097 |
2024 | 15,700 |
2025 | 28,630 |
Thereafter | — |
Total | $ | 107,261 |
During the year ended December 31, 2020, the Company repaid $67,349 of mortgages payable on three retail properties with cash on hand. Credit Agreements 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"). For general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate reflecting 1-Month LIBOR plus 1.05% during the second quarter of 2020. The Company subsequently repaid $100,000 of that draw during the fourth quarter of 2020. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022, with two six month extension options. As of December 31, 2020 and 2019, the Company had borrowed a total of $50,000 at an interest rate of 1.19% and no outstanding borrowings, respectively, under the Revolving Credit Agreement, and a facility fee of 0.15% based on the Company's total leverage ratio. As of December 31, 2020, $300,000 of the facility was undrawn. Unsecured term loans The Company has $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. As of December 31, 2020 and 2019, the Company had the following borrowings outstanding under its unsecured term loans:
| December 31, 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 |  |  | 1.3548% (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 |  |  | 2.6690% (a) |  | June 21, 2024
$150.0 million 5.5 year - variable rate | 50,000 |  |  | 1.3548% (b) |  | 50,000 |  |  | 2.8911% (c) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  | 400,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (1,619) |  |  |  |  | (2,471) |  |  |  |  |
Total outstanding credit agreements, net | $ | 398,381 |  |  |  |  | $ | 397,529 |  |  |  |  |
(a)As of December 31, 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 December 1, 2020. (c)Interest rate reflects 1-Month LIBOR plus 1.20% as of December 2, 2019. As of December 31, 2020, each of the Company's interest rate swaps are in a liability position and included within other liabilities on the consolidated balance sheets. As of December 31, 2019, each of the Company's interest rate swaps were 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 (loss) gain recognized in accumulated comprehensive income |  | Location and amount of (loss) gain reclassified from accumulated comprehensive income into net (loss) income |  | Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded
| 2020 |  | 2019 |  | 2018 |  |  | 2020 |  | 2019 |  | 2018 |  |  | 2020 |  | 2019 |  | 2018
Unrealized (loss) gain on derivatives | $ | (16,199) |  |  | 816 |  |  | 923 |  |  | Interest expense, net | $ | (2,693) |  |  | $ | 1,396 |  |  | 956 |  |  | Interest expense, net | $ | 18,749 |  |  | $ | 22,717 |  |  | 24,943 |

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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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