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Debt | 3 Months Ended
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Mar. 31, 2021
Notes and Loans Payable [Abstract] |
Debt | Debt As of March 31, 2021, the Company's total debt, net was $504,965, which consists of mortgages payable, net, of $106,437, and unsecured term loans, net, of $398,528. The Company believes 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 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 March 31, 2021 and December 31, 2020, the Company was in compliance with all loan covenants. Mortgages Payable As of March 31, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows:
| March 31, 2021 |  | December 31, 2020
Mortgages payable (a) | $ | 106,932 |  |  | $ | 107,261 |
Discount, net of accumulated amortization | (74) |  |  | (84) |
Issuance costs, net of accumulated amortization | (421) |  |  | (449) |
Total mortgages payable, net | $ | 106,437 |  |  | $ | 106,728 |
(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 March 31, 2021 and December 31, 2020. The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2021 for the remainder of 2021, each of the next four years and thereafter.
Scheduled maturities by year: | As of March 31, 2021
2021 | $ | — |
2022 | 22,723 |
2023 | 39,879 |
2024 | 15,700 |
2025 | 28,630 |
Thereafter | — |
Total mortgage payable maturities | $ | 106,932 |
Credit Agreements Revolving Credit Agreement 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"). As of March 31, 2021 and December 31, 2020, the Company had no outstanding borrowings and $50,000 of outstanding borrowings under the Revolving Credit Agreement, respectively, and a facility fee of 0.15%. As of March 31, 2021 and December 31, 2020, $350,000 and $300,000 of the facility was undrawn, respectively. 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 and $50,000 of that draw during the fourth quarter of 2020 and the first quarter of 2021, respectively. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options. Unsecured term loans As of March 31, 2021 and December 31, 2020, the Company had the following unsecured term loan tranches outstanding:
| March 31, 2021 |  | December 31, 2020 |  |
| 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 |  |  | 1.3151% (b) |  | 50,000 |  |  | 1.3548% (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 |  |  | 1.3151% (b) |  | 50,000 |  |  | 1.3548% (c) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  | 400,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (1,472) |  |  |  |  | (1,619) |  |  |  |  |
Total unsecured term loans, net | $ | 398,528 |  |  |  |  | $ | 398,381 |  |  |  |  |
(a)As of March 31, 2021, 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 March 1, 2021. (c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020.

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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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