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Debt
 9 Months Ended
Sep. 30, 2021
Notes and Loans Payable [Abstract]  
Debt Debt
As of September 30, 2021, the Company's total debt, net was $502,151, which consists of mortgages payable, net, of $105,868, and unsecured term loans, net, of $396,283. 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 September 30, 2021 and December 31, 2020, the Company was in compliance with all loan covenants.
Mortgages Payable
As of September 30, 2021 and December 31, 2020, the Company's mortgages payable, net were as follows:
September 30, 2021December 31, 2020
Mortgages payable (a)$106,288 $107,261 
Discount, net of accumulated amortization(56)(84)
Issuance costs, net of accumulated amortization(364)(449)
Total mortgages payable, net$105,868 $106,728 
(a)Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of September 30, 2021 and December 31, 2020.
The following table summarizes the scheduled maturities of the Company's mortgages payable as of September 30, 2021 for the remainder of 2021, each of the next four years and thereafter.
Scheduled maturities by year:As of September 30, 2021
2021$— 
202222,511 
202339,447 
202415,700 
202528,630 
Thereafter— 
Total mortgage payable maturities$106,288 
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 September 30, 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 September 30, 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.
On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement, which provides for, among other things, an extension of the maturity of the Company's existing $350,000 unsecured revolving line of credit (the "Amended Revolving Credit Agreement"). The Amended Revolving Credit Agreement has a 4-year term maturing on September 22, 2025 with two six-month extension options.
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 (the “Term Loan Credit Agreement”).
On September 22, 2021, the Company entered into an amendment to the Term Loan Credit Agreement, which provides for, among other things (i) an extension of the maturity of the Company's existing aggregate $400,000 unsecured term loan, and (ii) a reallocation of indebtedness under the two outstanding tranches of term loans thereunder (the "Amended Term Loan Agreement"). The Amended Term Loan Agreement consists of two tranches: a $200,000 5-year tranche maturing on September 22, 2026, and a $200,000 5.5-year tranche maturing on March 22, 2027.
As of September 30, 2021, the Company had the following unsecured term loan tranches outstanding under the Amended Term Loan Agreement:
Principal BalanceInterest RateMaturity Date
$200.0 million 5 year - swapped to fixed rate
$100,000 2.6795% (a)September 22, 2026
$200.0 million 5 year - swapped to fixed rate
100,000 2.6795% (a)September 22, 2026
$200.0 million 5.5 year - swapped to fixed rate
50,000 2.6915% (a)March 22, 2027
$200.0 million 5.5 year - swapped to fixed rate
50,000 2.6990% (a)March 22, 2027
$200.0 million 5.5 year - variable rate
100,000 1.2860% (b)March 22, 2027
Total unsecured term loans400,000 
Issuance costs, net of accumulated amortization(3,717)
Total unsecured term loans, net$396,283 
(a)As of September 30, 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%, respectively.
(b)Interest rate reflects 1-Month LIBOR plus 1.20% effective September 1, 2021.