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Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt As of December 31, 2021, the Company's total debt, net, was $533,082, which consists of mortgages payable, net, of $105,574, unsecured term loans, net, of $396,508, and a line of credit balance of $31,000. 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. 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, 2021 and 2020, the Company was in compliance with all loan covenants. Mortgages payable As of December 31, 2021 and 2020, the Company's mortgages payable, net were as follows:
| December 31, 2021 |  | December 31, 2020
Mortgages payable (a) | $ | 105,955 |  |  | $ | 107,261 |
Discount, net of accumulated amortization | (46) |  |  | (84) |
Debt issuance costs, net of accumulated amortization | (335) |  |  | (449) |
Total mortgages payable, net | $ | 105,574 |  |  | $ | 106,728 |
(a)Fixed interest rates ranged from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of December 31, 2021 and 2020. The following table summarizes the scheduled maturities of the Company's mortgages payable as of December 31, 2021:
Scheduled maturities by year: | As of December 31, 2021
2022 | $ | 22,399 |
2023 | 39,226 |
2024 | 15,700 |
2025 | 28,630 |
2026 | — |
Thereafter | — |
Total | $ | 105,955 |
Credit Agreements Revolving line of credit On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated its prior unsecured revolving credit agreement in its entirety, and provided for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). On September 22, 2021, the Company entered into an amendment to the Revolving Credit Agreement (the "Amended Revolving Credit Agreement"), which provides for, among other things, an extension of the maturity of the Company's $350,000 Revolving Credit Agreement to September 22, 2025, with two six-month extension options. The following table summarizes the Company's activity under the revolving line of credit during the years ended December 31, 2021, and 2020:
|  | Revolving Line of Credit |  | Interest Rate
Outstanding borrowings as of January 1, 2020 |  | $ | — |  |  |
Draw on March 27, 2020 |  | $ | 150,000 |  |  |
Repayment on October 28, 2020 |  | $ | (100,000) |  |  |
Outstanding borrowings as of December 31, 2020 (a) |  | $ | 50,000 |  |  | 1.1980% (b)
Repayment on March 11, 2021 |  | $ | (50,000) |  |  |
Draw on November 9, 2021 |  | $ | 31,000 |  |  |
Outstanding borrowings as of December 31, 2021 (a) |  | $ | 31,000 |  |  | 1.1520% (c)
(a)As of December 31, 2021 and 2020, $319,000 and $300,000 remained undrawn, respectively, and the credit facility fee was 0.15%. (b)Interest rate reflects 1-Month LIBOR plus 1.05% effective December 29, 2020. (c)Interest rate reflects 1-Month LIBOR plus 1.05% effective December 9, 2021. Unsecured term loans On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amended and restated its 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 its $400,000 Term Loan Credit Agreement (the "Amended Term Loan Agreement"), which provides for, among other things, an extension of the maturity and a reallocation of indebtedness under the two outstanding tranches of term loans thereunder . The Amended Term Loan Agreement consists of 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 December 31, 2021, the Company had the following unsecured term loan tranches outstanding under the Amended Term Loan Agreement:
| Principal Balance |  | Interest Rate |  | Maturity 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 |  |  | 1.2993% (b) |  | March 22, 2027
Total unsecured term loans | 400,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (3,492) |  |  |  |  |
Total unsecured term loans, net | $ | 396,508 |  |  |  |  |
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (b)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2021. As of December 31, 2020, the Company had the following borrowings outstanding under the Term Loan Credit Agreement:
| Principal Balance |  | Interest Rate |  | Maturity Date
$250.0 million 5 year - swapped to fixed rate | $ | 100,000 |  |  | 2.6795% (a) |  | December 21, 2023
$250.0 million 5 year - swapped to fixed rate | 100,000 |  |  | 2.6795% (a) |  | December 21, 2023
$250.0 million 5 year - variable rate | 50,000 |  |  | 1.3548% (b) |  | December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6915% (a) |  | June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate | 50,000 |  |  | 2.6990% (a) |  | June 21, 2024
$150.0 million 5.5 year - variable rate | 50,000 |  |  | 1.3548% (b) |  | June 21, 2024
Total unsecured term loans | 400,000 |  |  |  |  |
Issuance costs, net of accumulated amortization | (1,619) |  |  |  |  |
Total outstanding credit agreements, net | $ | 398,381 |  |  |  |  |
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (b)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020. Interest Rate Swaps During the year ended December 31, 2021, the Company entered into four interest rate forward swap agreements to address the periods between the maturity dates of the effective swaps and the maturity dates of the Amended Term Loan Agreement. In tandem, the interest rate swaps achieve fixed interest rates for a constant notional amount through the maturity dates of the Amended Term Loan Agreement. The following table summarizes the Company's four effective interest rate swaps as of December 31, 2021 and 2020:
Effective Interest Rate Swaps |  | Notional Amount |  | Company Receives Variable Rate of |  | Company Pays Fixed Rate of |  | Fixed Rate Achieved |  | Effective Date |  | Maturity Date
5 Year Term Loan |  | $ | 100,000 |  |  | 1-Month LIBOR |  | 1.47950% |  | 2.67950% |  | Dec 2, 2019 |  | Dec 21, 2023
5 Year Term Loan |  | 100,000 |  |  | 1-Month LIBOR |  | 1.47950% |  | 2.67950% |  | Dec 2, 2019 |  | Dec 21, 2023
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month LIBOR |  | 1.49150% |  | 2.69150% |  | Dec 2, 2019 |  | Jun 21, 2024
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month LIBOR |  | 1.49900% |  | 2.69900% |  | Dec 2, 2019 |  | Jun 21, 2024
|  | $ | 300,000 |  |  |  |  |  |  |  |  |  |  |
The following table summarizes the Company's four forward interest rate swaps as of December 31, 2021:
Forward Interest Rate Swaps |  | Notional Amount |  | Company Receives Variable Rate of |  | Company Pays Fixed Rate of |  | Fixed Rate Achieved |  | Effective Date |  | Maturity Date
5 Year Term Loan |  | $ | 100,000 |  |  | 1-Month LIBOR |  | 1.57625% |  | 2.77625% |  | Dec 21, 2023 |  | Sep 22, 2026
5 Year Term Loan |  | 100,000 |  |  | 1-Month LIBOR |  | 1.57300% |  | 2.77300% |  | Dec 21, 2023 |  | Sep 22, 2026
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month LIBOR |  | 1.57700% |  | 2.77700% |  | Jun 21, 2024 |  | Mar 22, 2027
5.5 Year Term Loan |  | 50,000 |  |  | 1-Month LIBOR |  | 1.59600% |  | 2.79600% |  | Jun 21, 2024 |  | Mar 22, 2027
|  | $ | 300,000 |  |  |  |  |  |  |  |  |  |  |
The following table summarizes the effects of derivative financial instruments on the consolidated financial statements:
Location and amount of gain (loss) 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
| 2021 |  | 2020 |  | 2019 |  |  | 2021 |  | 2020 |  | 2019 |  |  | 2021 |  | 2020 |  | 2019
Unrealized gain (loss) on derivatives | $ | 3,795 |  |  | $ | (16,199) |  |  | $ | 816 |  |  | Interest expense, net | $ | (4,332) |  |  | $ | (2,693) |  |  | $ | 1,396 |  |  | Interest expense, net | $ | 16,261 |  |  | $ | 18,749 |  |  | $ | 22,717 |
As of December 31, 2021 and 2020, each of the Company's interest rate swaps are in a liability position and included within other liabilities on the consolidated balance sheets. The Company has designated these interest rate swaps as cash flow hedges.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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