XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | 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. 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.
Schedule Of Maturities For Outstanding Mortgage Indebtedness | 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 |
Schedule of Revolving Line of Credit | 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.
Schedule of Interest Rate Swaps | 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 |  |  |  |  |  |  |  |  |  |  |
Schedule of Effect of Derivative Financial Instruments Included in AOCI | 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.
Schedule of Location of Derivative Financial Instruments on Consolidated Financial Statements | 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration