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Debt | 3 Months Ended
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Mar. 31, 2022
Notes and Loans Payable [Abstract] |
Debt | Debt The Company's debt consists of mortgages payable, unsecured term loans, and an unsecured revolving line of credit. 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 March 31, 2022 and December 31, 2021, the Company was in compliance with all loan covenants. Credit Agreements 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 the $350,000 Revolving Credit Agreement to September 22, 2025, with two six-month extension options. 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. Interest Rate Swaps The Company is party to four interest rate forward swap agreements which address the periods between the maturity dates of the four 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 debt as of March 31, 2022 and December 31, 2021:
|  |  | Interest Rate Type |  | As of March 31, 2022 |  | As of December 31, 2021
| Maturity Date |  |  | Interest Rate |  | Amount |  | Interest Rate |  | Amount
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |
Total mortgages payable | Various |  | Fixed |  | 3.9600% |  | $ | 140,829 |  |  | 4.0700% |  | $ | 105,955 |
Term loans |  |  |  |  |  |  |  |  |  |  |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.6795% (a) |  | 100,000 |  |  | 2.6795% (a) |  | 100,000 |
$200.0 million 5 years | 9/22/2026 |  | Fixed |  | 2.6795% (a) |  | 100,000 |  |  | 2.6795% (a) |  | 100,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.6915% (a) |  | 50,000 |  |  | 2.6915% (a) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Fixed |  | 2.6990% (a) |  | 50,000 |  |  | 2.6990% (a) |  | 50,000 |
$200.0 million 5.5 years | 3/22/2027 |  | Variable |  | 1M LIBOR + 1.20% (b) |  | 100,000 |  |  | 1M LIBOR + 1.20% (b) |  | 100,000 |
Total |  |  |  |  |  |  | 400,000 |  |  |  |  | 400,000 |
Revolving Line of Credit |  |  |  |  |  |  |  |  |  |  |
$350.0 million total capacity | 9/22/2025 (d) |  | Variable |  | 1M LIBOR + 1.04% (b) (c) |  | 136,000 |  |  | 1M LIBOR + 1.05% (b) |  | 31,000 |
Total debt |  |  |  |  | 2.5587% |  | 676,829 |  |  | 2.6122% |  | 536,955 |
Debt discounts and issuance costs, net of accumulated amortization |  | (3,493) |  |  |  |  | (3,873) |
Debt, net |  |  |  |  |  |  | $ | 673,336 |  |  |  |  | $ | 533,082 |
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps. (b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively. (c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment. (d)Maturity date is not inclusive of two six-month extension options. The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.
Scheduled maturities by year: | As of March 31, 2022
2022 | $ | — |
2023 | 38,999 |
2024 | 15,700 |
2025 | 28,630 |
2026 | — |
Thereafter | 57,500 |
Total mortgage payable maturities | $ | 140,829 |

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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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