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Debt
 3 Months Ended
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, 2022As of December 31, 2021
Maturity DateInterest RateAmountInterest RateAmount
Mortgages Payable
Total mortgages payableVariousFixed3.9600%$140,829 4.0700%$105,955 
Term loans
$200.0 million 5 years
9/22/2026Fixed2.6795% (a)100,000 2.6795% (a)100,000 
$200.0 million 5 years
9/22/2026Fixed2.6795% (a)100,000 2.6795% (a)100,000 
$200.0 million 5.5 years
3/22/2027Fixed2.6915% (a)50,000 2.6915% (a)50,000 
$200.0 million 5.5 years
3/22/2027Fixed2.6990% (a)50,000 2.6990% (a)50,000 
$200.0 million 5.5 years
3/22/2027Variable
1M LIBOR +
1.20% (b)
100,000 
1M LIBOR +
 1.20% (b)
100,000 
Total400,000 400,000 
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 debt2.5587%676,829 2.6122%536,955 
Debt discounts and issuance costs, net of accumulated amortization(3,493)(3,873)
Debt, net$673,336 $533,082 
(a)Interest rates reflect the fixed rates achieved through the Company's interest rate swaps.
(b)As of March 31, 2022 and December 31 2021, 1-Month LIBOR was 0.4520% and 0.1013%, respectively.
(c)For the year ending December 31, 2022, the Company qualified for a 0.01% sustainability adjustment.
(d)Maturity date is not inclusive of two six-month extension options.
The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2022 for the remainder of 2022, each of the next four years and thereafter.
Scheduled maturities by year:As of March 31, 2022
2022$— 
202338,999 
202415,700 
202528,630 
2026— 
Thereafter57,500 
Total mortgage payable maturities$140,829