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Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Summary of notes payable | The following is a summary of notes payable as of December 31, 2018 and 2017.
Notes Payable | December 31, |  | Interest |  | Scheduled
(Dollars in thousands) | 2018 |  |  |  | 2017 |  | Rate * |  | Maturity *
Fixed rate mortgages: | $ | — |  |  | (a) |  | $ | 30,201 |  |  | 5.88 | % |  | Jan-2019
| 9,159 |  |  | (b) |  | 9,783 |  |  | 5.76 | % |  | May-2019
| 12,676 |  |  | (c) |  | 13,529 |  |  | 5.62 | % |  | Jul-2019
| 12,714 |  |  | (d) |  | 13,543 |  |  | 5.79 | % |  | Sep-2019
| 11,295 |  |  | (e) |  | 12,029 |  |  | 5.22 | % |  | Jan-2020
| 9,601 |  |  | (f) |  | 9,948 |  |  | 5.60 | % |  | May-2020
| 7,766 |  |  | (g) |  | 8,244 |  |  | 5.30 | % |  | Jun-2020
| 36,711 |  |  | (h) |  | 37,998 |  |  | 5.83 | % |  | Jul-2020
| 6,943 |  |  | (i) |  | 7,325 |  |  | 5.81 | % |  | Feb-2021
| 5,480 |  |  | (j) |  | 5,649 |  |  | 6.01 | % |  | Aug-2021
| 31,723 |  |  | (k) |  | 32,673 |  |  | 5.62 | % |  | Jun-2022
| 9,728 |  |  | (l) |  | 9,999 |  |  | 6.08 | % |  | Sep-2022
| 10,609 |  |  | (m) |  | 10,877 |  |  | 6.43 | % |  | Apr-2023
| 11,702 |  |  | (n) |  | 12,577 |  |  | 6.28 | % |  | Feb-2024
| 14,952 |  |  | (o) |  | 15,452 |  |  | 7.35 | % |  | Jun-2024
| 13,013 |  |  | (p) |  | 13,438 |  |  | 7.60 | % |  | Jun-2024
| 23,198 |  |  | (q) |  | 23,873 |  |  | 7.02 | % |  | Jul-2024
| 27,222 |  |  | (r) |  | 28,115 |  |  | 7.45 | % |  | Jul-2024
| 27,168 |  |  | (s) |  | 28,025 |  |  | 7.30 | % |  | Jan-2025
| 14,086 |  |  | (t) |  | 14,537 |  |  | 6.18 | % |  | Jan-2026
| 102,310 |  |  | (u) |  | 105,817 |  |  | 5.31 | % |  | Apr-2026
| 30,888 |  |  | (v) |  | 32,016 |  |  | 4.30 | % |  | Oct-2026
| 35,258 |  |  | (w) |  | 36,507 |  |  | 4.53 | % |  | Nov-2026
| 16,515 |  |  | (x) |  | 17,086 |  |  | 4.70 | % |  | Dec-2026
| 62,630 |  |  | (y) |  | 64,472 |  |  | 5.84 | % |  | May-2027
| 15,345 |  |  | (z) |  | 15,859 |  |  | 4.04 | % |  | Apr-2028
| 38,120 |  |  | (aa) |  | 39,968 |  |  | 3.51 | % |  | Jun-2028
| 15,547 |  |  | (bb) |  | 16,055 |  |  | 3.99 | % |  | Sep-2028
| 27,060 |  |  | (cc) |  | 27,884 |  |  | 3.69 | % |  | Mar-2030
| 14,526 |  |  | (dd) |  | 14,950 |  |  | 3.99 | % |  | Apr-2030
| 38,076 |  |  | (ee) |  | 39,140 |  |  | 3.39 | % |  | Feb-2032
| 69,691 |  |  | (ff) |  | 71,211 |  |  | 4.88 | % |  | Sep-2032
| 58,523 |  |  | (gg) |  | 60,000 |  |  | 3.75 | % |  | Dec-2032
| 31,941 |  |  | (hh) |  | — |  |  | 4.41 | % |  | Nov-2033
| 22,900 |  |  | (ii) |  | — |  |  | 4.69 | % |  | Jan-2034
| 11,781 |  |  | (jj) |  | 11,613 |  |  | 8.00 | % |  | Apr-2034
| 23,332 |  |  | (kk) |  | — |  |  | 4.67 | % |  | Sep-2035
Total fixed rate | 910,189 |  |  |  |  | 890,393 |  |  | 5.18 | % |  | 8.5 Years
Variable rate loans: |  |  |  |  |  |  |  |  |
| 47,000 |  |  | (ll) |  | 61,000 |  |  | LIBOR + 1.35 | % |  | Jan-2022
| 75,000 |  |  | (mm) |  | — |  |  | LIBOR + 1.30 | % |  | Jan-2023
| — |  |  | (nn) |  | 14,135 |  |  | LIBOR + 1.65 | % |  | Feb-2018
Total variable rate | 122,000 |  |  |  |  | 75,135 |  |  | 3.84 | % |  | 3.7 Years
Total notes payable | $ | 1,032,189 |  |  |  |  | $ | 965,528 |  |  | 5.02 | % |  | 8.0 Years
* Interest rate and scheduled maturity data presented as of December 31, 2018. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.
(a) | The loan was collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and required equal monthly principal and interest payments of $306,000 based upon a 25-year amortization schedule and a final payment of $28.4 million at loan maturity. The loan was repaid in full in 2018 and replaced with two new loans. See (hh) and (ii) below.
(b) | The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $624,100 was amortized during 2018.
(c) | The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $853,100 was amortized during 2018.
(d) | The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $829,100 was amortized during 2018.
(e) | The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan
maturity. Principal of $733,800 was amortized during 2018.
(f) | The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $347,300 was amortized during 2018.
(g) | The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $477,900 was amortized during 2018.
(h) | The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1.3 million was amortized during 2018.
(i) | The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $381,700 was amortized during 2018.
(j) | The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of $169,300 was amortized during 2018.
(k) | The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $949,600 was amortized during 2018.
(l) | The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $270,300 was amortized during 2018.
(m) | The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $268,400 was amortized during 2018.
(n) | The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of $874,800 was amortized during 2018.
(o) | The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $499,800 was amortized during 2018.
(p) | The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $424,700 was amortized during 2018.
(q) | The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of $675,200 was amortized during 2018.
(r) | The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $893,200 was amortized during 2018.
(s) | The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $857,000 was amortized during 2018.
(t) | The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $451,200 was amortized during 2018.
(u) | The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $3.5 million was amortized during 2018.
(v) | The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1.1 million was amortized during 2018.
(w) | The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1.2 million was amortized during 2018.
(x) | The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $570,500 was amortized during 2018.
(y) | The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.8 million was amortized during 2018.
(z) | The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $513,700 was amortized in 2018.
(aa) | The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20-year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.8 million was amortized in 2018.
(bb) | The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $507,600 was amortized in 2018.
(cc) | The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25-year amortization schedule and a final payment of $15.5 million at maturity. Principal of $824,000 was amortized in 2018.
(dd) The loan is collateralized by Northrock and requires equal monthly principal and interest payments totaling $84,400 based upon a 25-year amortization schedule and a final payment of $8.4 million at maturity. Principal of $423,600 was amortized in 2018.
(ee) | The loan is collateralized by Burtonsville Town Square and requires equal monthly principal and interest payments of $197,900 based on a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $1.1 million was amortized in 2018.
(ff) | The loan is a $71.6 million construction-to-permanent facility that is collateralized by and financed a portion of the construction costs of Park Van Ness. During the construction period, interest was funded by the loan. Effective September 1, 2017, the loan converted to permanent financing and requires monthly principal and interest payments totaling $413,500 based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity. Principal of $1.5 million was amortized in 2018.
(gg) | The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $308,500 based upon a 25-year amortization schedule and a final payment of $31.1 million at loan maturity. Principal of $1.5 million was amortized in 2018.
(hh) | The loan is collateralized by Broadlands Village and requires equal monthly principal and interest payments of $176,200 based on a 25-year amortization schedule and a final payment of $17.3 million at loan maturity. Principal of $58,600 was amortized in 2018.
(ii) | The loan is collateralized by The Glen and requires equal monthly principal and interest payments of $129,800 based on a 25-year amortization schedule and a final payment of $12.5 million at loan maturity.
(jj) | The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in 2018 totaled $168,600.
(kk) | The loan is a $157.0 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Glebe Road. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $887,900 will be required based upon a 25-year amortization schedule.
(ll) | The loan is a $325.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 135 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.
(mm) | The loan is a $75.0 million unsecured term facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 130 basis points. Monthly payments are interest only.
(nn) | The loan was collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. The loan was repaid in full during 2018.
Scheduled maturities of all debt, including scheduled principal amortization | As of December 31, 2018, the scheduled maturities of all debt including scheduled principal amortization for years ended December 31 are as follows:
(in thousands) | Balloon Payments |  | Scheduled Principal Amortization |  | Total
2019 | $ | 60,794 |  |  | $ | 2,257 |  |  | $ | 63,051 |
2020 | 61,163 |  |  | 28,042 |  |  | 89,205 |
2021 | 11,012 |  |  | 27,815 |  |  | 38,827 |
2022 | 83,502 |  | (a) | 28,381 |  |  | 111,883 |
2023 | 84,225 |  |  | 28,745 |  |  | 112,970 |
Thereafter | 480,132 |  |  | 136,121 |  |  | 616,253 |
Principal amount | $ | 780,828 |  |  | $ | 251,361 |  |  | 1,032,189 |
Unamortized deferred debt costs |  |  |  |  | 10,343 |
Net |  |  |  |  | $ | 1,021,846 |
(a) Includes $47.0 million outstanding under the revolving facility.
Components of interest expense | The components of interest expense are set forth below.
(in thousands) | Year ended December 31,
| 2018 |  | 2017 |  | 2016
Interest incurred | $ | 49,652 |  |  | $ | 49,322 |  |  | $ | 46,867 |
Amortization of deferred debt costs | 1,610 |  |  | 1,392 |  |  | 1,343 |
Capitalized interest | (6,222 | ) |  | (3,489 | ) |  | (2,527 | )
Total | $ | 45,040 |  |  | $ | 47,225 |  |  | $ | 45,683 |

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