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Mortgage Loans Payable and Credit Facility (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Summary of Amended and Restated Terms of Existing Unsecured Term Loans | On September 8, 2017, the Company also amended and restated the terms of four of its existing unsecured term loans. Interest on the borrowings are based on the Company’s leverage ratio. The terms are as follows:
|  |  |  | As amended |  | Previously
Amount |  |  | Maturity date |  | Interest range |  | Maturity date |  | Interest range
$ | 75,000,000 |  |  | February 2021 |  | LIBOR + 130 bps to 190 bps |  | February 2021 |  | LIBOR + 170 bps to 230 bps
$ | 50,000,000 |  |  | February 2022 |  | LIBOR + 130 bps to 190 bps |  | February 2022 |  | LIBOR + 155 bps to 215 bps
$ | 50,000,000 |  |  | September 2022 |  | LIBOR + 130 bps to 190 bps |  | February 2020 |  | LIBOR + 130 bps to 190 bps
$ | 75,000,000 |  |  | September 2024 |  | LIBOR + 170 bps to 225 bps |  | February 2019 |  | LIBOR + 130 bps to 190 bps
Schedule of Debt Related to Continuing Operations | Debt is composed of the following at September 30, 2017:
|  |  |  | September 30, 2017 |
|  |  |  |  |  |  |  | Contractual |
|  | Maturity |  | Balance |  |  | interest rates |
Description |  | dates |  | outstanding |  |  | weighted-average |
Fixed-rate mortgages |  | 2021-2029 |  | $ | 135,888,000 |  |  |  | 4.6% |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |  |  |  |
Revolving credit facility (a) |  | Sep 2021 |  |  | 95,000,000 |  |  |  | 2.7% |
Term loan |  | Sep 2022 |  |  | 50,000,000 |  |  |  | 2.6% |
Fixed-rate (b): |  |  |  |  |  |  |  |  |  |
Term loan |  | Feb 2021 |  |  | 75,000,000 |  |  |  | 3.6% |
Term loan |  | Feb 2022 |  |  | 50,000,000 |  |  |  | 3.0% |
Term loan (c) |  | Sep 2022 |  |  | 50,000,000 |  |  |  | 2.8% |
Term loan |  | Apr 2023 |  |  | 100,000,000 |  |  |  | 3.2% |
Term loan (d) |  | Sep 2024 |  |  | 75,000,000 |  |  |  | 3.3% |
|  |  |  |  | 630,888,000 |  |  |  | 3.4% |
Unamortized premium |  |  |  |  | 570,000 |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  | (3,788,000 | ) |  |  |  |
|  |  |  | $ | 627,670,000 |  |  |  |  |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at September 30, 2017 and December 31, 2016:
September 30, 2017
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 5 |  |  | $ | 3,614,000 |  |  | 2020-2024 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 2 |  |  | $ | 1,392,000 |  |  | 2019-2021 |  | Accounts payable and accrued liabilities
December 31, 2016
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 3 |  |  | $ | 3,074,000 |  |  | 2020 - 2023 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 2 |  |  | $ | 2,321,000 |  |  | 2019 - 2021 |  | Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2017 and 2016, respectively:
|  |  |  | Gain (loss) recognized in other |
|  |  |  | comprehensive income |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
Cash flow |  | Derivative |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Qualifying |  | Interest rate swaps |  | $ | 872,000 |  |  | $ | 1,625,000 |  |  | $ | (332,000 | ) |  | $ | (9,771,000 | )
|  |  |  | (Loss) recognized in other |
|  |  |  | comprehensive income |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | Classification |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
|  | Continuing Operations |  | $ | (407,000 | ) |  | $ | (881,000 | ) |  | $ | (1,923,000 | ) |  | $ | (2,711,000 | )

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