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Mortgage Loans Payable and Credit Facility (Tables) | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Schedule of Debt Related to Continuing Operations | Debt is composed of the following at June 30, 2018:
|  |  |  | June 30, 2018 |
|  |  |  |  |  |  |  | Contractual |
|  | Maturity |  | Balance |  |  | interest rates |
Description |  | dates |  | outstanding |  |  | weighted-average |
Fixed-rate mortgages |  | 2021-2026 |  | $ | 126,498,000 |  |  | 4.4% |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  | Sep 2021 | (a) |  | 104,500,000 |  |  | 3.3% |
Term loan |  | Sep 2022 |  |  | 50,000,000 |  |  | 3.4% |
Fixed-rate (b): |  |  |  |  |  |  |  |  |  |
Term loan |  | Feb 2021 |  |  | 75,000,000 |  |  | 3.6% |
Term loan |  | Feb 2022 |  |  | 50,000,000 |  |  | 3.0% |
Term loan |  | Sep 2022 | (c) |  | 50,000,000 |  |  | 2.8% |
Term loan |  | Apr 2023 |  |  | 100,000,000 |  |  | 3.2% |
Term loan |  | Sep 2024 | (d) |  | 75,000,000 |  |  | 3.3% |
|  |  |  |  | 630,998,000 |  |  | 3.5% |
Unamortized premium |  |  |  |  | 472,000 |  |  |  |  |
Unamortized debt issuance costs |  |  |  |  | (3,055,000 | ) |  |  |  |
|  |  |  | $ | 628,415,000 |  |  |  |  |
| (a) | The revolving credit facility is subject to a one-year extension at the Company’s option.
| (b) | The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.
| (c) | The current interest rate swap agreement expires in February 2019 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s current leverage ratio.
| (d) | The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest ratio of 3.7%, based on the Company’s current leverage ratio.
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at June 30, 2018 and December 31, 2017:
June 30, 2018
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 7 |  |  | $ | 13,750,000 |  |  | 2019-2024 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 1 |  |  | $ | 99,000 |  |  | 2025 |  | Accounts payable and accrued liabilities
December 31, 2017
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 6 |  |  | $ | 6,394,000 |  |  | 2019-2024 |  | Other assets and deferred charges, net
Qualifying |  | Interest rate swaps |  |  | 1 |  |  | $ | 511,000 |  |  | 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 six months ended June 30, 2018 and 2017, respectively:
|  |  |  | Gain recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
Cash flow |  | Derivative |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Qualifying |  | Interest rate swaps |  | $ | 2,094,000 |  |  | $ | (1,678,000 | ) |  | $ | 7,846,000 |  |  | $ | (1,204,000 | )
|  |  |  | Gain (loss) recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | Classification |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | Continuing Operations |  | $ | 157,000 |  |  | $ | (650,000 | ) |  | $ | 19,000 |  |  | $ | (1,516,000 | )

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