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Mortgage Loans Payable and Credit Facility (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Schedule of Debt Related to Continuing Operations | Debt is composed of the following at September 30, 2018:
|  |  |  | September 30, 2018 |
|  |  |  |  |  |  |  | Contractual |
|  | Maturity |  | Balance |  |  | interest rates |
Description |  | dates |  | outstanding |  |  | weighted-average |
Fixed-rate mortgage |  | Jun 2026 |  | $ | 47,917,000 |  |  | 3.9% |
Unsecured credit facilities: |  |  |  |  |  |  |  |  |  |
Variable-rate: |  |  |  |  |  |  |  |  |  |
Revolving credit facility |  | Sep 2021 | (a) |  | 102,000,000 |  |  | 3.5% |
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% |
Term loan |  | Jul 2025 |  |  | 75,000,000 |  |  | 4.6% |
|  |  |  |  | 624,917,000 |  |  | 3.5% |
Unamortized debt issuance costs |  |  |  |  | (3,418,000 | ) |  |  |  |
|  |  |  | $ | 621,499,000 |  |  |  |  |
| (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.
Schedule of Mortgage Loans Payable Repaid | During 2018, the Company repaid the following mortgage loans payable:
|  |  |  | Principal payoff |
Property |  | Repayment date |  | amount |
East River Park |  | August 10, 2018 |  | $ | 18,772,000 |
Colonial Commons |  | August 24, 2018 |  | $ | 24,108,000 |
Shoppes at Arts District |  | August 24, 2018 |  | $ | 8,114,000 |
The Point |  | September 6, 2018 |  | $ | 27,003,000 |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at September 30, 2018 and December 31, 2017:
September 30, 2018
Designation/ |  |  |  |  |  |  |  | Fair |  |  | Maturity |  | Balance sheet
Cash flow |  | Derivative |  | Count |  |  | value |  |  | dates |  | location
Qualifying |  | Interest rate swaps |  |  | 9 |  |  | $ | 15,755,000 |  |  | 2019-2025 |  | Other assets and deferred charges, net
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 nine months ended September 30, 2018 and 2017, respectively:
|  |  |  | Gain recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | (effective portion) |
Designation/ |  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
Cash flow |  | Derivative |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Qualifying |  | Interest rate swaps |  | $ | 2,375,000 |  |  | $ | 872,000 |  |  | $ | 10,221,000 |  |  | $ | (332,000 | )
|  |  |  | Gain (loss) recognized in other |
|  |  |  | comprehensive (loss) income |
|  |  |  | reclassified into earnings (effective portion) |
|  |  |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | Classification |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | Continuing Operations |  | $ | 246,000 |  |  | $ | (407,000 | ) |  | $ | 265,000 |  |  | $ | (1,923,000 | )

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