Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of mortgages payable

The following table summarizes the Company’s mortgages payable:

	June 30, 2018						December 31, 2017
	Aggregate Principal Balance			Weighted Average Interest Rate		Weighted Average Years to Maturity	Aggregate Principal Balance			Weighted Average Interest Rate		Weighted Average Years to Maturity
Fixed rate mortgages payable (a)	$	274,420		5.00	%	4.6	$	287,238		4.99	%	5.2
Premium, net of accumulated amortization	900						1,024
Discount, net of accumulated amortization	(558		)				(579		)
Capitalized loan fees, net of accumulated amortization	(495		)				(615		)
Mortgages payable, net	$	274,267					$	287,068

(a) The fixed rate mortgages had interest rates ranging from 3.75% to 8.00% as of June 30, 2018 and December 31, 2017.

The following table summarizes the key terms of the Term Loan Due 2023:

Term Loan Due 2023	Maturity Date	Leverage-Based Pricing Credit Spread	Investment Grade Pricing Credit Spread
$200,000 unsecured term loan	11/22/2023	1.70% – 2.55%	1.50% – 2.45%

Summary of scheduled maturities and principal amortization of indebtedness

The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of June 30, 2018 for the remainder of 2018, each of the next four years and thereafter and the weighted average interest rates by year. The table does not reflect the impact of any debt activity that occurred after June 30, 2018.

	2018			2019			2020			2021			2022			Thereafter			Total
Debt:
Fixed rate debt:
Mortgages payable (a)	$	2,098		$	25,257		$	3,923		$	22,820		$	157,216		$	63,106		$	274,420
Fixed rate term loans (b)	—			—			—			250,000			—			200,000			450,000
Unsecured notes payable (c)	—			—			—			100,000			—			600,000			700,000
Total fixed rate debt	2,098			25,257			3,923			372,820			157,216			863,106			1,424,420
Variable rate debt:
Variable rate revolving line of credit	—			—			—			—			126,000			—			126,000
Total debt (d)	$	2,098		$	25,257		$	3,923		$	372,820		$	283,216		$	863,106		$	1,550,420
Weighted average interest rate on debt:
Fixed rate debt	5.09		%	7.29		%	4.62		%	3.56		%	5.00		%	3.91		%	4.00		%
Variable rate debt (e)	—			—			—			—			3.14		%	—			3.14		%
Total	5.09		%	7.29		%	4.62		%	3.56		%	4.17		%	3.91		%	3.93		%

(a) Excludes mortgage premium of $900 and discount of $(558), net of accumulated amortization, as of June 30, 2018.

(b) $250,000 of London Interbank Offered Rate (LIBOR)-based variable rate debt has been swapped to a fixed rate through three interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a fixed rate of 2.00% through January 5, 2021. In addition, $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate through two interest rate swaps. The swaps effectively convert one-month floating rate LIBOR to a fixed rate of 1.26% through November 22, 2018.

(c) Excludes discount of $(793), net of accumulated amortization, as of June 30, 2018.

(d) The weighted average years to maturity of consolidated indebtedness was 5.3 years as of June 30, 2018. Total debt excludes capitalized loan fees of $(6,064), net of accumulated amortization, as of June 30, 2018, which are included as a reduction to the respective debt balances.

(e) Represents interest rates as of June 30, 2018.