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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Summary of mortgages payable
The following table summarizes the Company’s mortgages payable:
September 30, 2020December 31, 2019
BalanceWeighted
Average
Interest Rate		Weighted
Average Years
to Maturity		BalanceWeighted
Average
Interest Rate		Weighted
Average Years
to Maturity
Fixed rate mortgages payable (a)$92,744 4.36 %4.3$94,904 4.37 %5.1
Discount, net of accumulated amortization(461)(493)
Capitalized loan fees, net of accumulated
amortization
(208)(256)
Mortgages payable, net$92,075 $94,155 
(a)The fixed rate mortgages had interest rates ranging from 3.75% to 4.82% and 3.75% to 7.48% as of September 30, 2020 and December 31, 2019, respectively.
Summary of unsecured notes payable
The following table summarizes the Company’s unsecured notes payable:
September 30, 2020December 31, 2019
Unsecured Notes PayableMaturity DateBalanceInterest Rate/
Weighted Average
Interest Rate		BalanceInterest Rate/
Weighted Average
Interest Rate
Senior notes – 4.12% due 2021June 30, 2021$— — %$100,000 4.12 %
Senior notes – 4.58% due 2024June 30, 2024150,000 4.58 %150,000 4.58 %
Senior notes – 4.00% due 2025March 15, 2025350,000 4.00 %250,000 4.00 %
Senior notes – 4.08% due 2026September 30, 2026100,000 4.08 %100,000 4.08 %
Senior notes – 4.24% due 2028December 28, 2028100,000 4.24 %100,000 4.24 %
Senior notes – 4.82% due 2029June 28, 2029100,000 4.82 %100,000 4.82 %
Senior notes – 4.75% due 2030September 15, 2030400,000 4.75 %— — %
1,200,000 4.42 %800,000 4.27 %
Discount, net of accumulated amortization(6,687)(616)
Capitalized loan fees, net of accumulated amortization(7,834)(3,137)
Total$1,185,479 $796,247 
Summary of term loans and revolving line of credit
The following table summarizes the Company’s term loans and revolving line of credit:
September 30, 2020December 31, 2019
Maturity DateBalanceInterest
Rate		BalanceInterest
Rate
Unsecured credit facility term loan due 2021 – fixed rate (a)January 5, 2021$— — %$250,000 3.20 %
Unsecured term loan due 2023 – fixed rate (b)November 22, 2023200,000 4.05 %200,000 4.05 %
Unsecured term loan due 2024 – fixed rate (c)July 17, 2024120,000 2.88 %120,000 2.88 %
Unsecured term loan due 2026 – fixed rate (d)July 17, 2026150,000 3.27 %150,000 3.27 %
Subtotal470,000 720,000 
Capitalized loan fees, net of accumulated amortization(2,609)(3,477)
Term loans, net$467,391 $716,523 
Unsecured credit facility revolving line of credit –
variable rate (e)
April 22, 2022$— 1.20 %$18,000 2.85 %
(a)As of December 31, 2019, $250,000 of LIBOR-based variable rate debt had been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through January 5, 2021. The applicable credit spread was 1.20% as of December 31, 2019.
(b)$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.20% as of September 30, 2020 and December 31, 2019.
(c)$120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of September 30, 2020 and December 31, 2019.
(d)$150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.50% as of September 30, 2020 and December 31, 2019.
(e)Excludes capitalized loan fees, which are included within “Other assets, net” in the accompanying condensed consolidated balance sheets. The revolving line of credit has two six-month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
Summary of unsecured revolving line of credit
The following table summarizes the key terms of the unsecured revolving line of credit:
Leverage-Based PricingInvestment Grade Pricing
Unsecured Credit FacilityMaturity DateExtension OptionExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
$850,000 unsecured revolving line of credit4/22/20222 six-month0.075%
1.05%–1.50%
0.15%–0.30%0.825%–1.55%0.125%–0.30%
Summary of unsecured term loans
The following table summarizes the key terms of the unsecured term loans:
Unsecured Term LoansMaturity DateLeverage-Based Pricing
Credit Spread		Investment Grade Pricing
Credit Spread
$200,000 unsecured term loan due 202311/22/20231.20 %–1.85%0.85 %–1.65%
$120,000 unsecured term loan due 20247/17/20241.20 %–1.70%0.80 %–1.65%
$150,000 unsecured term loan due 20267/17/20261.50 %–2.20%1.35 %–2.25%
Summary of scheduled maturities and principal amortization of indebtedness
The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of September 30, 2020 for the remainder of 2020, each of the next four years and thereafter, and the weighted average interest rates by year.
20202021202220232024ThereafterTotal
Debt:       
Fixed rate debt:       
Mortgages payable (a)$588 $2,409 $26,641 $31,758 $1,737 $29,611 $92,744 
Fixed rate term loans (b)— — — 200,000 120,000 150,000 470,000 
Unsecured notes payable (c)— — — — 150,000 1,050,000 1,200,000 
Total fixed rate debt588 2,409 26,641 231,758 271,737 1,229,611 1,762,744 
Variable rate debt:       
Variable rate revolving line of credit— — — — — — — 
Total debt (d)$588 $2,409 $26,641 $231,758 $271,737 $1,229,611 $1,762,744 
Weighted average interest rate on debt:       
Fixed rate debt4.08 %4.08 %4.81 %4.06 %3.83 %4.26 %4.17 %
Variable rate debt (e)— — 1.20 %— — — 1.20 %
Total4.08 %4.08 %4.81 %4.06 %3.83 %4.26 %4.17 %
(a)Excludes mortgage discount of $(461) and capitalized loan fees of $(208), net of accumulated amortization, as of September 30, 2020.
(b)Excludes capitalized loan fees of $(2,609), net of accumulated amortization, as of September 30, 2020. The following variable rate term loans have been swapped to fixed rate debt: (i) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (ii) $120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iii) $150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of September 30, 2020, the applicable credit spread for (i) and (ii) was 1.20% and for (iii) was 1.50%.
(c)Excludes discount of $(6,687) and capitalized loan fees of $(7,834), net of accumulated amortization, as of September 30, 2020.
(d)The weighted average years to maturity of consolidated indebtedness was 6.1 years as of September 30, 2020.
(e)Represents interest rate as of September 30, 2020, however, the revolving line of credit was not drawn as of September 30, 2020.