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Debt (Tables)
 6 Months Ended
Jun. 30, 2020
Notes and Loans Payable [Abstract]  
Schedule of Debt
As of June 30, 2020 and December 31, 2019, the Company's mortgages payable, net were as follows:
 
June 30, 2020
 
December 31, 2019
Mortgages payable (a)
$
107,891

 
$
176,051

Discount, net of accumulated amortization
(102
)
 
(121
)
Issuance costs, net of accumulated amortization
(507
)
 
(609
)
Total mortgages payable, net
$
107,282

 
$
175,321

(a)
Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of June 30, 2020, and 3.49% to 5.49%, with a weighted average interest rate of 4.34% as of December 31, 2019.
As of June 30, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:
 
June 30, 2020
 
December 31, 2019
 
 
 
Principal Balance
 
Interest
Rate
 
Principal Balance
 
Interest
Rate
 
Maturity Date
$250.0 million 5 year - swapped to fixed rate
$
100,000

 
2.6795% (a)
 
$
100,000

 
2.6795% (a)
 
December 21, 2023
$250.0 million 5 year - swapped to fixed rate
100,000

 
2.6795% (a)
 
100,000

 
2.6795% (a)
 
December 21, 2023
$250.0 million 5 year - variable rate
50,000

 
1.3726% (b)
 
50,000

 
2.8911% (c)
 
December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate
50,000

 
2.6915% (a)
 
50,000

 
2.6915% (a)
 
June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate
50,000

 
2.6990% (a)
 
50,000

 
2.6990% (a)
 
June 21, 2024
$150.0 million 5.5 year - variable rate
50,000

 
1.3726% (b)
 
50,000

 
2.8911% (c)
 
June 21, 2024
Total unsecured term loans
400,000

 

 
400,000

 
 
 
 
Issuance costs, net of accumulated amortization
(2,021
)
 
 
 
(2,471
)
 
 
 
 
Total unsecured term loans, net
$
397,979

 
 
 
$
397,529

 
 
 
 
(a)
As of June 30, 2020, the Company has four interest rate swap agreements, of which two each have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%.
(b)
Interest rate reflects 1-Month LIBOR plus 1.20% effective June 1, 2020.
(c)
Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
Schedule of Maturities for Outstanding Mortgage Indebtedness
The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2020 for the remainder of 2020, each of the next four years and thereafter.
Scheduled maturities by year:
As of June 30, 2020
2020
$
—

2021
—

2022
23,042

2023
40,519

2024
15,700

Thereafter
28,630

Total mortgage payable maturities
$
107,891

Debt issuance costs, net of accumulated amortization
(507
)
Discount, net of accumulated amortization
(102
)
Total mortgages payable, net
$
107,282