Mortgage Loans Payable and Credit Facility (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Summary of Amended and Restated Terms of Existing Unsecured Term Loans

On September 8, 2017, the Company also amended and restated the terms of four of its existing unsecured term loans. Interest on the borrowings are based on the Company’s leverage ratio. The terms are as follows:

		As amended		Previously
Amount		Maturity date	Interest range	Maturity date	Interest range
$	75,000,000	February 2021	LIBOR + 130 bps to 190 bps	February 2021	LIBOR + 170 bps to 230 bps
$	50,000,000	February 2022	LIBOR + 130 bps to 190 bps	February 2022	LIBOR + 155 bps to 215 bps
$	50,000,000	September 2022	LIBOR + 130 bps to 190 bps	February 2020	LIBOR + 130 bps to 190 bps
$	75,000,000	September 2024	LIBOR + 170 bps to 225 bps	February 2019	LIBOR + 130 bps to 190 bps

Schedule of Debt Related to Continuing Operations

Debt is composed of the following at September 30, 2017:

		September 30, 2017
					Contractual
	Maturity	Balance			interest rates
Description	dates	outstanding			weighted-average
Fixed-rate mortgages	2021-2029	$	135,888,000			4.6%
Unsecured credit facilities:
Variable-rate:
Revolving credit facility (a)	Sep 2021		95,000,000			2.7%
Term loan	Sep 2022		50,000,000			2.6%
Fixed-rate (b):
Term loan	Feb 2021		75,000,000			3.6%
Term loan	Feb 2022		50,000,000			3.0%
Term loan (c)	Sep 2022		50,000,000			2.8%
Term loan	Apr 2023		100,000,000			3.2%
Term loan (d)	Sep 2024		75,000,000			3.3%
			630,888,000			3.4%
Unamortized premium			570,000
Unamortized debt issuance costs			(3,788,000	)
		$	627,670,000

Summary of Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at September 30, 2017 and December 31, 2016:

September 30, 2017
Designation/				Fair		Maturity	Balance sheet
Cash flow	Derivative	Count		value		dates	location
Qualifying	Interest rate swaps		5	$	3,614,000	2020-2024	Other assets and deferred charges, net
Qualifying	Interest rate swaps		2	$	1,392,000	2019-2021	Accounts payable and accrued liabilities
December 31, 2016
Designation/				Fair		Maturity	Balance sheet
Cash flow	Derivative	Count		value		dates	location
Qualifying	Interest rate swaps		3	$	3,074,000	2020 - 2023	Other assets and deferred charges, net
Qualifying	Interest rate swaps		2	$	2,321,000	2019 - 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, 2017 and 2016, respectively:

		Gain (loss) recognized in other
		comprehensive income
		(effective portion)
Designation/		Three months ended September 30,						Nine months ended September 30,
Cash flow	Derivative	2017			2016			2017			2016
Qualifying	Interest rate swaps	$	872,000		$	1,625,000		$	(332,000	)	$	(9,771,000	)
		(Loss) recognized in other
		comprehensive income
		reclassified into earnings (effective portion)
		Three months ended September 30,						Nine months ended September 30,
	Classification	2017			2016			2017			2016
	Continuing Operations	$	(407,000	)	$	(881,000	)	$	(1,923,000	)	$	(2,711,000	)