Mortgage Loans Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Debt Related to Continuing Operations

Debt is composed of the following at December 31, 2018 and 2017:

			December 31, 2018					December 31, 2017
						Contractual					Contractual
	Maturity		Balance			interest rates	Maturity	Balance			interest rates
Description	dates		outstanding			weighted-average	dates	outstanding			weighted-average
Fixed-rate mortgages	Jun 2026		$	47,674,000		3.9%	2021-2026	$	127,994,000		4.4%
Capital lease obligation	Sep 2050			5,696,000		5.3%	n/a		-		n/a
Unsecured credit facilities:
Variable-rate:
Revolving credit facility	Sep 2021	(a)		100,000,000		3.8%	Sep 2021		55,000,000		2.8%
Term loan	Sep 2022			50,000,000		3.8%	Sep 2022		50,000,000		2.9%
Fixed-rate (b):
Term loan	Feb 2021			75,000,000		3.6%	Feb 2021		75,000,000		3.6%
Term loan	Feb 2022			50,000,000		3.0%	Feb 2022		50,000,000		3.0%
Term loan	Sep 2022	(c)		50,000,000		2.8%	Feb 2020		50,000,000		2.8%
Term loan	Apr 2023			100,000,000		3.2%	Apr 2023		100,000,000		3.2%
Term loan	Sep 2024	(d)		75,000,000		3.3%	Feb 2019		75,000,000		3.3%
Term loan	Jul 2025			75,000,000		4.6%	n/a		-		n/a
				628,370,000		3.6%			582,994,000		3.4%
Unamortized premium				-					536,000
Unamortized issuance costs				(3,536,000	)				(3,405,000	)
			$	624,834,000				$	580,125,000

(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 and 2017, 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
Metro Square	November 3, 2017	$	7,102,000

Summary of Amended and Restated Terms of Existing Unsecured Term Loans

On September 8, 2017, the Company 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 Principal Payments on Mortgage Loan Payable, Capital Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility

Scheduled principal payments on a mortgage loan payable, capital lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2018, due on various dates from 2021 to 2050, are as follows:


	Mortgage Loan		Capital Lease		Revolving			Term				Unamortized
Year	Payable		Obligation		Credit Facility			Loans		Total		Issuance Costs			Total
2019	$	995,000	$	32,000	$	-		$	-	$	1,027,000	$	(767,000	)	$	260,000
2020		1,034,000		33,000		-			-		1,067,000		(767,000	)		300,000
2021		1,074,000		35,000		100,000,000	(a)		75,000,000		176,109,000		(648,000	)		175,461,000
2022		1,116,000		37,000		-			150,000,000		151,153,000		(499,000	)		150,654,000
2023		1,160,000		39,000		-			100,000,000		101,199,000		(274,000	)		100,925,000
Thereafter		42,295,000		5,520,000		-			150,000,000		197,815,000		(581,000	)		197,234,000
	$	47,674,000	$	5,696,000	$	100,000,000		$	475,000,000	$	628,370,000	$	(3,536,000	)	$	624,834,000

(a)

The revolving credit facility is subject to a one-year extension at the Company's option.

Summary of Derivative Financial Instruments Held

The following is a summary of the derivative financial instruments held by the Company at December 31, 2018 and December 31, 2017:

December 31, 2018

Designation/

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

8,871,000

2019-2024

Other assets and deferred charges, net

Qualifying

Interest rate swaps

1,576,000

2025

Accounts payable and accrued liabilities

December 31, 2017

Designation/

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

6,394,000

2019-2024

Other assets and deferred charges, net

Qualifying

Interest rate swaps

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 2018, 2017 and 2016, respectively:

		Gain recognized in other
		comprehensive (loss) income
		(effective portion)
Designation/		Years ended December 31,
Cash flow	Derivative	2018		2017			2016
Qualifying	Interest rate swaps	$	2,185,000	$	2,492,000		$	1,162,000

		Gain (loss) recognized in other
		comprehensive (loss) income
		reclassified into earnings (effective portion)
		Years ended December 31,
	Classification	2018		2017			2016
	Continuing Operations	$	667,000	$	(2,345,000	)	$	(3,739,000	)