Debt and finance lease obligations are composed of the following at December 31, 2019 and 2018:

			December 31, 2019				December 31, 2018
						Contractual				Contractual
	Maturity		Balance			interest rates	Balance			interest rates
Description	dates		outstanding			weighted-average	outstanding			weighted-average
Fixed-rate mortgage	Jun 2026		$	46,679,000		3.9%	$	47,674,000		3.9%
Finance lease obligation	Sep 2050			5,665,000		5.3%		5,696,000		5.3%
Unsecured credit facilities (a):
Variable-rate:
Revolving credit facility	Sep 2021	(b)		106,000,000		3.2%		100,000,000		3.8%
Term loan	Sep 2022			50,000,000		3.3%		50,000,000		3.8%
Fixed-rate (c):
Term loan	Feb 2021			75,000,000		3.6%		75,000,000		3.6%
Term loan	Feb 2022			50,000,000		3.0%		50,000,000		3.0%
Term loan	Sep 2022	(d)		50,000,000		2.8%		50,000,000		2.8%
Term loan	Apr 2023			100,000,000		3.2%		100,000,000		3.2%
Term loan	Sep 2024			75,000,000		3.7%		75,000,000		3.3%
Term loan	Jul 2025			75,000,000		4.6%		75,000,000		4.6%
				633,344,000		3.5%		628,370,000		3.6%
Unamortized issuance costs				(2,769,000	)			(3,536,000	)
			$	630,575,000			$	624,834,000

During 2018 and 2017, in connection with mortgage repayments, the Company incurred charges relating to early extinguishment of mortgage loans payable (prepayment penalties and accelerated amortization of deferred financing costs) of $4.8 million and $0.1 million, respectively, included in continuing operations.

The Company has a $300 million unsecured credit facility which, as amended and restated on September 8, 2017, consists of (1) a $250 million revolving credit facility, expiring on September 8, 2021, and (2) a $50 million term loan, expiring on September 8, 2022. The revolving credit facility may be extended, at the Company’s option, for an additional one-year period, subject to customary conditions. Under an accordion feature, the facility can be increased to $750 million, subject to customary conditions and lending commitments. Interest on borrowings under the revolving credit facility component can range from LIBOR plus 135 basis points (“bps”) to 195 bps (135 bps at December 31, 2019) and interest on borrowings under the term loan component can range from LIBOR plus 130 to 190 bps (130 bps at December 31, 2019), each based on the Company’s leverage ratio. As of December 31, 2019, the Company had $95.6 million available for additional borrowings under the revolving credit facility.

On July 24, 2018, the Company closed a new $75.0 million unsecured term loan maturing on July 24, 2025 (all of which was borrowed on September 28, 2018). Interest on borrowings under the term loan can range from LIBOR plus 170 to 225 bps (170 bps at December 31, 2019) based on the Company’s leverage ratio. Additionally, the Company entered into forward interest rate swap agreements which convert the LIBOR rate to a fixed rate through its maturity.

The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum fixed charge coverage, and minimum net worth. In addition, the facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreements. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilities could result in the acceleration of the related debt. As of December 31, 2019, the Company is in compliance with all financial covenants. Interest on borrowings under the unsecured credit facility and terms loans are based on the Company’s leverage ratio.

Scheduled principal payments on a mortgage loan payable, finance lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2019, due on various dates from 2021 to 2050, are as follows:


	Mortgage Loan		Finance Lease		Revolving			Term				Unamortized
Year	Payable		Obligation		Credit Facility			Loans		Total		Issuance Costs			Total
2020	$	1,034,000	$	33,000	$	-		$	-	$	1,067,000	$	(767,000	)	$	300,000
2021		1,074,000		35,000		106,000,000	(a)		75,000,000		182,109,000		(648,000	)		181,461,000
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
2024		1,206,000		41,000		-			75,000,000		76,247,000		(207,000	)		76,040,000
Thereafter		41,089,000		5,480,000		-			75,000,000		121,569,000		(374,000	)		121,195,000
	$	46,679,000	$	5,665,000	$	106,000,000		$	475,000,000	$	633,344,000	$	(2,769,000	)	$	630,575,000

(a)

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

At December 31, 2019, the Company had $0.1 million included in other assets and deferred charges, net, in addition to $7.2 million included in accounts payable and accrued liabilities on the consolidated balance sheet relating to the fair value of the interest rate swaps applicable to the unsecured term loans discussed above. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The Company estimates that approximately $1.8 million of accumulated other comprehensive loss will be reclassified as a charge to earnings within the next twelve months.

The following is a summary of the derivative financial instruments held by the Company at December 31, 2019 and December 31, 2018:

December 31, 2019

Designation/

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

136,000

2020-2023

Other assets and deferred charges, net

Qualifying

Interest rate swaps

7,180,000

2021-2025

Accounts payable and accrued liabilities

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

The notional values of the interest rate swaps held by the Company at December 31, 2019 and December 30, 2018 were $425.0 million and $425.0 million, respectively.

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity 2019, 2018 and 2017, respectively:

		(Loss) gain recognized in other
		comprehensive (loss) income
		(effective portion)
Designation/		Years ended December 31,
Cash flow	Derivative	2019			2018		2017
Qualifying	Interest rate swaps	$	(13,090,000	)	$	2,185,000	$	2,492,000

		Gain (loss) recognized in other
		comprehensive (loss) income
		reclassified into earnings (effective portion)
		Years ended December 31,
	Classification	2019			2018		2017
	Continuing Operations	$	1,196,000		$	667,000	$	(2,345,000	)

As of December 31, 2019, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts.