Mortgage Loans Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt and Finance Lease Obligations Related to Continuing Operations

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

(a) During the first quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio.

(b) The revolving credit facility is subject to a one-year extension at the Company’s option.

(c) 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. 

(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 rate of 3.2%, based on the Company’s leverage ratio at December 31, 2019.

Schedule of Mortgage Loans Payable Repaid

During 2018, 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

Summary of the Remaining Unsecured Term Loans

The details of the remaining unsecured term loans are as follows:

Amount		Maturity date	Interest range
$	75,000,000	February 2021	LIBOR + 130 bps to 190 bps
$	50,000,000	February 2022	LIBOR + 130 bps to 190 bps
$	50,000,000	September 2022	LIBOR + 130 bps to 190 bps
$	100,000,000	April 2023	LIBOR + 165 bps to 225 bps
$	75,000,000	September 2024	LIBOR + 170 bps to 225 bps

Schedule of Principal Payments on Mortgage Loan Payable, Finance Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility

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.

Summary of Derivative Financial Instruments Held

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		2	$	136,000	2020-2023	Other assets and deferred charges, net
Qualifying	Interest rate swaps		6	$	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		7	$	8,871,000	2019-2024	Other assets and deferred charges, net
Qualifying	Interest rate swaps		2	$	1,576,000	2025	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 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	)