Mortgage Loans Payable and Unsecured Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Debt and Finance Lease Obligations Related to Continuing Operations

Debt and finance lease obligations are composed of the following at December 31, 2020 and 2019:

		December 31, 2020				December 31, 2019
					Contractual				Contractual
	Maturity	Balance			interest rates	Balance			interest rates
Description	dates	outstanding			weighted-average	outstanding			weighted-average
Fixed-rate mortgage	Jun 2026	$	45,645,000		3.9%	$	46,679,000		3.9%
Finance lease obligation	Sep 2050		5,631,000		5.3%		5,665,000		5.3%
Unsecured credit facilities:
Variable-rate:
Revolving credit facility	Sep 2021 (a)		175,000,000		2.7%(b)		106,000,000		3.2%
Term loan	Sep 2022		50,000,000		1.9%		50,000,000		3.3%
Fixed-rate (c):
Term loan	Feb 2022		50,000,000		3.3%		50,000,000		3.0%
Term loan	Sep 2022		50,000,000		3.5%		50,000,000		2.8%
Term loan	Apr 2023		100,000,000		3.5%		100,000,000		3.2%
Term loan	Sep 2024		75,000,000		3.9%		75,000,000		3.7%
Term loan	Jul 2025		75,000,000		4.8%		75,000,000		4.6%
Term loan	n/a		-		-		75,000,000		3.6%
			626,276,000		3.4%		633,344,000		3.5%
Unamortized issuance costs			(2,002,000	)			(2,769,000	)
		$	624,274,000			$	630,575,000

(a)

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

(b)

The interest rate on the revolving credit facility consists of LIBOR plus a credit spread based on the Company’s leverage ratio. The Company has an interest rate swap agreement expiring in February 2021, which converts the LIBOR rate to a fixed rate of 3.9% on $75.0 million of the facility, and a variable-rate of 1.8% on the remaining $100.0 million of the facility, resulting in a blended interest rate of 2.7% at December 31, 2020.

(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.

Summary of the Remaining Unsecured Term Loans

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

Amount		Maturity date	Interest range
$	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
$	75,000,000	July 2025	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, 2020, 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
2021	$	1,074,000	$	35,000		175,000,000	(a)	$	-	$	176,109,000	$	(647,000	)	$	175,462,000
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
2025		1,253,000		44,000		-			75,000,000		76,297,000		(115,000	)		76,182,000
Thereafter		39,836,000		5,435,000		-			-		45,271,000		(260,000	)		45,011,000
	$	45,645,000	$	5,631,000	$	175,000,000		$	400,000,000	$	626,276,000	$	(2,002,000	)	$	624,274,000

(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, 2020 and December 31, 2019:

December 31, 2020

Designation/

Fair

Maturity

Balance sheet

Cash flow

Derivative

Count

value

dates

location

Qualifying

Interest rate swaps

18,927,000

2021-2025

Accounts payable and accrued liabilities

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

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 2020, 2019 and 2018, respectively:

		(Loss) gain recognized in other
		comprehensive (loss) income
		(effective portion)
Designation/		Years ended December 31,
Cash flow	Derivative	2020			2019			2018
Qualifying	Interest rate swaps	$	(17,940,000	)	$	(13,090,000	)	$	2,185,000

		Gain (loss) recognized in other
		comprehensive (loss) income
		reclassified into earnings (effective portion)
		Years ended December 31,
	Classification	2020			2019			2018
	Continuing Operations	$	(6,062,000	)	$	1,196,000		$	667,000