XML 37 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of March 31, 2020 and December 31, 2019:
Notes Payable and Finance Lease ObligationMarch 31,
2020		December 31,
2019
 (In thousands)
Senior unsecured notes$535,000  $535,000  
Unsecured term loan facilities310,000  310,000  
Fixed rate mortgages87,039  87,581  
Unsecured revolving credit facility225,000  —  
 1,157,039  932,581  
Unamortized premium1,767  1,995  
Unamortized deferred financing costs(3,630) (3,768) 
Total notes payable$1,155,176  $930,808  
Finance lease obligation $926  $926  
 
Senior Unsecured Notes

The following table summarizes the Company's senior unsecured notes:
March 31, 2020December 31, 2019
Senior Unsecured NotesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Senior unsecured notes 6/27/2021$37,000  3.75 %$37,000  3.75 %
Senior unsecured notes 6/27/202341,500  4.12 %41,500  4.12 %
Senior unsecured notes5/28/202450,000  4.65 %50,000  4.65 %
Senior unsecured notes11/18/202425,000  4.05 %25,000  4.05 %
Senior unsecured notes 6/27/202531,500  4.27 %31,500  4.27 %
Senior unsecured notes7/6/202550,000  4.20 %50,000  4.20 %
Senior unsecured notes 9/30/202550,000  4.09 %50,000  4.09 %
Senior unsecured notes5/28/202650,000  4.74 %50,000  4.74 %
Senior unsecured notes11/18/202625,000  4.28 %25,000  4.28 %
Senior unsecured notes 12/21/202730,000  4.57 %30,000  4.57 %
Senior unsecured notes11/30/202875,000  3.64 %75,000  3.64 %
Senior unsecured notes12/21/202920,000  4.72 %20,000  4.72 %
Senior unsecured notes12/27/202950,000  4.15 %50,000  4.15 %
 $535,000  4.20 %$535,000  4.20 %
Unamortized deferred financing costs(1,423) (1,460) 
Total  $533,577  $533,540  

Unsecured Term Loan Facilities and Revolving Credit Facility

The following table summarizes the Company's unsecured term loan facilities and revolving credit facility:
March 31, 2020December 31, 2019
Unsecured Credit FacilitiesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Unsecured term loan - fixed rate (1)
3/3/2023$60,000  2.97 %$60,000  2.97 %
Unsecured term loan - fixed rate (2)
11/6/202450,000  2.46 %50,000  2.91 %
Unsecured term loan - fixed rate (3)
2/6/202550,000  2.66 %50,000  2.66 %
Unsecured term loan - fixed rate (4)
11/6/202650,000  2.90 %50,000  3.31 %
Unsecured term loan - fixed rate (5)
2/5/2027100,000  3.25 %100,000  3.25 %
 $310,000  2.92 %$310,000  3.06 %
Unamortized deferred financing costs(2,207) (2,308) 
Term loans, net$307,793  $307,692  
Revolving credit facility - variable rate11/6/2023$225,000  2.09 %—  2.80 %
(1)Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020.
(2)Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020.
(3)Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at March 31, 2020.
(4)Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020.
(5)Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at March 31, 2020.
Schedule of Fixed Mortgage Rates
The following table summarizes the Company's fixed rate mortgages:
March 31, 2020December 31, 2019
Mortgage DebtMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Bridgewater Falls Shopping Center2/6/202253,137  5.70 %53,423  5.70 %
The Shops on Lane Avenue1/10/202328,564  3.76 %28,650  3.76 %
Nagawaukee II6/1/20265,338  5.80 %5,508  5.80 %
 $87,039  5.07 %$87,581  5.07 %
Unamortized premium1,767  1,995  
Total  $88,806  $89,576  
Scheduled Principal Payments on Mortgages and Notes Payable
The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of March 31, 2020:
Year Ending December 31,
 (In thousands)
2020 (remaining)$1,785  
202139,508  
202252,397  
2023 (1)
354,388  
2024125,879  
Thereafter583,082  
Subtotal debt1,157,039  
Unamortized premium1,767  
Unamortized deferred financing costs(3,630) 
Total debt $1,155,176