XML 42 R11.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Debt | 3 Months Ended
--- | ---
Mar. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Note 4 – Debt As of March 31, 2015, the Company had total indebtedness of $283,179,000, including (i) $103,679,000 of mortgage notes payable; (ii) $100,000,000 of unsecured term loans; and (iii) $79,500,000 of borrowings under its Credit Facility. Revolving Credit and Term Loan Facility The Company has in place a $250,000,000 senior unsecured revolving credit and term loan facility (the “Revolving Credit and Term Loan Facility) consisting of (i) a $150,000,000 revolving credit facility (the “Credit Facility”); (ii) a $65,000,000 seven-year unsecured term loan facility (the “2021 Term Loan”); and (iii) a $35,000,000 unsecured term loan facility due 2020 (the “2020 Term Loan”). The Credit Facility is due July 21, 2018, with an additional one-year extension at the Company’s option, subject to customary conditions. Borrowings under the Credit Facility are priced at LIBOR plus 135 to 200 basis points, depending on the Company’s leverage. As of March 31, 2015, $79,500,000 was outstanding under the Credit Facility bearing a weighted average interest rate of approximately 1.7% and $70,500,000 was available for borrowing. The 2021 Term Loan matures on July 21, 2021. Borrowings under the 2021 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage, and the Company entered into interest rate swaps to fix LIBOR at 2.09% until maturity. As of March 31, 2015, $65,000,000 was outstanding under the 2021 Term Loan bearing an all-in interest rate of 3.74%. The 2020 Term Loan matures on September 29, 2020. Borrowings under the 2020 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage, and the Company entered into interest rate swaps to fix LIBOR at 2.20% until maturity. As of March 31, 2015, $35,000,000 was outstanding under the 2020 Term Loan bearing an all-in interest rate of 3.85%. The Revolving Credit and Term Loan Facility contains customary covenants, including, among others, financial covenants regarding debt levels, total liabilities, tangible net worth, fixed charge coverage, unencumbered borrowing base properties, and permitted investments. The Company was in compliance with the covenant terms at March 31, 2015. Mortgage Notes Payable As of March 31, 2015, the Company had total mortgage indebtedness of $103,679,000 which was collateralized by related real estate with an aggregate net book value of $137,647,000. Including mortgages that have been swapped to a fixed interest rate, our weighted average interest rate on mortgage debt was 4.21% as of March 31, 2015. In January 2015, the Company prepaid a mortgage note payable with an outstanding balance of approximately $2,406,000. The fully-amortizing loan carried a 6.63% interest rate and the final monthly payment was due in February 2017. The Company incurred a loss on debt extinguishment of approximately $180,000 in connection with the prepayment. Mortgages payable consisted of the following:
|  | March 31, 2015 |  | December 31, 2014 |
Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases |  | $ | 8,580,000 |  | $ | 8,580,000 |
Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases |  |  | - |  |  | 2,405,976 |
Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, subject to certain conditions, collateralized by related real estate and tenants’ leases |  |  | 21,238,598 |  |  | 21,398,078 |
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases |  |  | 25,000,000 |  |  | 25,000,000 |
Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases |  |  | 7,568,899 |  |  | 7,896,078 |
Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with a balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease |  |  | 3,185,183 |  |  | 3,204,294 |
Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases |  |  | 23,640,000 |  |  | 23,640,000 |
Note payable in monthly installments of $35,673 including interest at 5.01% per annum, with a balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease |  |  | 5,558,249 |  |  | 5,595,327 |
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases |  |  | 8,908,504 |  |  | 9,042,485 |
Total |  | $ | 103,679,433 |  | $ | 106,762,238 |
Debt Maturities The following table presents scheduled principal payments related to our debt as of March 31, 2015:
|  | Scheduled |  | Balloon |  |  |  |
|  | Principal |  | Payment |  | Total |
Remainder of 2015 |  | $ | 2,094,782 |  | $ | - |  | $ | 2,094,782 |
2016 |  |  | 2,953,637 |  |  | 8,580,000 |  |  | 11,533,637 |
2017 (1) |  |  | 2,710,275 |  |  | 19,744,758 |  |  | 22,455,033 |
2018 (2) |  |  | 2,575,206 |  |  | 104,500,000 |  |  | 107,075,206 |
2019 |  |  | 2,750,346 |  |  | - |  |  | 2,750,346 |
Thereafter |  |  | 6,839,278 |  |  | 130,431,151 |  |  | 137,270,429 |
Total |  | $ | 19,923,524 |  | $ | 263,255,909 |  | $ | 283,179,433 |
| (1) | The balloon payment is related to a mortgage note that matures in May 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.
| (2) | The balloon payment balance includes $79,500,000 outstanding under the Credit Facility as of March 31, 2015. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration