XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2016
Schedule of Long-term Debt Instruments [Table Text Block]
Mortgages payable consisted of the following (in thousands):
 
 
 
September 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of interest only at 6.56% annum, with a balloon payment in the amount of $8,580,000 was repaid on March 11, 2016; collateralized by related real estate and tenants’ leases
 
$
-
 
$
8,580
 
 
 
 
 
 
 
 
 
Note payable in monthly principal installments of $56,380 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2015. A balloon payment in the amount of $20,283,000 was repaid on August 19, 2016; collateralized by related real estate and tenants’ leases
 
 
-
 
 
20,741
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with a balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases
 
 
25,000
 
 
25,000
 
 
 
 
 
 
 
 
 
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
 
 
5,483
 
 
6,553
 
 
 
 
 
 
 
 
 
Note payable in monthly installments of $23,004, including interest at 6.24% per annum, with a balloon payment of $2,781,819 due February 2020; collateralized by related real estate and tenant lease
 
 
3,070
 
 
3,129
 
 
 
 
 
 
 
 
 
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
 
 
23,640
 
 
 
 
 
 
 
 
 
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
 
 
5,334
 
 
5,448
 
 
 
 
 
 
 
 
 
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
 
 
8,059
 
 
8,493
 
 
 
 
 
 
 
 
 
Total principal
 
 
70,586
 
 
101,584
 
Unamortized debt issuance costs
 
 
(992)
 
 
(1,193)
 
Total
 
$
69,594
 
$
100,391
 
Schedule of Maturities of Long-term Debt [Table Text Block]
The following table presents scheduled principal payments related to our debt as of September 30, 2016 (in thousands):
 
 
 
Scheduled
 
Balloon
 
 
 
 
 
 
Principal
 
Payment
 
Total
 
Remainder of 2016
 
$
758
 
$
-
 
$
758
 
2017
 
 
3,147
 
 
-
 
 
3,147
 
2018 (1)
 
 
3,337
 
 
72,000
 
 
75,337
 
2019
 
 
3,008
 
 
18,290
 
 
21,298
 
2020
 
 
1,100
 
 
37,767
 
 
38,867
 
Thereafter
 
 
9,761
 
 
288,640
 
 
298,401
 
Total
 
$
21,111
 
$
416,697
 
$
437,808
 
 
(1)
The balloon payment balance includes the balance outstanding under the Credit Facility as of September 30, 2016. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.
Senior Unsecured Notes [Member]  
Schedule of Maturities of Long-term Debt [Table Text Block]
The following table presents the Senior Unsecured Notes balance net of unamortized debt issuance costs as of September 30, 2016, and 2015 (in thousands):
 
 
 
September 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
2025 Senior Unsecured Note
 
$
50,000
 
$
50,000
 
2027 Senior Unsecured Note
 
 
50,000
 
 
50,000
 
2028 Senior Unsecured Note
 
 
60,000
 
 
-
 
Total Principal
 
 
160,000
 
 
100,000
 
 
 
 
 
 
 
 
 
Unamortized debt issuance costs
 
 
(844)
 
 
(839)
 
Total
 
$
159,156
 
$
99,161
 
Unsecured Debt [Member]  
Schedule of Maturities of Long-term Debt [Table Text Block]
The following table presents the Unsecured Term Loans balance net of unamortized debt issuance costs as of September 30, 2016 and December 31, 2015 (in thousands):
 
 
 
September 30, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
 
2019 Term Loan
 
$
20,223
 
$
-
 
2020 Term Loan
 
 
35,000
 
 
35,000
 
2021 Term Loan
 
 
65,000
 
 
65,000
 
2023 Term Loan
 
 
40,000
 
 
-
 
Total Principal
 
 
160,223
 
 
100,000
 
 
 
 
 
 
 
 
 
Unamortized debt issuance costs
 
 
(1,012)
 
 
(610)
 
Total
 
$
159,211
 
$
99,390