XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.8.0.1

LOANS PAYABLE AND OTHER BORROWINGS | 3 Months Ended
--- | ---
Mar. 31, 2018
Debt Disclosure [Abstract] |
LOANS PAYABLE AND OTHER BORROWINGS | LOANS PAYABLE AND OTHER BORROWINGS Loans payable and other borrowings consist of the following (in thousands):
|  | As of
|  | March 31, 2018 |  | December 31, 2017
Other borrowings, real estate notes payable (1) |  | $ | 16,854 |  |  | $ | 17,354 |
$625 million unsecured revolving credit facility with interest approximating LIBOR (approximately 1.88% at March 31, 2018) plus 1.75% or Prime (4.75% at March 31, 2018) plus 0.75% |  | — |  |  | — |
Total |  | $ | 16,854 |  |  | $ | 17,354 |
(1) | Reflects balance of non-recourse notes payable in connection with land purchases, with interest rates ranging from 0% to 8%.
The Company entered into an amended and restated unsecured revolving credit facility ("Credit Facility") in 2014. The Credit Facility has been amended from time to time to, among other things, increase the aggregate commitment to $625.0 million, initially consisting of $565 million of Class A commitments maturing in July 2021 and $60.0 million of Class B commitments maturing in July 2019. In January 2018, the sole Class B commitment lender assigned all of its rights and obligations under the Credit Facility to another lender. Subsequent to such assignment, the new lender converted the entire $60.0 million Class B commitment to a Class A commitment. As a result, the entire $625.0 million aggregate commitment now matures in July 2021. The Credit Facility has an accordion feature that permits the size of the facility to increase to a maximum of $725.0 million. Borrowings under the Credit Facility are unsecured but availability is subject to, among other things, a borrowing base. The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $987.4 million (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), and (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 60%. In addition, we are required to maintain either (i) an interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.50 to 1.00 or (ii) liquidity (as defined therein) of an amount not less than our consolidated interest incurred during the trailing 12 months. We had no outstanding borrowings under the Credit Facility as of March 31, 2018 and December 31, 2017. During the three months ended March 31, 2018, we had $285.0 million in gross borrowings and repayments. During the three months ended March 31, 2017, we had $160.0 million of gross borrowings and $115.0 million of repayments. As of March 31, 2018, we had outstanding letters of credit issued under the Credit Facility totaling $95.4 million, leaving $529.6 million available under the Credit Facility to be drawn.

X
- References No definition available. + 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration