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Mortgage Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following tables contains summary information concerning our indebtedness as of September 30, 2015:

 

Debt:

 

Outstanding Principal

 

 

Carrying Amount

 

 

Type

 

Weighted Average Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)

 

$

271,500

 

 

$

271,500

 

 

Floating

 

 

2.6%

 

 

 

3.0

 

     Bridge term loan

 

 

120,000

 

 

 

120,000

 

 

Floating

 

 

5.2%

 

 

 

1.0

 

     Mortgages-Fixed rate

 

 

563,721

 

 

 

564,333

 

 

Fixed

 

 

3.8%

 

 

 

7.0

 

     Mortgages-Floating rate

 

 

38,075

 

 

 

38,075

 

 

Floating

 

 

2.4%

 

 

 

5.6

 

Total Debt

 

$

993,296

 

 

$

993,908

 

 

 

 

 

3.6%

 

 

 

5.1

 

 

 

(1)

The secured credit facility total capacity is $325.0 million, of which $271.5 million was drawn as of September 30, 2015.

 

 

 

Original maturities on or before December 31,

 

Debt:

 

2015

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

Thereafter

 

     Secured credit facility

 

$

-

 

 

$

-

 

 

$

-

 

 

$

271,500

 

 

$

-

 

 

$

-

 

     Bridge term loan

 

 

-

 

 

 

120,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

     Mortgages-Fixed rate

 

 

498

 

 

 

45,385

 

 

 

3,267

 

 

 

4,079

 

 

 

20,245

 

 

 

490,247

 

     Mortgages-Floating rate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38,075

 

Total

 

$

498

 

 

$

165,385

 

 

$

3,267

 

 

$

275,579

 

 

$

20,245

 

 

$

528,322

 

As of September 30, 2015 we were in compliance with all financial covenants contained in our indebtedness.

The following tables contains summary information concerning our indebtedness as of December 31, 2014:

 

Debt:

 

Outstanding Principal

 

 

Carrying Amount

 

 

Type

 

Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)

 

$

18,392

 

 

$

18,392

 

 

Floating

 

 

2.7%

 

 

 

1.8

 

     Mortgages-Fixed rate

 

 

360,902

 

 

 

362,434

 

 

Fixed

 

 

3.8%

 

 

 

7.5

 

     Mortgages-Floating rate

 

 

38,075

 

 

 

38,075

 

 

Floating

 

 

2.4%

 

 

 

6.3

 

Total Debt

 

$

417,369

 

 

$

418,901

 

 

 

 

 

3.6%

 

 

 

7.1

 

 

(1) The secured credit facility total capacity was $30.0 million, of which $18.4 million was drawn as of December 31, 2014.