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Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following tables contains summary information concerning our indebtedness as of December 31, 2015:

 

Debt:

 

Outstanding Principal

 

 

Carrying Amount

 

 

Type

 

Weighted

Average Rate

 

 

Weighted

Average

Maturity

(in years)

 

Secured credit facility (1)

 

$

271,500

 

 

$

271,500

 

 

Floating

 

 

2.9%

 

 

 

2.7

 

Bridge term loan (2)

 

 

120,000

 

 

 

120,000

 

 

Floating

 

 

5.4%

 

 

 

0.7

 

Mortgages-Fixed rate

 

 

545,956

 

 

 

546,262

 

 

Fixed

 

 

3.8%

 

 

 

6.9

 

Mortgages-Floating rate

 

 

38,075

 

 

 

38,075

 

 

Floating

 

 

2.8%

 

 

 

5.4

 

Total Debt

 

$

975,531

 

 

$

975,837

 

 

 

 

 

3.7%

 

 

 

4.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The total capacity of the secured credit facility is $325.0 million, of which $271.5 million was outstanding as of December 31, 2015.  

 

(2)

The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017.

 

 

 

Original maturities on or before December 31,

 

Debt:

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

Thereafter

 

Secured credit facility

 

$

-

 

 

$

-

 

 

$

271,500

 

 

$

-

 

 

$

-

 

 

$

-

 

Bridge term loan (1)

 

 

120,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Mortgages-Fixed rate

 

 

45,064

 

 

 

2,956

 

 

 

3,687

 

 

 

3,982

 

 

 

6,076

 

 

 

484,191

 

Mortgages-Floating rate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38,075

 

Total

 

$

165,064

 

 

$

2,956

 

 

$

275,187

 

 

$

3,982

 

 

$

6,076

 

 

$

522,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The bridge term loan may be extended by 6 months at our option. If extended, the maturity date would be March 2017.

As of December 31, 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 outstanding as of December 31, 2014.