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Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following tables contains summary information concerning our indebtedness as of March 31, 2016:

 

Debt:

 

Outstanding Principal

 

 

Unamortized Discount and Debt Issuance Costs

 

 

Carrying Amount

 

 

Type

 

Weighted Average Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)

 

$

324,977

 

 

$

(4,122

)

 

$

320,855

 

 

Floating

 

 

2.9%

 

 

 

2.5

 

     Bridge term loan (2)

 

 

90,216

 

 

$

(939

)

 

 

89,277

 

 

Floating

 

 

5.4%

 

 

 

0.5

 

     Mortgages-Fixed rate

 

 

495,253

 

 

 

(3,124

)

 

 

492,129

 

 

Fixed

 

 

3.8%

 

 

 

7.2

 

     Mortgages-Floating rate

 

 

38,075

 

 

 

-

 

 

 

38,075

 

 

Floating

 

 

2.8%

 

 

 

5.1

 

Total Debt

 

$

948,521

 

 

$

(8,185

)

 

$

940,336

 

 

 

 

 

3.6%

 

 

 

4.9

 

 

 

(1)

The secured credit facility total capacity is $325.0 million, of which $325.0 million was outstanding as of March 31, 2016.

 

(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

 

$

-

 

 

$

-

 

 

$

324,977

 

 

$

-

 

 

$

-

 

 

$

-

 

     Bridge term loan (1)

 

 

90,216

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

     Mortgages-Fixed rate

 

 

911

 

 

 

2,825

 

 

 

3,549

 

 

 

3,834

 

 

 

5,920

 

 

 

478,214

 

     Mortgages-Floating rate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38,075

 

Total

 

$

91,127

 

 

$

2,825

 

 

$

328,526

 

 

$

3,834

 

 

$

5,920

 

 

$

516,289

 

 

 

(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 March 31, 2016 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, 2015:

 

Debt:

 

Outstanding Principal

 

 

Unamortized Discount and Debt Issuance Costs

 

 

Carrying Amount

 

 

Type

 

Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)

 

$

271,500

 

 

$

(4,345

)

 

$

267,155

 

 

Floating

 

 

2.9%

 

 

 

2.7

 

  Bridge term loan (2)

 

 

120,000

 

 

$

(1,582

)

 

 

118,418

 

 

Floating

 

 

5.4%

 

 

 

0.7

 

     Mortgages-Fixed rate

 

 

545,956

 

 

 

(2,993

)

 

 

542,963

 

 

Fixed

 

 

3.8%

 

 

 

6.9

 

     Mortgages-Floating rate

 

 

38,075

 

 

 

-

 

 

 

38,075

 

 

Floating

 

 

2.8%

 

 

 

5.4

 

Total Debt

 

$

975,531

 

 

$

(8,920

)

 

$

966,611

 

 

 

 

 

3.7%

 

 

 

4.9

 

 

 

(1)

The secured credit facility total capacity was $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.