| Schedule of Estimated Future Principal Payments |
Estimated future principal payments to be made under the above mortgage and note payable agreements, and the Company’s unsecured credit agreements (see Note 8) at June 30, 2017 are as follows:
|
(in thousands) |
|
|
|
|
|
Remainder of 2017 |
|
$ |
1,526 |
|
|
2018 |
|
|
3,225 |
|
|
2019 |
|
|
328,452 |
|
|
2020 |
|
|
8,888 |
|
|
2021 |
|
|
13,766 |
|
|
Thereafter |
|
|
527,575 |
|
|
|
|
$ |
883,432 |
|
|
| Summary of Debt |
The Company’s mortgages and notes payable consist of the following at June 30, 2017 and December 31, 2016:
|
(in thousands, except interest rates) |
|
Lender |
|
Origination
Date
(Month/Year) |
|
Maturity Date
(Month/Year) |
|
Interest Rate |
|
|
June 30,
2017 |
|
|
December 31,
2016 |
|
|
|
|
(1) |
M&T Bank |
|
Dec-10 |
|
Apr-20 |
|
1 month
LIBOR+1.90% |
|
|
$ |
- |
|
|
$ |
21,335 |
|
|
(b) (f) (g) |
|
(2) |
Sun Life |
|
Mar-12 |
|
Oct-21 |
|
|
5.13% |
|
|
|
11,855 |
|
|
|
12,036 |
|
|
(b) (i) |
|
(3) |
Aegon |
|
Apr-12 |
|
Oct-23 |
|
|
6.38% |
|
|
|
9,490 |
|
|
|
9,804 |
|
|
(b) (j) |
|
(4) |
Legg Mason Mortgage Capital Corporation |
|
Aug-10 |
|
Aug-22 |
|
|
7.06% |
|
|
|
6,119 |
|
|
|
6,538 |
|
|
(b) (e) |
|
(5) |
Columbian Mutual Life Insurance Company |
|
Aug-10 |
|
Sep-25 |
|
|
7.00% |
|
|
|
1,520 |
|
|
|
1,538 |
|
|
(b) (c) (d) |
|
(6) |
Symetra Financial |
|
Mar-11 |
|
Apr-31 |
|
|
6.34% |
|
|
|
1,022 |
|
|
|
1,036 |
|
|
(a) (b) |
|
(7) |
Note holders |
|
Dec-08 |
|
Dec-23 |
|
|
6.25% |
|
|
|
750 |
|
|
|
750 |
|
|
(d) |
|
(8) |
Standard Insurance Co. |
|
Jul-10 |
|
Aug-30 |
|
|
6.75% |
|
|
|
589 |
|
|
|
597 |
|
|
(b) (c) (d) (h) |
|
(9) |
Siemens Financial Services, Inc. |
|
Sep-10 |
|
Sep- 20 |
|
|
5.47% |
|
|
|
5,916 |
|
|
|
6,010 |
|
|
(a) (b) |
|
(10) |
Standard Insurance Co. |
|
Apr-09 |
|
May-34 |
|
|
6.88% |
|
|
|
1,842 |
|
|
|
1,870 |
|
|
(b) (c) (h) |
|
(11) |
Wells Fargo Bank, N.A. |
|
May-07 |
|
Jun-17 |
|
|
6.69% |
|
|
|
- |
|
|
|
1,694 |
|
|
(a) (b) |
|
(12) |
Standard Insurance Co. |
|
May-09 |
|
Jun-34 |
|
|
6.88% |
|
|
|
1,322 |
|
|
|
1,342 |
|
|
(b) (c) (h) |
|
(13) |
Standard Insurance Co. |
|
Mar-10 |
|
Apr-31 |
|
|
7.00% |
|
|
|
- |
|
|
|
1,058 |
|
|
(b) (c) (d) (h) |
|
(14) |
Standard Insurance Co. |
|
Mar-10 |
|
Apr-31 |
|
|
7.00% |
|
|
|
- |
|
|
|
844 |
|
|
(b) (c) (d) (h) |
|
(15) |
Columbus Life Insurance |
|
Feb-13 |
|
Jan-26 |
|
|
4.65% |
|
|
|
9,209 |
|
|
|
9,400 |
|
|
(b) (k) (l) |
|
(16) |
Athene Annuity & Life Co. |
|
Feb-12 |
|
Feb-17 |
|
|
3.76% |
|
|
|
- |
|
|
|
12,701 |
|
|
(b) |
|
(17) |
PNC Bank |
|
Oct-16 |
|
Nov-26 |
|
|
3.62% |
|
|
|
18,797 |
|
|
|
18,971 |
|
|
(b) (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
68,431 |
|
|
|
107,524 |
|
|
|
|
|
Debt issuance costs, net |
|
|
|
|
|
|
|
|
|
|
(726 |
) |
|
|
(838 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
67,705 |
|
|
$ |
106,686 |
|
|
|
|
(a) |
Non-recourse debt includes the indemnification/guaranty of the Corporation and/or Operating Company pertaining to fraud, environmental claims, insolvency and other matters. |
|
(b) |
Debt secured by related rental property and lease rents. |
|
(c) |
Debt secured by guaranty of the Operating Company. |
|
(d) |
Debt secured by guaranty of the Corporation. |
|
(e) |
Debt is guaranteed by a third party. |
|
(f) |
The Company entered into an interest rate swap agreement in connection with this mortgage note or note payable, as further described in Note 10. At the time the mortgage was paid in full, the related interest rate swap agreement was terminated. |
|
(g) |
M&T’s participation in the New York State Energy Research and Development Authority program results in a blended interest rate of one-month LIBOR plus 1.64% for the term of this mortgage note payable. |
|
(h) |
The interest rate represents the initial interest rate on the respective notes. The interest rate will be adjusted at Standard Insurance’s discretion at certain times throughout the term of the note, ranging from 59 to 239 months, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for notes payable, the Company has the right to prepay the note without penalty. |
|
(i) |
Mortgage was assumed in March 2012 as part of an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) transaction. The debt was marked to market at the time of the assumption. |
|
(j) |
Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was marked to market at the time of the assumption. |
|
(k) |
Mortgage was assumed in December 2013 as part of the acquisition of the related property. The debt was marked to market at the time of the assumption. |
|
(l) |
Subsequent to June 30, 2017, the Company paid the mortgage in full. |
|