v3.8.0.1

Mortgages and Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Mortgages and Notes Payable | 10. Mortgages and Notes Payable The Company’s mortgages and notes payable consist of the following at December 31, 2017 and December 31, 2016:
(in thousands, except interest rates) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Origination Date |  | Maturity Date |  |  |  |  |  | December 31, |  |  |
|  |  | Lender |  | (Month/Year) |  | (Month/Year) |  | Interest Rate |  |  | 2017 |  |  | 2016 |  |  |
| (1 | ) | PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  | $ | 18,622 |  |  | $ | 18,971 |  |  | (b) (c)
| (2 | ) | Sun Life |  | Mar-12 |  | Oct-21 |  | 5.13% |  |  |  | 11,670 |  |  |  | 12,036 |  |  | (b) (i)
| (3 | ) | Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  |  | 9,168 |  |  |  | 9,804 |  |  | (b) (j)
| (4 | ) | Symetra Financial |  | Nov-17 |  | Oct-26 |  | 3.65% |  |  |  | 6,685 |  |  |  | — |  |  | (a) (b) (n) (o)
| (5 | ) | Siemens Financial Services, Inc. |  | Sep-10 |  | Sep- 20 |  | 5.47% |  |  |  | 5,820 |  |  |  | 6,010 |  |  | (a) (b)
| (6 | ) | Legg Mason Mortgage Capital Corporation |  | Aug-10 |  | Aug-22 |  | 7.06% |  |  |  | 5,670 |  |  |  | 6,538 |  |  | (b) (e)
| (7 | ) | M&T Bank |  | Oct-17 |  | Aug-21 |  | 1-month LIBOR+3% |  |  |  | 5,183 |  |  |  | — |  |  | (b) (d) (l) (m)
| (8 | ) | Standard Insurance Co. |  | Apr-09 |  | May-34 |  | 6.88% |  |  |  | 1,813 |  |  |  | 1,870 |  |  | (b) (c) (h)
| (9 | ) | Columbian Mutual Life Insurance Company |  | Aug-10 |  | Sep-25 |  | 7.00% |  |  |  | 1,500 |  |  |  | 1,538 |  |  | (b) (c) (d)
| (10 | ) | Symetra Financial |  | Mar-11 |  | Apr-31 |  | 6.34% |  |  |  | 1,008 |  |  |  | 1,036 |  |  | (a) (b)
| (11 | ) | Note holders |  | Dec-08 |  | Dec-23 |  | 6.25% |  |  |  | 750 |  |  |  | 750 |  |  | (d)
| (12 | ) | Standard Insurance Co. |  | Jul-10 |  | Aug-30 |  | 6.75% |  |  |  | 581 |  |  |  | 597 |  |  | (b) (c) (d) (h)
| (13 | ) | M&T Bank |  | Dec-10 |  | Apr-20 |  | 1-month LIBOR+1.90% |  |  |  | — |  |  |  | 21,335 |  |  | (b) (f) (g)
| (14 | ) | Wells Fargo Bank, N.A. |  | May-07 |  | Jun-17 |  | 6.69% |  |  |  | — |  |  |  | 1,694 |  |  | (a) (b)
| (15 | ) | Standard Insurance Co. |  | May-09 |  | Jun-34 |  | 6.88% |  |  |  | — |  |  |  | 1,342 |  |  | (b) (c) (h)
| (16 | ) | Standard Insurance Co. |  | Mar-10 |  | Apr-31 |  | 7.00% |  |  |  | — |  |  |  | 1,058 |  |  | (b) (c) (d) (h)
| (17 | ) | Standard Insurance Co. |  | Mar-10 |  | Apr-31 |  | 7.00% |  |  |  | — |  |  |  | 844 |  |  | (b) (c) (d) (h)
| (18 | ) | Columbus Life Insurance |  | Feb-13 |  | Jan-26 |  | 4.65% |  |  |  | — |  |  |  | 9,400 |  |  | (b) (k)
| (19 | ) | Athene Annuity & Life Co. |  | Feb-12 |  | Feb-17 |  | 3.76% |  |  |  | — |  |  |  | 12,701 |  |  | (b)
|  |  |  |  |  |  |  |  |  |  |  |  |  | 68,470 |  |  |  | 107,524 |  |  |
|  |  | Debt issuance costs, net |  |  |  |  |  |  |  |  |  |  | (638 | ) |  |  | (838 | ) |  |
|  |  |  |  |  |  |  |  |  |  |  |  | $ | 67,832 |  |  | $ | 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, as further described in Note 11. 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 UPREIT transaction. The debt was recorded at fair value 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 recorded at fair value 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 recorded at fair value at the time of the assumption.
(l) | The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 11.
(m) | Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption.
(n) | Mortgage was assumed in November 2017 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.
(o) | The interest rate will be adjusted to the holder’s quoted 5-year commercial mortgage rate for similar size and quality.
At December 31, 2017, investment in rental property of $67,720 is pledged as collateral against the Company’s mortgages and notes payable. The Company extinguished seven, four and two mortgages totaling $48,108, $8,199, and $3,883 during the years ended December 31, 2017, 2016, and 2015, respectively. For the years ended December 31, 2017, 2016 and 2015 the cost (gain) of extinguishment for the mortgages was $1,596, $133 and $(1,213), respectively. Estimated future principal payments to be made under the above mortgage and note payable agreements, and the Company’s unsecured credit agreements (see Note 9) at December 31, 2017 are as follows:
(in thousands) |  |  |  |
2018 |  | $ | 3,127 |
2019 |  |  | 328,351 |
2020 |  |  | 8,777 |
2021 |  |  | 18,263 |
2022 |  |  | 298,495 |
Thereafter |  |  | 524,457 |
|  | $ | 1,181,470 |
Certain of the Company’s mortgage and note payable agreements provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements which are not reflected as part of the table above.

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 mortgage notes payable. + References No definition available. + Details
Name: | us-gaap_MortgageNotesPayableDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration