| 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 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 |
|
|
| Summary of Unsecured Credit Agreements |
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. |
|