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Subsequent Events | 3 Months Ended
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Mar. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in the consolidated financial statements, except for as disclosed below. Acquisition Subsequent to March 31, 2019, we acquired three properties, all located in the United States, for an aggregate total base purchase price of $41.9 million, excluding acquisition related costs. New Loan Agreement On April 12, 2019, the Company, through certain wholly owned subsidiaries, borrowed $97.5 million from Column Financial, Inc. and Société Générale Financial Corporation, secured by 16 of the Company’s single tenant net leased office and industrial properties located in 12 states that were simultaneously removed from the borrowing base under the Revolving Credit Facility. At closing, approximately $90.2 million was used to repay outstanding indebtedness under the Credit Facility, with the remaining proceeds, after costs and fees related to the loan, available for working capital and general corporate purposes. The loan bears interest at a fixed rate of 4.489% and has a maturity date of May 6, 2029. The loan is interest-only, with the principal balance due on the maturity date. The Company may prepay the loan in whole or in part at any time, subject to certain fees depending on the timing and other circumstances of the prepayment. ATM Program Amendment On May 9, 2019, the Company amended the equity distribution agreement for the ATM Program to add Ladenburg Thalmann & Co. Inc. as a new agent thereunder. Ladenburg Thalmann & Co. Inc. is also an agent under the Preferred ATM Program. German Refinancing On May 3, 2019, the Company entered into a loan agreement with Landesbank Hessen-Thüringen Girozentrale. On May 8, 2019, the Company delivered an irrevocable utilization request under the loan agreement pursuant to which the Company expects to borrow an aggregate of €51.5 million. The closing of this loan scheduled for May 10, 2019 remains subject to conditions contained in the loan agreement, including that no default would result from the loan and all the Company’s representations being true in all respects, and there can be no assurance the closing will be completed. The net proceeds from the loan will be used to repay all €35.6 million outstanding in mortgage indebtedness currently encumbering the properties that will secure the loan. The loan will be interest-only with the principal due at maturity, which will be June 30, 2023. The maturity date may be extended at the Company’s option to February 29, 2024 subject to conditions. The loan will bear interest at a rate of 3-month Euribor plus 1.80% per annum until the Company replaces an easement on one property and Euribor plus 1.55% thereafter. There can be no assurance as to when this easement will be replaced, if at all. The Company expects to enter into a swap to fix the interest rate for approximately €41.2 million of the principal amount of the loan, representing 80% of the principal amount. The loan will be voluntarily prepayable in whole or in part at any time and will require mandatory repayments in connection with dispositions, curing certain defaults and other customary circumstances.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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