XML 62 R47.htm IDEA: XBRL DOCUMENT v3.7.0.1
Mortgage Notes Payable, Revolving Credit Facility, Interest Expense and Amortization of Deferred Debt Costs - Additional Information (Detail) - USD ($)
 12 Months Ended
Apr. 01, 2015
Mar. 03, 2015
Jun. 24, 2014
Feb. 27, 2013
Dec. 31, 2016
Nov. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]                
Outstanding debt         $ 907,800,000      
Fixed rate mortgages         783,400,000   $ 796,169,000  
Principal amount         907,774,000   875,200,000  
Debt outstanding with fixed-rate             832,400,000  
Debt outstanding with variable-rate             42,800,000  
Line of credit facility, maximum borrowing capacity         225,600,000      
Letter of credit facility         448,000      
Guarantor obligations, maximum exposure         51,000,000   51,000,000  
Remaining loan balance         231,800,000      
Capitalization of debt issuance cost         100,000   300,000 $ 1,300,000
Beacon Center                
Debt Instrument [Line Items]                
Loan amount           $ 11,250,000.00    
Shops at Fairfax and Boulevard                
Debt Instrument [Line Items]                
Loan term   15 years            
Loan amount   $ 30,000,000            
Loan fixed interest rate   3.69%            
Northrock                
Debt Instrument [Line Items]                
Loan term 15 years              
Loan amount $ 16,000,000              
Loan fixed interest rate 3.99%              
Metro Pike Center                
Debt Instrument [Line Items]                
Interest rate spread on LIBOR       1.65%        
Northrock                
Debt Instrument [Line Items]                
Interest rate spread on LIBOR       1.65%        
Revolving Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Outstanding line of credit         $ 49,000,000      
Unsecured Revolving Credit Facility                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity     $ 275,000,000.0          
Extension in line of credit facility period     1 year   1 year      
Interest rate spread on LIBOR         1.45%      
Unsecured Revolving Credit Facility | Minimum                
Debt Instrument [Line Items]                
Interest rate spread on LIBOR         1.45%      
Unsecured Revolving Credit Facility | Maximum                
Debt Instrument [Line Items]                
Interest rate spread on LIBOR         2.00%      
Fixed rate mortgage notes payable                
Debt Instrument [Line Items]                
Fixed rate mortgages         $ 844,292,000   832,441,000  
Fixed rate mortgage notes payable | Shops at Fairfax and Boulevard                
Debt Instrument [Line Items]                
Loan required final principal payment   $ 15,500,000            
Loan required periodic principal and interest payment   $ 153,300            
Amortization schedule   25 years            
Remaining loan balance   $ 15,200,000            
Fixed rate mortgage notes payable | Northrock                
Debt Instrument [Line Items]                
Loan required final principal payment $ 8,400,000              
Loan required periodic principal and interest payment $ 84,400              
Amortization schedule 25 years              
Remaining loan balance $ 14,500,000              
Fixed rate mortgage notes payable | Metro Pike Center Bank Loan                
Debt Instrument [Line Items]                
Guarantor obligations, maximum exposure         7,800,000      
Fixed rate mortgage notes payable | 5.84% due May 2027                
Debt Instrument [Line Items]                
Fixed rate mortgages         66,210,000 [1]   67,850,000  
Fixed rate mortgage notes payable | 4.04% due April 2028                
Debt Instrument [Line Items]                
Fixed rate mortgages         16,352,000 [2]   16,826,000  
Fixed rate mortgage notes payable | 4.04% due April 2028 | Hampshire Langley                
Debt Instrument [Line Items]                
Loan required final principal payment         9,500,000      
Loan required periodic principal and interest payment         $ 95,400      
Principal amortization period         25 years      
Fixed rate mortgage notes payable | 3.51% due June 2028                
Debt Instrument [Line Items]                
Fixed rate mortgages         $ 41,753,000 [3]   31,844,000  
Fixed rate mortgage notes payable | 3.51% due June 2028 | Beacon Center                
Debt Instrument [Line Items]                
Loan required final principal payment         17,100,000      
Loan required periodic principal and interest payment         $ 268,500      
Principal amortization period         20 years      
Fixed rate mortgage notes payable | 3.99% due September 2028                
Debt Instrument [Line Items]                
Fixed rate mortgages         $ 16,543,000 [4]   17,011,000  
Fixed rate mortgage notes payable | 3.99% due September 2028 | Seabreeze Plaza                
Debt Instrument [Line Items]                
Loan required final principal payment         9,500,000      
Loan required periodic principal and interest payment         $ 94,900      
Principal amortization period         25 years      
Fixed rate mortgage notes payable | 4.88% due September 2032                
Debt Instrument [Line Items]                
Fixed rate mortgages         $ 70,144,000 [5]   45,208,000  
Fixed rate mortgage notes payable | 4.88% due September 2032 | Park Van Ness                
Debt Instrument [Line Items]                
Loan amount         71,600,000      
Loan required final principal payment         39,600,000      
Loan required periodic principal and interest payment         $ 413,500      
Principal amortization period         25 years      
Variable rate loans payable                
Debt Instrument [Line Items]                
Variable rate debt         $ 63,482,000   42,801,000  
Interest rate spread on LIBOR [6]         2.22%      
Variable rate loans payable | Unsecured Revolving Credit Facility                
Debt Instrument [Line Items]                
Variable rate debt         $ 49,000,000 [7]   28,000,000  
Line of credit facility, maximum borrowing capacity         $ 275,000,000      
Interest rate spread on LIBOR [6]         1.45%      
Variable rate loans payable | Metro Pike Center Bank Loan                
Debt Instrument [Line Items]                
Variable rate debt         $ 14,482,000 [8]   14,801,000  
Interest rate spread on LIBOR [6]         1.65%      
Variable rate loans payable | Metro Pike Center Bank Loan | Metro Pike Center                
Debt Instrument [Line Items]                
Loan required final principal payment         $ 14,200,000      
Loan required periodic principal and interest payment         48,000      
Debt Covenant                
Debt Instrument [Line Items]                
Carrying value of properties collateralized         $ 957,200,000   $ 856,800,000  
Debt covenant, percentage of net proceeds of additional equity issuance         80.00%      
Credit agreement leverage ratio         60.00%      
Interest coverage ratio required minimum         2.0      
Required fixed charge coverage ratio         1.3      
Debt Covenant | Minimum                
Debt Instrument [Line Items]                
Debt covenant required net assets         $ 542,100,000      
[1] The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.6 million was amortized during 2016.
[2] The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $474,000 was amortized in 2016.
[3] The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $268,500 based upon a 20-year amortization schedule and a final payment of $17.1 million at loan maturity. Principal of $1.3 million was amortized in 2016.
[4] The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $468,000 was amortized in 2016.
[5] The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity.
[6] Interest rate and scheduled maturity data presented as of December 31, 2016. Totals computed using weighted averages. Amounts shown are principal amounts and have not been reduced by any deferred debt issuance costs.
[7] The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.
[8] The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.2 million at loan maturity. Principal of $319,000 was amortized during 2016.