XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | 3 Months Ended
--- | ---
Mar. 31, 2018
Debt Disclosure [Abstract] |
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company’s outstanding debt totaled approximately $973.0 million at March 31, 2018, of which approximately $883.0 million was fixed-rate debt and approximately $90.0 million was variable rate debt, including $15.0 million outstanding under our unsecured revolving credit facility and $75.0 million outstanding under a term loan credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $972.4 million as of March 31, 2018. On January 26, 2018, the Company replaced its credit facility. The new credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit, totals $400.0 million (the “New Facility”), of which $325.0 million is a revolving credit facility (the “Revolving Line”) and $75.0 million is a term loan (the “Term Loan”). The Revolving Line matures on January 26, 2022, which term may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The Term Loan matures on January 26, 2023, and may not be extended. In general, loan availability under the New Facility is primarily determined by operating income from the Company’s existing unencumbered properties. Interest accrues at a rate of LIBOR plus a spread of 135 basis points to 195 basis points under the Revolving Line, and 130 basis points to 190 basis points under the Term Loan, each as determined by certain leverage tests. As of March 31, 2018, the applicable spread for borrowings is 135 basis points under the Revolving Line and 130 basis points under the Term Loan. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the New Facility. Letters of credit may be issued under the revolving credit facility. On March 31, 2018, based on the value of the Company’s unencumbered properties, approximately $217.8 million was available under the Revolving Line, $15.0 million was outstanding and approximately $185,000 was committed for letters of credit. On January 18, 2017, the Company closed on a 15-year, non-recourse $40.0 million mortgage loan secured by Burtonsville Town Square. The loan matures in 2032, bears interest at a fixed rate of 3.39%, requires monthly principal and interest payments of $197,900 based on a 25-year amortization schedule and requires a final payment of $20.3 million at maturity. On August 14, 2017, the Company closed on a $157.0 million construction-to-permanent loan, the proceeds of which will be used to partially fund the Glebe Road development project. The loan matures in 2035, bears interest at a fixed rate of 4.67%, requires interest only payments, which will be funded by the loan, until conversion to permanent. The conversion is expected in the fourth quarter of 2021, and thereafter, monthly principal and interest payments of $887,900 based on a 25-year amortization schedule will be required. Effective September 1, 2017, the Company's construction-to-permanent loan secured by and used to partially finance the construction of Park Van Ness, converted to permanent financing. The loan matures in 2032, bears interest at a fixed rate of 4.88%, requires monthly principal and interest payments of $413,460 based on a 25-year amortization schedule and requires a final payment of $39.6 million at maturity. On November 20, 2017, the Company closed on a 15-year, non-recourse $60.0 million mortgage loan secured by Washington Square. The loan matures in 2032, bears interest at a fixed rate of 3.75%, requires monthly principal and interest payments of $308,500 based on a 25-year amortization schedule and requires a final payment of $31.1 million. Proceeds were used to repay the remaining balance of $28.1 million on the existing mortgage and reduce the outstanding balance of the revolving credit facility. Saul Centers is a guarantor of the New Facility, of which the Operating Partnership is the borrower. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness loan (approximately $53.7 million of the $70.8 million outstanding balance at March 31, 2018), which guarantee, subject to the achievement of certain leasing and cash flow levels, may be reduced and eventually eliminated, and (b) a portion of the Kentlands Square II mortgage loan (approximately $9.2 million of the $36.2 million outstanding at March 31, 2018). The fixed-rate notes payable are non-recourse. At December 31, 2017, the principal amount of the Company’s outstanding debt totaled approximately $965.5 million, of which $890.4 million was fixed rate debt and $75.1 million was variable rate debt, including $61.0 million outstanding on the Company’s unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled $1.0 billion as of December 31, 2017. At March 31, 2018, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(In thousands) | Balloon Payments |  | Scheduled Principal Amortization |  | Total
April 1 through December 31, 2018 | $ | — |  |  | $ | 22,767 |  |  | $ | 22,767 |
2019 | 60,793 |  |  | 29,299 |  |  | 90,092 |
2020 | 61,163 |  |  | 26,772 |  |  | 87,935 |
2021 | 11,012 |  |  | 26,487 |  |  | 37,499 |
2022 | 51,503 |  | (a) | 26,990 |  |  | 78,493 |
2023 | 84,225 |  |  | 27,290 |  |  | 111,515 |
Thereafter | 427,305 |  |  | 117,401 |  |  | 544,706 |
Principal amount | $ | 696,001 |  |  | $ | 277,006 |  |  | 973,007 |
Unamortized deferred debt costs |  |  |  |  | 9,015 |
Net |  |  |  |  | $ | 963,992 |
(a) Includes $15.0 million outstanding under the revolving credit facility. Interest expense and amortization of deferred debt costs for the three months ended March 31, 2018 and 2017, were as follows:
| Three Months Ended March 31,
(In thousands) | 2018 |  | 2017
Interest incurred | $ | 12,200 |  |  | $ | 12,288 |
Amortization of deferred debt costs | 470 |  |  | 345 |
Capitalized interest | (1,144 | ) |  | (769 | )
| $ | 11,526 |  |  | $ | 11,864 |

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 information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration