XML 10 R13.htm IDEA: XBRL DOCUMENT
v3.19.3

Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | 9 Months Ended
--- | ---
Sep. 30, 2019
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 $1.0 billion at September 30, 2019, of which approximately $948.1 million was fixed-rate debt and approximately $75.0 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of September 30, 2019. At September 30, 2019, the Company had a $400.0 million credit facility comprised of a $325.0 million revolving facility and a $75.0 million term loan. As of September 30, 2019, the applicable spread for borrowings is 135 basis points under the revolving credit facility 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 credit facility. Letters of credit may be issued under the revolving credit facility. As of September 30, 2019, based on the value of the Company’s unencumbered properties, approximately $296.3 million was available under the revolving credit facility, there was no outstanding balance and approximately $185,000 was committed for letters of credit. On January 4, 2019, the Company repaid in full the remaining balance of the mortgage loan secured by Countryside Marketplace, which was scheduled to mature in July 2019. On January 10, 2019, the Company closed on a 15-year, non-recourse $22.1 million mortgage loan secured by Olde Forte Village. The loan matures in 2034, bears interest at a fixed-rate of 4.65%, requires monthly principal and interest payments of $124,700 based on a 25-year amortization schedule and requires a final payment of $12.1 million. Proceeds were partially used to repay in full the existing mortgage secured by Olde Forte Village, which was scheduled to mature in May 2019. On June 3, 2019, the Company repaid in full the remaining balance of the mortgage loan secured by Briggs Chaney Marketplace, which was scheduled to mature in September 2019. Saul Centers is a guarantor of the credit 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 $10.0 million of the $68.5 million outstanding balance at September 30, 2019, which guarantee will be reduced to (i) $6.7 million on October 1, 2019, (ii) $3.3 million on October 1, 2020 and (iii) zero on October 1, 2021), (b) a portion of the Kentlands Square II mortgage loan (approximately $8.6 million of the $34.3 million outstanding balance at September 30, 2019), and (c) a portion of the Broadlands Village mortgage (approximately $3.9 million of the $31.4 million outstanding balance at September 30, 2019). All other notes payable are non-recourse. At December 31, 2018, the principal amount of the Company’s outstanding debt totaled approximately $1.0 billion, of which $910.2 million was fixed rate debt and $122.0 million was variable rate debt, including $47.0 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of December 31, 2018. At September 30, 2019, 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
October 1 through December 31, 2019 | $ | — |  |  | $ | 7,384 |  |  | $ | 7,384 |
2020 | 61,163 |  |  | 28,536 |  |  | 89,699 |
2021 | 11,012 |  |  | 28,333 |  |  | 39,345 |
2022 | 36,503 |  |  | 28,923 |  |  | 65,426 |
2023 | 84,225 |  |  | 29,313 |  |  | 113,538 |
2024 | 66,645 |  |  | 27,908 |  |  | 94,553 |
Thereafter | 497,257 |  |  | 115,902 |  |  | 613,159 |
Principal amount | $ | 756,805 |  |  | $ | 266,299 |  |  | 1,023,104 |
Unamortized deferred debt costs |  |  |  |  | 8,376 |
Net |  |  |  |  | $ | 1,014,728 |
Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the term loan facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $8.4 million and $10.3 million, net of accumulated amortization of $6.7 million and $7.3 million, at September 30, 2019 and December 31, 2018, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. At September 30, 2019, deferred debt costs related to the revolving credit facility, which had no outstanding balance, totaling $1.3 million, net of accumulated amortization of $0.9 million, are included in Other Assets in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2019 and 2018, were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Interest incurred | $ | 13,103 |  |  | $ | 12,361 |  |  | $ | 38,972 |  |  | $ | 36,863 |
Amortization of deferred debt costs | 370 |  |  | 377 |  |  | 1,130 |  |  | 1,224 |
Capitalized interest | (3,088 | ) |  | (1,716 | ) |  | (7,756 | ) |  | (4,301 | )
Interest expense | 10,385 |  |  | 11,022 |  |  | 32,346 |  |  | 33,786 |
Less: Interest income | 60 |  |  | 48 |  |  | 161 |  |  | 218 |
Interest expense, net and amortization of deferred debt costs | $ | 10,325 |  |  | $ | 10,974 |  |  | $ | 32,185 |  |  | $ | 33,568 |

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://fasb.org/us-gaap/role/ref/legacyRef -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