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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs

3 Months Ended

Mar. 31, 2021

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 $1.1 billion at March 31, 2021, of which approximately $969.1 million was fixed-rate debt and approximately $179.0 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 March 31, 2021.

At March 31, 2021, 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 March 31, 2021, the applicable spread for borrowings was 140 basis points under the revolving credit facility and 135 basis points under the term loan. Letters of credit may be issued under the revolving credit facility. As of March 31, 2021, based on the value of the Company’s unencumbered properties, approximately $220.8 million was available under the revolving credit facility, $104.0 million was outstanding and approximately $185,000 was committed for letters of credit.

Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $3.3 million of the $66.0 million outstanding balance at March 31, 2021, which guarantee will be reduced to zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.8 million of the $30.3 million outstanding balance at March 31, 2021), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $25.0 million outstanding balance at March 31, 2021), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.0 million outstanding balance at March 31, 2021), (e) the Ashbrook Marketplace

mortgage (totaling $21.8 million at March 31, 2021), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $29.6 million at March 31, 2021). All other notes payable are non-recourse.

At December 31, 2020, the principal amount of the Company’s outstanding debt totaled approximately $1.2 billion, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt, including $104.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of December 31, 2020.

At March 31, 2021, 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, 2021			$	4,975					$	22,838					$	27,813
2022			140,502			(a)			31,016						171,518
2023			84,225						31,481						115,706
2024			66,164						30,857						97,021
2025			20,363						27,860						48,223
2026			134,088						24,333						158,421
Thereafter			437,162						92,253						529,415
Principal amount			$	887,479					$	260,638					1,148,117
Unamortized deferred debt costs															8,934
Net															$	1,139,183

(a) Includes $104.0 million outstanding under the revolving credit facility.

Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit 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 $8.9 million and $9.3 million, net of accumulated amortization of $8.9 million and $8.7 million, at March 31, 2021 and December 31, 2020, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets.

Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2021 and 2020, were as follows:

			Three Months Ended March 31,
(In thousands)			2021						2020
Interest incurred			$	12,681					$	13,019
Amortization of deferred debt costs			405						373
Capitalized interest			(1,095)						(3,768)
Interest expense			11,991						9,624
Less: Interest income			3						30
Interest expense, net and amortization of deferred debt costs			$	11,988					$	9,594

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- 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

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