XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.10.0.1

DEBT | 3 Months Ended
--- | ---
Jul. 31, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT As of July 31, 2018, we owned 94 properties, of which 53 multifamily and other properties (with a carrying amount of $593.7 million) served as collateral for mortgage loans. The majority of these mortgage loans were non-recourse to us other than for standard carve-out obligations. As of July 31, 2018, we believe that there are no material defaults or compliance issues with respect to any mortgages payable. The aggregate amount of required future principal payments on mortgages payable as of July 31, 2018, is as follows:
| (in thousands)
Year Ended April 30, | Mortgage Loans
2019 | $ | 7,442 |
2020 | 86,400 |
2021 | 92,179 |
2022 | 70,506 |
2023 | 27,494 |
Thereafter | 182,534 |
Total payments | $ | 466,555 |
As noted above, as of July 31, 2018, we owned 41 multifamily and other properties that were not encumbered by mortgages, with 30 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $300.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). The UAP currently provides for a borrowing capacity of $300.0 million, providing additional borrowing availability of $170.0 million beyond the $130.0 million drawn as of July 31, 2018. This credit facility matures on January 31, 2021, with one twelve-month option to extend the maturity date at our election. Subsequent to quarter-end, we amended our existing term loan and line of credit and added a new term loan. Refer to "Note 15 - Subsequent Events" for further information. During the fiscal year ended April 30, 2018, we entered into a $70.0 million unsecured term loan, which matures on January 31, 2023. We maintain a $200.0 million option that can be accessed by increasing lending commitments under the current agreement. The interest rates on the line of credit and term loan are based, at our option, on the lender's base rate plus a margin, ranging from 60-125 basis points, or the London Interbank Offered Rate ("LIBOR"), plus a margin that ranges from 160-225 basis points based on our consolidated leverage. Our line of credit and term loan are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of July 31, 2018. We also have a $6.0 million operating line of credit. This operating line of credit is designated to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. As of July 31, 2018 and April 30, 2018, we have no outstanding balance on this operating line. The following table summarizes our indebtedness at July 31, 2018:
| (in thousands) |
| July 31, 2018 | April 30, 2018 | Weighted Average Maturity in Years
Unsecured line of credit | $ | 130,000 |  | $ | 124,000 |  | 3.0
Term loan | 70,000 |  | 70,000 |  | 4.0
Unsecured debt | 200,000 |  | 194,000 |  |
Mortgages payable - fixed | 466,555 |  | 489,401 |  | 5.4
Mortgages payable - variable | — |  | 22,739 |  |
Total debt | $ | 666,555 |  | $ | 706,140 |  | 4.9
Weighted average interest rate on unsecured line of credit | 3.83 | % | 3.35 | % |
Weighted average interest rate on term loan (rate with swap) | 3.86 | % | 3.86 | % |
Weighted average interest rate on mortgages payable | 4.65 | % | 4.69 | % |

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