XML 70 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantees
The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2016 and 2015:
 
 
As of December 31, 2016
 
Obligation
recorded to reflect
guaranty
Unconsolidated Affiliate
 
Company's
Ownership
Interest
 
Outstanding
Balance
 
Percentage
Guaranteed by the
Company
 
Maximum
Guaranteed
Amount
 
Debt
Maturity
Date (1)
 
12/31/16
 

12/31/15
West Melbourne I, LLC -
Phase I (2)
 
50%
 
$
42,847

 
20%
(3) 
$
8,569

 
Feb-2018
(4) 
$
86

 
$
99

West Melbourne I, LLC -
Phase II (2)
 
50%
 
16,557

 
20%
(3) 
3,311

 
Feb-2018
(4) 
33

 
87

Port Orange I, LLC
 
50%
 
57,927

 
20%
(3) 
11,586

 
Feb-2018
(4) 
116

 
148

Fremaux Town Center JV, LLC - Phase I
 
65%
 
—

 
—%
(5) 
—

 
Aug-2016
 
—

 
62

Fremaux Town Center JV, LLC - Phase II
 
65%
 
—

 
—%
(5) 
—

 
Aug-2016
 
—

 
161

Ambassador Town Center JV, LLC
 
65%
 
—

 
—%
(5) 
—

 
Dec-2017
 
—

 
462

Ambassador Infrastructure, LLC
 
65%
 
11,700

 
100%
(6) 
11,700

 
Dec-2017
(7) 
177

 
177

 
 
 
 
 
 
Total guaranty liability
 
$
412

 
$
1,196

(1)
Excludes any extension options.
(2)
The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively.
(3)
The guaranty was reduced from 25% to 20% when the loan was modified and extended in the first quarter of 2016. See Note 5.
(4)
The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019.
(5)
The guaranty was removed in the second quarter of 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 for additional information.
(6)
The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of such year as PILOT payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists.
(7)
The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019
Schedule of Future Obligations Under Operating Leases
The future obligations under these operating leases at December 31, 2016, are as follows:
2017
 
$
588

2018
 
594

2019
 
601

2020
 
607

2021
 
614

Thereafter
 
12,636

 
 
$
15,640