XML 51 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Contingencies (Tables)
 3 Months Ended
Mar. 31, 2018
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 condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017:
 
 
As of March 31, 2018
 
Obligation recorded to
reflect guaranty
Unconsolidated
Affiliate
 
Company's
Ownership
Interest
 
Outstanding
Balance
 
Percentage
Guaranteed
by the
Operating
Partnership
 
Maximum
Guaranteed
Amount
 
Debt
Maturity
Date (1)
 
3/31/2018
 
12/31/2017
West Melbourne I, LLC
- Phase I (2)
 
50%
 
$
42,097

 
20%
 
$
8,419

 
Apr-2018
(3) 
 
$
86

 
$
86

West Melbourne I, LLC
- Phase II (2)
 
50%
 
16,257

 
20%
 
3,251

 
Apr-2018
(3) 
 
33

 
33

Port Orange I, LLC
 
50%
 
56,878

 
20%
 
11,376

 
Apr-2018
(3) 
 
116

 
116

Ambassador
Infrastructure, LLC
 
65%
 
10,605

 
100%
 
10,605

 
Aug-2020
 
 
177

 
177

Shoppes at
Eagle Point, LLC
 
50%
 
9,399

 
100%
(4) 
36,400

 
Oct-2020
(5) 
 
364

 
364

EastGate Storage, LLC
 
50%
 
93

 
100%
(6) 
6,500

 
Dec-2022
 
 
65

 
65

 
 
 
 
 
 
Total guaranty liability
 
 
$
841

 
$
841

(1)
Excludes any extension options.
(2)
The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively.
(3)
The loan was amended in February 2018 to extend the maturity date. The loan has an extension option for an outside maturity date of February 2019. See Note 6 for more information.
(4)
The guaranty will be reduced to 35% once construction is complete.
(5)
The loan has one two-year extension option, at the joint venture's election, for an outside maturity date of October 2022.
(6)
Once construction is complete, the guaranty will be reduced to 50%. The guaranty will be further reduced to 25% once certain debt and operational metrics are met.