XML 66 R50.htm IDEA: XBRL DOCUMENT v3.19.1
Contingencies (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019 and December 31, 2018:
 
 
As of March 31, 2019
 
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)
 
3/31/2019
 
12/31/2018
West Melbourne I, LLC
- Phase I (2)
 
50%
 
$
40,392

 
50
%
 
 
$
20,196

 
Feb-2021
 
 
$
202

 
$
203

West Melbourne I, LLC
- Phase II (2)
 
50%
 
15,917

 
50
%
 
 
7,959

 
Feb-2021
 
 
80

 
80

Port Orange I, LLC
 
50%
 
54,908

 
50
%
 
 
27,454

 
Feb-2021
 
 
275

 
280

Ambassador
Infrastructure, LLC
 
65%
 
10,050

 
100
%
 
 
10,050

 
Aug-2020
 
 
101

 
106

Shoppes at
Eagle Point, LLC
 
50%
 
35,189

 
35
%
(3) 
 
12,740

 
Oct-2020
(4) 
 
127

 
364

EastGate Storage, LLC
 
50%
 
5,920

 
100
%
(5) 
 
6,500

 
Dec-2022
 
 
65

 
65

Self Storage at
Mid Rivers, LLC
 
50%
 
4,662

 
100
%
(6) 
 
5,987

 
Apr-2023
 
 
60

 
60

 
 
 
 
 
 
Total guaranty liability
 
 
$
910

 
$
1,158

(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 to 35% once construction was completed during the first quarter of 2019.
(4)
The loan has one two-year extension option, at the joint venture's election, for an outside maturity date of October 2022.
(5)
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.
(6)
The Company received a 1% fee for the guaranty when the loan was issued in April 2018. The guaranty will be reduced to 50% once construction is complete. The guaranty will be further reduced to 25% once certain debt and operational metrics are met.