XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.19.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Schedule of debt | As of March 31, 2019 and December 31, 2018, the Company's debt and related deferred financing costs consisted of the following:
| March 31, 2019 |  | December 31, 2018 |  | Contractual Interest Rate (1) |  | Payment Type |  | Loan Maturity |  | Effective Interest Rate (2)
BofA/KeyBank Loan | $ | 250,000 |  |  | $ | 250,000 |  |  | 4.32% |  | Interest Only |  | May 2028 |  | 4.42%
AIG Loan | 126,970 |  |  | 126,970 |  |  | 4.15% |  | Interest Only (3) |  | November 2025 |  | 4.22%
Total Mortgage Debt | 376,970 |  |  | 376,970 |  |  |  |  |  |  |  |  |
Term Loan | 123,000 |  |  | 113,000 |  |  | LIBOR + 1.25% (4) |  | Interest Only |  | June 2023 |  | 3.81%
Revolving credit facility | 85 |  |  | 85 |  |  | LIBOR + 1.30% (4) |  | Interest Only |  | June 2023 (5) |  | 4.04%
Total Debt | 500,055 |  |  | 490,055 |  |  |  |  |  |  |  |  |
Unamortized deferred financing costs | (7,706 | ) |  | (8,100 | ) |  |  |  |  |  |  |  |
Total Debt, net | $ | 492,349 |  |  | $ | 481,955 |  |  |  |  |  |  |  |  |
(1) | The weighted average interest rate as of March 31, 2019 was approximately 4.18% for the Company's fixed-rate and variable-rate debt combined.
(2) | Includes the effect of amortization of deferred financing costs.
(3) | The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter.
(4) | The London Interbank Offered Rate ("LIBOR") as of March 31, 2019 was 2.50%.
(5) | The revolving credit facility has an initial term of four years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below.

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 Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration