XML 21 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
As of March 31, 2020 and December 31, 2019, the Company’s debt consisted of the following:
 
March 31, 2020
 
December 31, 2019
 
Contractual
Interest 
Rate (1)
 
Loan
Maturity
 
Effective Interest Rate (2)
HealthSpring Mortgage Loan
$
20,595

 
$
20,723

 
4.18%
 
 April 2023
 
4.61%
Midland Mortgage Loan
99,733

 
100,249

 
3.94%
 
April 2023
 
4.12%
Emporia Partners Mortgage Loan
1,987

 
2,104

 
5.88%
 
September 2023
 
5.97%
Samsonite
20,912

 
21,154

 
6.08%
 
September 2023
 
5.13%
Highway 94 loan
15,383

 
15,610

 
3.75%
 
August 2024
 
4.74%
Pepsi Bottling Ventures Loan
18,855

 
—

 
3.69%
 
October 2024
 
3.91%
AIG Loan II
126,970

 
126,970

 
4.15%
 
November 2025
 
4.92%
BOA Loan
375,000

 
375,000

 
3.77%
 
October 2027
 
3.91%
BOA/KeyBank Loan
250,000

 
250,000

 
4.32%
 
May 2028
 
4.14%
AIG Loan
105,298

 
105,762

 
4.96%
 
February 2029
 
5.08%
Total Mortgage Debt
1,034,733

 
1,017,572

 
 
 
 
 
 
Revolving Credit Facility (3)
301,500

 
211,500

 
LIBO Rate + 1.45%
 
June 2023
 
3.15%
2023 Term Loan
200,000

 
200,000

 
LIBO Rate + 1.40%
 
June 2023
 
3.08%
2024 Term Loan
400,000

 
400,000

 
LIBO Rate + 1.40%
 
April 2024
 
3.07%
2026 Term Loan
150,000

 
150,000

 
LIBO Rate + 1.75%
 
April 2026
 
3.39%
Total Debt
2,086,233


1,979,072

 
 
 
 
 
 
Unamortized Deferred Financing Costs and Discounts, net
(9,416
)
 
(9,968
)
 
 
 
 
 
 
Total Debt, net
$
2,076,817

 
$
1,969,104

 
 
 
 
 
 
(1)
Including the effect of the interest rate swaps agreements with a total notional amount of $750.0 million, the weighted average interest rate as of March 31, 2020 was 3.66% for both the Company’s fixed-rate and variable-rate debt combined and 3.62% for the Company’s fixed-rate debt only.
(2)
Reflects the effective interest rate as of March 31, 2020 and includes the effect of amortization of discounts/premiums and deferred financing costs.
(3)
The LIBO rate as of March 2, 2020 (effective date) was 1.58%. The Revolving Credit Facility has an initial term of approximately three 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.