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Debt Obligations | 9 Months Ended
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Sep. 30, 2016
Debt Obligations |
Debt Obligations | Note 10 — Debt Obligations Mortgages Payable On January 1, 2016, the Company adopted ASU 2015-03, Interest — Imputation of Interest — Simplifying the Presentation of Debt Issuance Costs, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability with retrospective application for all prior periods presented. As a result of the adoption of this guidance, the following table depicts the adjustments to the Company’s previously reported consolidated balance sheet amounts at December 31, 2015 (amounts in thousands):
|  | As Previously |  |  |
|  | Reported |  | As Adjusted |
Unamortized deferred financing costs, net |  | $ | 3,914 |  | $ | — |
Escrow, deposits and other assets and receivables |  | 4,233 |  | 4,268 |
Total assets |  | 650,378 |  | 646,499 |
Mortgages payable |  | 334,428 |  | 331,055 |
Line of credit |  | 18,250 |  | 17,744 |
Total liabilities |  | 387,952 |  | 384,073 |
Total liabilities and equity |  | 650,378 |  | 646,499 |
The following table details the Mortgages payable, net, balances per the consolidated balance sheets at September 30, 2016 and December 31, 2015 (amounts in thousands):
|  | September 30, |  | December 31, |
|  | 2016 |  | 2015 |
Mortgages payable, gross |  | $ | 400,794 |  | $ | 334,428 |
Unamortized deferred financing costs |  | (4,118 | ) | (3,373 | )
Mortgages payable, net |  | $ | 396,676 |  | $ | 331,055 |
At September 30, 2016 and December 31, 2015, $13,000 and $35,000, respectively, is included in other assets on the consolidated balance sheets representing unamortized deferred financing costs incurred for which the related mortgage debt has not yet been incurred. Line of Credit The Company has a $75,000,000 credit facility with Manufacturers & Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York which matures December 31, 2018. The facility provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin ranging from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility. The applicable margin was 175 basis points at September 30, 2016 and 2015. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.20% and 1.93% for the nine months ended September 30, 2016 and 2015, respectively, and 2.24% and 1.94% for the three months ended September 30, 2016 and 2015, respectively. The Company was in compliance with all covenants at September 30, 2016. The following table details the Line of credit, net, balances per the consolidated balance sheets at September 30, 2016 and December 31, 2015 (amounts in thousands):
|  | September 30, |  | December 31, |
|  | 2016 |  | 2015 |
Line of credit, gross |  | $ | 22,800 |  | $ | 18,250 |
Unamortized deferred financing costs |  | (380 | ) | (506 | )
Line of credit, net |  | $ | 22,420 |  | $ | 17,744 |
At November 3, 2016, there was an outstanding balance of $22,800,000 (before unamortized deferred financing costs) under the facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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