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DEBT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2016
DEBT OBLIGATIONS |
DEBT OBLIGATIONS | NOTE 9—DEBT OBLIGATIONS Mortgages Payable Consistent with the adoption of ASU 2015-03 (see Note 2), 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 December 31, 2016 and 2015 (amounts in thousands):
|  | December 31, |
|  | 2016 |  | 2015 |
Mortgages payable, gross |  | $ | 399,192 |  | $ | 334,428 |
Unamortized deferred financing costs |  |  | (4,294 | ) |  | (3,373 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgages payable, net |  | $ | 394,898 |  | $ | 331,055 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2015, $35,000 is included in other assets on the consolidated balance sheet representing unamortized deferred financing costs for which the related mortgage debt had not yet been incurred. At December 31, 2016, there were 72 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate carrying value of $613,035,000 before accumulated depreciation of $74,297,000. After giving effect to the interest rate swap agreements (see Note 10), the mortgage payments bear interest at fixed rates ranging from 3.02% to 7.81%, and mature between 2017 and 2041. The weighted average interest rate on all mortgage debt was 4.27% and 4.72% at December 31, 2016 and 2015, respectively. Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands):
Year Ending December 31, |  |  |
2017 |  | $ | 19,089 |
2018 |  |  | 20,522 |
2019 |  |  | 14,236 |
2020 |  |  | 14,930 |
2021 |  |  | 20,490 |
Thereafter |  |  | 309,925 |
​ | ​ | ​ | ​ | ​
Total |  | $ | 399,192 |
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​
Line of Credit On November 9, 2016, the Company amended and restated its existing credit facility (the "Amendment") to, among other things, (i) increase the total amount of the facility to up to $100,000,000 from $75,000,000 and (ii) extend the maturity to December 31, 2019 from December 31, 2018. People's United Bank has replaced Israel Discount Bank of New York as one of the lenders on the facility. 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 December 31, 2016 and 2015. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.23% and 1.95% for the years ended December 31, 2016 and 2015, respectively. The interest rate was 4.75% per annum for the year ended December 31, 2014, prior to the December 31, 2014 amendment to the facility. In connection with the Amendment, the Company incurred $664,000 in commitment and legal fees which are being amortized over the remaining term of the facility. The Company wrote-off approximately $48,000 of unamortized deferred financing costs pertaining to the old facility representing the balance of costs paid to Israel Discount Bank which is no longer a lender on the facility. The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, minimum tangible net worth, minimum debt service coverage, minimum amount of fixed charge coverage, maximum amount of debt to value, minimum level of net income, certain investment limitations and minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2016. The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company's subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15,000,000 and 15% of the borrowing base and if used for working capital purposes, will not exceed $10,000,000. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility. The following table details the Line of credit, net, balances per the consolidated balance sheets at December 31, 2016 and 2015 (amounts in thousands):
|  | December 31, |
|  | 2016 |  | 2015 |
Line of credit, gross |  | $ | 10,000 |  | $ | 18,250 |
Unamortized deferred financing costs |  |  | (936 | ) |  | (506 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Line of credit, net |  | $ | 9,064 |  | $ | 17,744 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At March 2, 2017, there was an outstanding balance of $5,000,000 (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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