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Debt Obligations

6 Months Ended

Jun. 30, 2017

Debt Obligations

Debt Obligations

Note 9 — Debt Obligations

Mortgages Payable

The following table details the Mortgages payable, net, balances per the consolidated balance sheets at June 30, 2017 and December 31, 2016 (amounts in thousands):

		June 30, 2017			December 31, 2016
Mortgages payable, gross		$	399,220		$	399,192
Unamortized deferred financing costs		(3,936		)	(4,294		)
Mortgages payable, net		$	395,284		$	394,898

Line of Credit

The Company has a credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which the Company may borrow up to $100,000,000, subject to borrowing base requirements.  The facility, which matures December 31, 2019, 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.  At June 30, 2017 and 2016, the applicable margin was 175 basis points.  An unused facility fee of .25% per annum applies to the facility.  The average interest rate on the facility was approximately 2.67% and 2.19% for the six months ended June 30, 2017 and 2016, respectively.  The Company was in compliance with all covenants at June 30, 2017.

The following table details the Line of credit, net, balances per the consolidated balance sheets at June 30, 2017 and December 31, 2016 (amounts in thousands):

		June 30, 2017			December 31, 2016
Line of credit, gross		$	26,500		$	10,000
Unamortized deferred financing costs		(780		)	(936		)
Line of credit, net		$	25,720		$	9,064

At August 2, 2017, there was an outstanding balance of $14,400,000 (before unamortized deferred financing costs) under the facility.

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- References

No definition available.

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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

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