XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Debt Obligations | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt Obligations |
Debt Obligations | Note 10 – Debt Obligations Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):
|  | September 30, |  | December 31,
|  | 2018 |  | 2017
Mortgages payable, gross |  | $ | 407,007 |  | $ | 396,946
Unamortized deferred financing costs |  |  | (4,029) |  |  | (3,789)
Mortgages payable, net |  | $ | 402,978 |  | $ | 393,157
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 September 30, 2018 and 2017, 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 3.62% and 2.83% for the nine months ended September 30, 2018 and 2017, respectively. The Company was in compliance with all covenants at September 30, 2018. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):
|  | September 30, |  | December 31,
|  | 2018 (a) |  | 2017
Line of credit, gross |  | $ | — |  | $ | 9,400
Unamortized deferred financing costs |  |  | — |  |  | (624)
Line of credit, net |  | $ | — |  | $ | 8,776
| (a) |  | In accordance with ASU 2015-15, as there was no balance outstanding on the Line of credit, the Company reclassified the related unamortized deferred financing costs of $390 to Escrow, deposits, and other assets and receivables on the consolidated balance sheet at September 30, 2018.
At November 2, 2018, there was an outstanding balance of $4,000,000 (before unamortized deferred financing costs) under the facility.

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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration