Debt Obligations

3 Months Ended

Mar. 31, 2019

Note 7 – Debt Obligations

Mortgages Payable

The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):


	March 31,		December 31,
	2019		2018
Mortgages payable, gross	$	443,506	$	423,096
Unamortized deferred financing costs		(4,529)		(4,298)
Mortgages payable, net	$	438,977	$	418,798

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 March 31, 2019 and 2018, the applicable margin was 200 and 175 basis points, respectively. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 4.23% and 3.35% for the three months ended March 31, 2019 and 2018, respectively. The Company was in compliance with all covenants at March 31, 2019.

The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):


	March 31,		December 31,
	2019		2018
Line of credit, gross	$	6,000	$	30,000
Unamortized deferred financing costs		(234)		(312)
Line of credit, net	$	5,766	$	29,688

At May 2, 2019, there was an outstanding balance of $9,000,000 (before unamortized deferred financing costs) under the facility.