Debt Obligations

6 Months Ended

Jun. 30, 2019

Note 9 – Debt Obligations

Mortgages Payable

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


	June 30,		December 31,
	2019		2018
Mortgages payable, gross	$	438,503	$	423,096
Unamortized deferred financing costs		(4,352)		(4,298)
Mortgages payable, net	$	434,151	$	418,798

Line of Credit

On July 1, 2019, the Company amended its credit facility with Manufacturers & Traders Trust Company, People’s United Bank, VNB New York, LLC, and Bank Leumi USA, which among other things, extended the facility’s maturity to December 31, 2022 from December 31, 2019. In connection with the amendment, the Company incurred a $550,000 commitment fee which will be amortized over the remaining term of the facility. The Company can borrow up to $100,000,000, subject to borrowing base requirements. The Company's interest rate is 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, 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 4.22% and 3.54% for the six months ended June 30, 2019 and 2018, respectively. The Company was in compliance with all covenants at June 30, 2019.

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


	June 30,		December 31,
	2019		2018
Line of credit, gross	$	32,150	$	30,000
Unamortized deferred financing costs		(156)		(312)
Line of credit, net	$	31,994	$	29,688

At August 2, 2019, there was an outstanding balance of $30,350,000 (before unamortized deferred financing costs) under the facility.