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Debt Obligations | 9 Months Ended
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Sep. 30, 2019
Debt Obligations |
Debt Obligations | Note 9 – 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,
​ | ​ | 2019 | ​ | 2018
Mortgages payable, gross | ​ | $ | 439,417 | ​ | $ | 423,096
Unamortized deferred financing costs | ​ |  | (4,302) | ​ |  | (4,298)
Mortgages payable, net | ​ | $ | 435,115 | ​ | $ | 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 September 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 4.14% and 3.62% for the nine months ended September 30, 2019 and 2018, respectively. The Company was in compliance with all covenants at September 30, 2019. ​ Note 9 – Debt Obligations (Continued) The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2019 |  | 2018
Line of credit, gross | ​ | $ | 19,450 | ​ | $ | 30,000
Unamortized deferred financing costs | ​ |  | (670) | ​ |  | (312)
Line of credit, net | ​ | $ | 18,780 | ​ | $ | 29,688
​ At November 4, 2019, there was an outstanding balance of $22,650,000 (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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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