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Debt Obligations

3 Months Ended

Mar. 31, 2020

Debt Obligations

Debt Obligations

Note 8 – 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,
​	​	2020		​	2019
Mortgages payable, gross	​	$	451,757	​	$	440,278
Unamortized deferred financing costs	​		(4,420)	​		(4,438)
Mortgages payable, net	​	$	447,337	​	$	435,840

​

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 it may borrow up to $100,000,000, subject to borrowing base requirements. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, and renovation and operating expense purposes; provided, that if used for renovation and operating expense purposes, the amount outstanding for such purposes will not exceed the lesser of $30,000,000 and 30% of the borrowing base subject to a cap of (i) $10,000,000 for operating expense purposes, which has been drawn down and (ii) $20,000,000 for renovation expenses. The facility, which matures December 31, 2022, provides for 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. The applicable margin was 200 basis points at March 31, 2020 and 2019. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 3.20% and 4.23% for the three months ended March 31, 2020 and 2019, respectively. The Company was in compliance with all covenants at March 31, 2020.

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

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2020			2019
Line of credit, gross	​	$	30,850	​	$	11,450
Unamortized deferred financing costs	​		(567)	​		(619)
Line of credit, net	​	$	30,283	​	$	10,831

​

At May 4, 2020, there was an outstanding balance of $30,850,000 (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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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