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Debt Obligations | 6 Months Ended
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Jun. 30, 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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 | ​
Mortgages payable, gross | ​ | $ | 448,692 | ​ | $ | 440,278 | ​
Unamortized deferred financing costs | ​ |  | (4,255) | ​ |  | (4,438) | ​
Mortgages payable, net | ​ | $ | 444,437 | ​ | $ | 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 June 30, 2020 and 2019. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.86% and 4.22% for the six months ended June 30, 2020 and 2019, respectively. The Company was in compliance with all covenants at June 30, 2020. Note 8 – Debt Obligations (Continued) Effective as of July 8, 2020, the credit facility was amended to (i) increase, from $10,000,000 to $20,000,000, the amount the Company can borrow for operating expense purposes and (ii) decrease, from $20,000,000 to $10,000,000, the amount it can borrow for renovation purposes. These changes are effective through February 28, 2021, at which time the amount the Company can borrow for these purposes resets to the thresholds in effect prior to this amendment. To the extent that as of March 1, 2021 more than $10,000,000 is outstanding for operating expense purposes, such excess must be repaid immediately. The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 | ​
Line of credit, gross | ​ | $ | 30,850 | ​ | $ | 11,450 | ​
Unamortized deferred financing costs | ​ |  | (516) | ​ |  | (619) | ​
Line of credit, net | ​ | $ | 30,334 | ​ | $ | 10,831 | ​
​ At August 3, 2020, there was an outstanding balance of $17,150,000 (before unamortized deferred financing costs) under the facility. The entire $20,000,000 is available for operating expense purposes.

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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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