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Debt Obligations

9 Months Ended

Sep. 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):

​

​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,		​
​		2020			2019		​
Mortgages payable, gross	​	$	437,095	​	$	440,278	​
Unamortized deferred financing costs	​		(4,007)	​		(4,438)	​
Mortgages payable, net	​	$	433,088	​	$	435,840	​

​

Line of Credit

The Company has a credit facility, as amended on July 8, 2020, 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) $20,000,000 for operating expense purposes and (ii) $10,000,000 for renovation expenses. Pursuant to the July 8^th amendment, on February 28, 2021, the amount the Company can borrow will revert to the pre-amendment caps of $10,000,000 for operating expense purposes and $20,000,000 for renovation expenses. 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 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 September 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 2.64% and 4.14% for the nine months ended September 30, 2020 and 2019, respectively. The Company was in compliance with all covenants under this facility at September 30, 2020.

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

​

​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,		​
​		2020			2019		​
Line of credit, gross	​	$	17,150	​	$	11,450	​
Unamortized deferred financing costs	​		(478)	​		(619)	​
Line of credit, net	​	$	16,672	​	$	10,831	​

​

At November 2, 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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- 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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