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Debt | 6 Months Ended
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Jun. 30, 2017
Debt [Abstract] |
Debt | Note 10 – Debt ﻿ The Company’s borrowings at June 30, 2017 and December 31, 2016, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | As of June 30, 2017
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net(3) |  | Stated Interest Rate |  | Effective Interest Rate (1)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 27,447 |  | 5.17% |  | 5.20%
﻿ | Bank of America Credit Facility (USA) |  | November 28, 2019 |  |  | 55,000 |  |  | 36,500 |  |  | 36,424 |  | 3.73% |  | 3.65%
﻿ | Bank of America Line of Credit (USA) |  | October 31, 2019 |  |  | 5,000 |  |  | -- |  |  | - |  | 4.21% |  | 4.21%
﻿ | Cinema 1, 2, 3 Term Loan (USA)(4) |  | September 1, 2019 |  |  | 19,702 |  |  | 19,702 |  |  | 19,232 |  | 3.25% |  | 3.25%
﻿ | Minetta & Orpheum Theatres Loan (USA)(4) |  | June 1, 2018 |  |  | 7,500 |  |  | 7,500 |  |  | 7,434 |  | 3.81% |  | 3.81%
﻿ | U.S. Corporate Office Term Loan (USA)(4) |  | January 1, 2027 |  |  | 9,825 |  |  | 9,825 |  |  | 9,698 |  | 4.64% |  | 4.64%
﻿ | Union Square Construction Financing (USA)(4) |  | December 29, 2019 |  |  | 57,500 |  |  | 8,000 |  |  | 5,146 |  | 5.46% |  | 5.46%
﻿Denominated in foreign currency ("FC") (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | NAB Corporate Term Loan (AU) |  | June 28, 2019 |  |  | 51,045 |  |  | 25,331 |  |  | 25,215 |  | 2.62% |  | 2.62%
﻿ | Westpac Corporate Credit Facility (NZ) |  | December 31, 2018 |  |  | 38,807 |  |  | -- |  |  | -- |  | 3.70% |  | 3.70%
﻿ |  | $ | 272,292 |  |  | 134,771 |  |  | 130,596 |  |  |  |
﻿ ﻿ (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of June 30, 2017. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of June 30, 2017. (3) Net of deferred financing costs amounting to $4.2 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc. In December 2016, we successfully negotiated the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million. ﻿ ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  | As of December 31, 2016
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net(3) |  | Stated Interest Rate |  | Effective Interest Rate (1)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 27,340 |  | 4.89% |  | 5.20%
﻿ | Bank of America Credit Facility (USA) |  | November 28, 2019 |  |  | 55,000 |  |  | 39,950 |  |  | 39,759 |  | 3.27% |  | 3.90%
﻿ | Bank of America Line of Credit (USA) |  | October 31, 2019 |  |  | 5,000 |  |  | -- |  |  | -- |  | 3.77% |  | 3.77%
﻿ | Cinema 1, 2, 3 Term Loan (USA)(4) |  | September 1, 2019 |  |  | 19,901 |  |  | 19,901 |  |  | 19,356 |  | 3.25% |  | 3.25%
﻿ | Minetta & Orpheum Theatres Loan (USA)(4) |  | June 1, 2018 |  |  | 7,500 |  |  | 7,500 |  |  | 7,398 |  | 3.38% |  | 3.38%
﻿ | U.S. Corporate Office Term Loan (USA)(4) |  | January 1, 2027 |  |  | 8,363 |  |  | 8,363 |  |  | 8,239 |  | 4.64% |  | 4.64%
﻿ | Union Square Construction Financing (USA)(4) |  | December 29, 2019 |  |  | 57,500 |  |  | 8,000 |  |  | 4,751 |  | 4.52% |  | 4.52%
﻿Denominated in FC (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ | NAB Corporate Term Loan (AU) |  | June 30, 2019 |  |  | 48,080 |  |  | 28,558 |  |  | 28,421 |  | 2.64% |  | 2.64%
﻿ | Westpac Corporate Credit Facility (NZ) |  | March 31, 2018 |  |  | 36,877 |  |  | 8,350 |  |  | 8,350 |  | 3.80% |  | 3.80%
﻿ |  |  |  |  | $ | 266,134 |  | $ | 148,535 |  | $ | 143,614 |  |  |  |
﻿ (1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of December 31, 2016. (2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2016. (3) Net of deferred financing costs amounting to $4.9 million. (4) The loan for our Minetta & Orpheum Theatres was obtained from Santander Bank. The term loan for our Cinema 1,2,3 Theatre was refinanced during the third quarter of 2016 with Valley National Bank. The term loan, which is collateralized by our new U.S Corporate Headquarters office building, was obtained with Citizens Asset Finance, Inc.. In December 2016, we successfully negotiated the construction financing for our Union Square redevelopment project, $8.0 million of which was advanced from the total construction loan limit of $57.5 million. ﻿ Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | Dollars in thousands
﻿Balance Sheet Caption |  | June 30, 2017 |  | December 31, 2016
﻿Debt - current portion |  | $ | 8,058 |  | $ | 567
﻿Debt - long-term portion |  |  | 95,091 |  |  | 115,707
﻿Subordinated debt |  |  | 27,447 |  |  | 27,340
﻿Total borrowings |  | $ | 130,596 |  | $ | 143,614
﻿ Union Square Construction Financing On December 29, 2016, we closed our new construction finance facilities totaling $57.5 million to fund the non-equity portion of the anticipated construction costs of the redevelopment of our property at 44 Union Square in New York City. The combined facilities consist of $50 million in aggregate loans (comprised of three loan tranches) from Bank of the Ozarks and a $7.5 million mezzanine loan from Tammany Mezz Investor, LLC, an affiliate of Fisher Brothers. As of December 31, 2016, Bank of the Ozarks advanced $8.0 million to repay the existing $8.0 million loan with East West Bank. Presented in the table below is the breakdown of the Union Square construction financing as of June 30, 2017: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿(Dollars in thousands) |  |  |  | Facility Limits and Advances |  |  |  |
﻿Financing Component |  | Lender |  | Facility Limit |  | Advanced-to- Date |  | Remaining Facility |  | Interest Rate(1) |  | Maturity Date(2)
﻿Mezzanine loan |  | Tammany Mezz Investor LLC |  | $ | 7,500 |  | $ | -- |  | $ | 7,500 |  | Greater of (i) 10.50% and (ii) Adjusted LIBOR + 10% |  | December 29, 2019
﻿Senior loan |  | Bank of the Ozarks |  |  | 8,000 |  |  | 8,000 |  |  | -- |  | Greater of (i) 4.75% and (ii) Adjusted LIBOR + 4.25% |  | December 29, 2019
﻿Building loan |  | Bank of the Ozarks |  |  | 31,130 |  |  | -- |  |  | 31,130 |  | Greater of (i) 4.75% and (ii) Adjusted LIBOR + 4.25% |  | December 29, 2019
﻿Project loan |  | Bank of the Ozarks |  |  | 10,870 |  |  | -- |  |  | 10,870 |  | Greater of (i) 4.75% and (ii) Adjusted LIBOR + 4.25% |  | December 29, 2019
﻿Total Union Square Financing |  |  |  | $ | 57,500 |  | $ | 8,000 |  | $ | 49,500 |  |  |  |
﻿ (1) Not to exceed the New York State maximum lawful borrowing rate, which typically is 16%. (2) Allowable for up to two (2) extension request options, one (1) year for each extension request. ﻿ Cinema 1,2,3 Term Loan On August 31, 2016, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $15 million Santander Bank term loan with a different lender, Valley National Bank. This new $20 million loan is collateralized by our Cinema 1,2,3 property and bears an interest rate of 3.25% per annum, with principal installments and accruing interest paid monthly. The new loan matures on September 1, 2019, with a one-time option to extend maturity date for another year. Bank of America Credit Facility On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with U.S. GAAP. ﻿ Westpac Bank Corporate Credit Facility On April 26, 2017, we extended the maturity of the 1 st tranche (general/non-construction credit line) of our Westpac Corporate Credit Facility, $24.5 million (NZ$35.0 million) to December 31, 2018, from March 31, 2018. During 2017, we will work on a longer-term renewal of our Westpac Corporate Credit Facility which will replace the current facility. U.S. Corporate Office Term Loan On December 13, 2016, we have obtained a ten-year $8.4 million mortgage loan on our new Los Angeles Corporate Headquarters at a fixed annual interest rate of 4.64%. On June 26, 2017, we obtained a $1.5 million increase to our mortgage loan collateralized by the capital enhancements on our recently purchased Los Angeles Corporate Headquarters at a f ixed annual interest rate of 4.44%, subject to an instalment payment schedule with final instalment due on January 1, 2027.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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