Mortgage Notes Payable, Line of Credit and Term Loan Facility (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Debt Disclosure [Abstract] |
|
| Company's Mortgage Notes Payable and Line of Credit |
Our mortgage notes payable and line of credit as of March 31,
2016 and December 31, 2015 are summarized below (dollars in
thousands):
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|
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| |
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Encumbered |
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Carrying Value at |
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Stated Interest Rates |
|
Scheduled Maturity |
| |
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properties at
March 31, 2016 |
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|
March 31, 2016 |
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|
December 31,
2015 |
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at
March 31, 2016(4)
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Dates at
March 31, 2016 |
|
Mortgage and Other Secured Loans:
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|
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|
|
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|
Fixed rate mortgage loans
|
|
|
62 |
|
|
$ |
403,987 |
|
|
$ |
427,334 |
|
|
(1) |
|
(2) |
|
Variable rate mortgage loans
|
|
|
13 |
|
|
|
51,332 |
|
|
|
33,044 |
|
|
(3) |
|
(2) |
|
Premiums and discounts (net)
|
|
|
— |
|
|
|
332 |
|
|
|
392 |
|
|
N/A |
|
N/A |
|
Deferred financing costs, mortgage loans (net)
|
|
|
— |
|
|
|
(4,987 |
) |
|
|
(4,907 |
) |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage Notes Payable
|
|
|
75 |
|
|
$ |
450,664 |
|
|
$ |
455,863 |
|
|
(5) |
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|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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|
Variable rate Line of Credit
|
|
|
22 |
(6) |
|
|
43,100 |
|
|
|
45,300 |
|
|
LIBOR + 2.50% |
|
8/7/2018 |
|
Deferred financing costs, line of credit (net)
|
|
|
— |
|
|
|
(635 |
) |
|
|
(709 |
) |
|
N/A |
|
N/A |
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|
|
|
|
|
|
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|
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|
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|
|
|
|
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|
Total Line of Credit
|
|
|
22 |
|
|
$ |
42,465 |
|
|
$ |
44,591 |
|
|
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|
|
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|
|
|
|
|
|
|
|
|
Variable rate Term Loan Facility
|
|
|
— |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
LIBOR + 2.45% |
|
10/5/2020 |
|
Deferred financing costs, term loan facility (net)
|
|
|
— |
|
|
|
(117 |
) |
|
|
(122 |
) |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Term Loan Facility
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|
|
N/A |
|
|
$ |
24,883 |
|
|
$ |
24,878 |
|
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|
|
|
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|
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|
Total Mortgage Notes Payable, Line of Credit and Term Loan
Facility
|
|
|
97 |
|
|
$ |
518,012 |
|
|
$ |
525,332 |
|
|
|
|
|
|
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| (1) |
Interest rates on our fixed rate
mortgage notes payable vary from 3.75% to 6.80%. |
| (2) |
We have 43 mortgage notes payable
with maturity dates ranging from 5/5/2016 through 7/1/2045. |
| (3) |
Interest rates on our variable rate
mortgage notes payable vary from one month LIBOR + 2.15% to one
month LIBOR + 2.35%. At March 31, 2016, one month LIBOR was
approximately 0.43%. |
| (4) |
The weighted average interest rate on
all debt outstanding at March 31, 2016, was approximately
4.63%. |
| (5) |
The weighted average interest rate on
the mortgage notes outstanding at March 31, 2016, was
approximately 4.89%. |
| (6) |
The amount we may draw under the Line
of Credit and Term Loan Facility is based on a percentage of the
fair value of a combined pool of 22 unencumbered properties as of
March 31, 2016. |
N/A - Not Applicable
|
| Summary of Long-Term Mortgages |
During the three months ended March 31, 2016, we issued one
long-term mortgage, collateralized by four properties, which is
summarized below (dollars in thousands):
|
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|
Date of Issuance
|
|
Issuing Bank |
|
Debt Issued |
|
Interest Rate |
|
Maturity Date |
|
Principal Balance Repaid |
|
|
Previous Weighted Average Interest Rate |
| 3/1/2016 |
|
First Niagara Bank |
|
$18,475 |
|
LIBOR + 2.35%(1)
|
|
3/1/2023 |
|
$ |
21,197 |
|
|
6.14% |
| (1) |
We refinanced maturing debt on our
Chalfont, Pennsylvania, Corning, New York and Franklin and
Eatontown, New Jersey properties, which was originally set to
mature during second quarter 2016. We entered into an interest rate
cap agreement with First Niagara Bank, which caps LIBOR at 3%
through March 1, 2019. |
|
| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for the
remainder of 2016, and each of the five succeeding fiscal years and
thereafter are as follows (dollars in thousands):
|
|
|
|
|
|
Year
|
|
Scheduled Principal
Payments |
|
|
Nine Months Ending December 31, 2016
|
|
$ |
53,470 |
|
|
2017
|
|
|
69,652 |
|
|
2018
|
|
|
41,536 |
|
|
2019
|
|
|
36,392 |
|
|
2020
|
|
|
11,667 |
|
|
2021
|
|
|
23,864 |
|
|
Thereafter
|
|
|
218,738 |
|
|
|
|
|
|
|
|
$ |
455,319 |
|
|
| Summary of Interest Rate Cap Agreement |
The following table summarizes the key terms of each interest rate
cap agreement (dollars in thousands):
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As of
March 31, |
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|
As of December 31, |
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| |
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|
2016 |
|
|
2015 |
|
|
Interest Rate Cap
|
|
LIBOR Cap |
|
Maturity Date |
|
Cost |
|
|
Notional
Amount |
|
|
Fair Value |
|
|
Notional
Amount |
|
|
Fair
Value |
|
|
Nov-13
|
|
3.00% |
|
Dec-16 |
|
$ |
31 |
|
|
$ |
8,200 |
|
|
$ |
— |
|
|
$ |
8,200 |
|
|
$ |
— |
|
|
Jul-15
|
|
3.00% |
|
Jul-18 |
|
|
68 |
|
|
|
21,039 |
|
|
|
3 |
|
|
|
21,204 |
|
|
|
14 |
|
|
Dec-15
|
|
3.00% |
|
Dec-20 |
|
|
52 |
|
|
|
3,618 |
|
|
|
12 |
|
|
|
3,640 |
|
|
|
26 |
|
|
Mar-16
|
|
3.00% |
|
Mar-19 |
|
|
33 |
|
|
|
18,475 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
184 |
|
|
$ |
51,332 |
|
|
$ |
25 |
|
|
$ |
33,044 |
|
|
$ |
40 |
|
|
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