Mortgage Notes Payable and Line of Credit (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
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| Debt Disclosure [Abstract] |
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| Company's Mortgage Notes Payable and Line of Credit |
Our mortgage notes payable and line of credit as of
December 31, 2015 and December 31, 2014 are summarized
below (dollars in thousands):
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Carrying Value at |
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Encumbered
properties at
December 31, 2015 |
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December 31, 2015 |
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December 31, 2014 |
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Stated Interest Rates at
December 31, 2015 (4)
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Scheduled Maturity
Dates at
December 31, 2015 |
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Mortgage and Other Secured Loans:
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Fixed rate mortgage loans
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66 |
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$ |
427,334 |
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$ |
450,392 |
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(1) |
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(2) |
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Variable rate mortgage loans
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9 |
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33,044 |
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8,200 |
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(3) |
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(2) |
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Premiums and discounts (net)
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N/A |
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392 |
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707 |
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N/A |
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N/A |
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Total Mortgage Notes Payable
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75 |
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$ |
460,770 |
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$ |
459,299 |
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(5) |
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Variable rate Line of Credit
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45,300 |
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43,300 |
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LIBOR + 2.50% (3)
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8/7/2018 |
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22 |
(6) |
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Variable rate Term Loan Facility
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(6) |
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25,000 |
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— |
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LIBOR + 2.45% (3)
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10/5/2020 |
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Total Mortgage Notes Payable and Line of Credit
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97 |
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$ |
531,070 |
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$ |
502,599 |
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| (1) |
Interest rates on our fixed rate
mortgage notes payable vary from 3.75% to 6.80%. |
| (2) |
We have 44 mortgage notes payable
with maturity dates ranging from 4/1/2016 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 + 2.25%. At December 31, 2015, one month LIBOR was
approximately 0.43%. |
| (4) |
The weighted average interest rate on
all debt outstanding at December 31, 2015, was approximately
4.75%. |
| (5) |
The weighted average interest rate on
the mortgage notes outstanding at December 31, 2015, was
approximately 5.02%. |
| (6) |
The Our Line of Credit and Term Loan
Facility shared 22 encumbered properties during the year ended
December 31, 2015. |
N/A - Not Applicable
|
| Summary of Long-Term Mortgages |
During the year ended December 31, 2015, we issued eight
long-term mortgages, collateralized by ten properties, which are
summarized below (dollars in thousands):
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Date of Issuance
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Issuing Bank
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Debt Issued |
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Interest Rate |
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Maturity Date |
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3/6/2015
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PNC Bank, NA |
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$ |
14,573 |
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3.86% |
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4/1/2025 |
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5/28/2015
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FC Bank |
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4,466 |
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3.75% |
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6/1/2022 |
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6/16/2015
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Guggenheim Partners |
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13,000 |
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3.99% |
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7/1/2045 |
(1) |
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6/29/2015
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Synovus Bank |
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19,780 |
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LIBOR + 2.25% |
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7/1/2018 |
(2) |
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7/1/2015
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Synovus Bank |
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1,700 |
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LIBOR + 2.25% |
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7/1/2018 |
(3) |
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7/15/2015
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Prudential Mortgage Capital Company |
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7,540 |
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4.53% |
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8/1/2022 |
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10/20/2015
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KeyBank NA |
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3,800 |
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4.59% |
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11/1/2025 |
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11/10/2015
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First Niagara Bank |
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3,640 |
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LIBOR + 2.25% |
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12/1/2020 |
(4) |
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$ |
68,499 |
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| (3) |
The anticipated repayment date of
this note is 7/1/2022. |
| (2) |
We refinanced maturing debt on our
Duncan, South Carolina and Charlotte, North Carolina properties
which had aggregate balloon principal payments of $19.1
million. |
| (3) |
We refinanced maturing debt on our
Akron, Canton and Dayton, Ohio properties, which had aggregate
balloon principal payments of $11.3 million. |
| (4) |
We refinanced maturing debt on our
Syracuse, NY property, which had a balloon principal payment of
$3.9 million. |
|
| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for each of
the five succeeding fiscal years and thereafter are as follows
(dollars in thousands):
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Year
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Scheduled Principal
Payments |
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2016
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$ |
76,681 |
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2017
|
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|
69,202 |
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2018
|
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41,068 |
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2019
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35,905 |
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2020
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11,161 |
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Thereafter
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226,361 |
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$ |
460,378 |
(1) |
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| (1) |
This figure is exclusive of premiums
and discounts (net) on assumed debt, which were $392 as of
December 31, 2015. |
|
| Summary of Interest Rate Cap Agreement |
The following table summarizes the key terms of each interest rate
cap agreement (dollars in thousands):
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As of
December 31, |
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As of
December 31, |
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2015 |
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2014 |
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Interest Rate Cap
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LIBOR Cap |
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Maturity Date |
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Notional
Amount |
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Cost |
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Fair Value |
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Notional
Amount |
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Cost |
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Fair Value |
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Nov-13
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3.00 |
% |
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Dec-16 |
|
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$ |
8,200 |
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$ |
31 |
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$ |
— |
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$ |
8,200 |
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$ |
31 |
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$ |
4 |
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Jul-15
|
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3.00 |
% |
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Jul-18 |
|
|
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21,204 |
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|
68 |
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14 |
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— |
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|
— |
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— |
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Dec-15
|
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|
3.00 |
% |
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Dec-20 |
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3,640 |
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52 |
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26 |
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— |
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— |
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— |
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$ |
33,044 |
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$ |
151 |
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$ |
40 |
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$ |
8,200 |
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$ |
31 |
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$ |
4 |
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