Mortgage Notes Payable and Credit Facility (Tables)
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3 Months Ended |
Mar. 31, 2017 |
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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 Credit Facility as of March 31, 2017 and December 31, 2016 are summarized below (dollars in thousands):
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Encumbered properties at |
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Carrying Value at |
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Stated Interest Rates at |
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Scheduled Maturity Dates at |
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March 31, 2017 |
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March 31, 2017 |
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December 31, 2016 |
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March 31, 2017 |
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March 31, 2017 |
Mortgage and other secured loans: |
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|
|
|
|
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|
|
|
|
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|
Fixed rate mortgage loans |
|
46 |
|
|
|
|
$ |
348,983 |
|
|
$ |
378,477 |
|
|
(1) |
|
(2) |
Variable rate mortgage loans |
|
17 |
|
|
|
|
63,138 |
|
|
71,707 |
|
|
(3) |
|
(2) |
Premiums and discounts, net |
|
- |
|
|
|
|
187 |
|
|
217 |
|
|
N/A |
|
N/A |
Deferred financing costs, mortgage loans, net |
|
- |
|
|
|
|
(4,734 |
) |
|
(5,123 |
) |
|
N/A |
|
N/A |
Total mortgage notes payable, net |
|
63 |
|
|
|
|
$ |
407,574 |
|
|
$ |
445,278 |
|
|
(4) |
|
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Variable rate revolving credit facility |
|
28 |
|
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(6) |
|
$ |
64,200 |
|
|
$ |
39,700 |
|
|
LIBOR + 2.25% |
|
8/7/2018 |
Deferred financing costs, revolving credit facility |
|
- |
|
|
|
|
(403 |
) |
|
(475 |
) |
|
N/A |
|
N/A |
Total revolver, net |
|
28 |
|
|
|
|
$ |
63,797 |
|
|
$ |
39,225 |
|
|
|
|
|
Variable rate term loan facility |
|
- |
|
|
|
|
$ |
25,000 |
|
|
$ |
25,000 |
|
|
LIBOR + 2.20% |
|
10/5/2020 |
Deferred financing costs, term loan facility |
|
- |
|
|
|
|
(103 |
) |
|
(108 |
) |
|
N/A |
|
N/A |
Total term loan, net |
|
N/A |
|
|
|
|
$ |
24,897 |
|
|
$ |
24,892 |
|
|
|
|
|
Total mortgage notes payable and credit facility |
|
91 |
|
|
|
|
$ |
496,268 |
|
|
$ |
509,395 |
|
|
(5) |
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|
|
|
(1) |
Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63%.
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|
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(2) |
We have 42 mortgage notes payable with maturity dates ranging from 11/8/2017 through 7/1/2045.
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|
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(3) |
Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR + 2.75%. At March 31, 2017, one month LIBOR was approximately 0.98%.
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(4) |
The weighted average interest rate on the mortgage notes outstanding at March 31, 2017 was approximately 4.66%.
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(5) |
The weighted average interest rate on all debt outstanding at March 31, 2017 was approximately 4.40%.
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(6) |
The amount we may draw under our Revolver and Term Loan is based on a percentage of the fair value of a combined pool of 28 unencumbered properties as of March 31, 2017.
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N/A - Not Applicable
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| Summary of Long-Term Mortgages |
During the three months ended March 31, 2017, we repaid 3 mortgages, collateralized by 7 properties, which is aggregated below (dollars in thousands):
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Aggregate Fixed Rate Debt Repaid |
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Weighted Average Interest Rate on Fixed Rate Debt Repaid |
$ |
27,188 |
|
|
6.05% |
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|
|
|
|
|
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Aggregate Variable Rate Debt Repaid |
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Weighted Average Interest Rate on Variable Rate Debt Repaid |
$ |
8,163 |
|
|
LIBOR + |
2.50% |
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| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for the remainder of 2017, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
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|
|
|
|
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Year |
|
Scheduled Principal Payments |
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Nine Months Ending December 31, 2017 |
|
$ |
27,259 |
|
|
2018 |
|
46,462 |
|
|
2019 |
|
46,094 |
|
|
2020 |
|
12,573 |
|
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2021 |
|
31,583 |
|
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2022 |
|
95,963 |
|
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Thereafter |
|
152,187 |
|
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Total |
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$ |
412,121 |
|
(1) |
(1) This figure does not include $0.2 million of premiums and (discounts), net and $4.7 million of deferred financing costs, which are reflected in mortgage notes payable on the condensed consolidated balance sheet.
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| Summary of Interest Rate Cap Agreement |
The following table summarizes the interest rate caps at March 31, 2017 and December 31, 2016 (dollars in thousands):
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March 31, 2017 |
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December 31, 2016 |
Aggregate Cost |
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Aggregate Notional Amount |
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Aggregate Fair Value |
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Aggregate Notional Amount |
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Aggregate Fair Value |
$ |
455 |
|
(1) |
$ |
88,144 |
|
|
$ |
131 |
|
|
$ |
71,721 |
|
|
$ |
101 |
|
(1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.50% to 3.00%.
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