XML 58 R47.htm IDEA: XBRL DOCUMENT v3.22.2.2
Mortgages Payable and Other Secured Financing (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Instrument [Line Items]  
Schedule of Total Debt Financing

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2022 and December 31, 2021:

 

 

Outstanding Debt
Financings as of September 30, 2022, net

 

 

Restricted
Cash

 

 

Year
Acquired

 

Stated
Maturities

 

Reset
Frequency

 

Variable Rate Index

 

Index
Based Rates

 

Spread/
Facility Fees

 

Period End
Rates

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - M24

 

$

7,752,126

 

 

$

39,080

 

 

2010

 

2027

 

N/A

 

N/A

 

N/A

 

N/A

 

3.05%

Variable - M31 (1)

 

 

75,970,493

 

 

 

4,999

 

 

2014

 

2024

 

Weekly

 

SIFMA

 

1.43%

 

2.49%

 

3.92%

Fixed - M33

 

 

29,713,724

 

 

 

2,606

 

 

2015

 

2030

 

N/A

 

N/A

 

N/A

 

N/A

 

3.24%

Fixed - M45 (2)

 

 

212,430,600

 

 

 

5,000

 

 

2018

 

2034

 

N/A

 

N/A

 

N/A

 

N/A

 

3.82%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - Notes

 

 

102,567,831

 

 

 

36,009,014

 

 

2020

 

2025

 

Monthly

 

3-month LIBOR

 

3.29%

 

9.00%

 

12.29% (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TOB

 

 

48,712,716

 

 

(4)

 

 

2020 - 2021

 

2023

 

Weekly

 

SIFMA

 

2.66% - 2.68%

 

0.89% - 1.44%

 

3.55% - 4.10%

Variable - TOB

 

 

139,759,072

 

 

(4)

 

 

2020

 

2023

 

Weekly

 

OBFR

 

3.32%

 

0.89%

 

4.21%

Variable - TOB

 

 

170,843,324

 

 

(4)

 

 

2021

 

2024

 

Weekly

 

OBFR

 

3.32%

 

0.89% - 1.16%

 

4.21% - 4.48%

Variable - TOB

 

 

59,556,053

 

 

(4)

 

 

2019 - 2020

 

2025

 

Weekly

 

SIFMA

 

2.66% - 2.68%

 

1.17% - 1.67%

 

3.83% - 4.35%

Variable - TOB

 

 

13,337,843

 

 

(4)

 

 

2022

 

2025

 

Weekly

 

OBFR

 

3.32%

 

1.18%

 

4.50%

Variable - TOB

 

 

53,088,531

 

 

(4)

 

 

2022

 

2027

 

Weekly

 

SIFMA

 

2.68%

 

1.18%

 

3.86%

Morgan Stanley:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - Term TOB

 

 

12,852,040

 

 

 

-

 

 

2019

 

2024

 

N/A

 

N/A

 

N/A

 

N/A

 

1.98%

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TOB

 

 

36,031,013

 

 

 

-

 

 

2021

 

2023

 

Weekly

 

OBFR

 

3.60%

 

1.27%

 

4.87%

Total Debt Financings

 

$

962,615,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
Facility fees have a variable component.
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into a total return swap transaction with the Secured Notes as the reference security and a notional amount totaling the outstanding principal on the Secured Notes. The total return swap effectively nets down the interest rate on the Secured Notes. Considering the effect of the total return swap, the effective net interest rate of the Secured Notes is 7.04% as of September 30, 2022. See Note 17 for further information on the total return swap.
(4)
The Partnership has restricted cash totaling approximately $4.5 million related to its total net position with Mizuho Capital Markets.

 

 

 

Outstanding Debt
Financings as of December 31, 2021, net

 

 

Restricted
Cash

 

 

Year
Acquired

 

Stated
Maturities

 

Reset
Frequency

 

Variable Rate Index

 

Index
Based Rates

 

Spread/
Facility Fees

 

Period End
Rates

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - M24

 

$

35,551,762

 

 

$

204,000

 

 

2010

 

2027

 

N/A

 

N/A

 

N/A

 

N/A

 

3.05%

Variable - M31 (1)

 

 

76,964,051

 

 

 

4,999

 

 

2014

 

2024

 

Weekly

 

SIFMA

 

0.13%

 

1.32%

 

1.45%

Fixed - M33

 

 

30,191,051

 

 

 

2,606

 

 

2015

 

2030

 

N/A

 

N/A

 

N/A

 

N/A

 

3.24%

Fixed - M45 (2)

 

 

213,931,752

 

 

 

5,000

 

 

2018

 

2034

 

N/A

 

N/A

 

N/A

 

N/A

 

3.82%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - Notes

 

 

102,798,158

 

 

 

77,531,264

 

 

2020

 

2025

 

Monthly

 

3-month LIBOR

 

0.20%

 

9.00%

 

9.20% (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TOB

 

 

13,482,312

 

 

 

-

 

 

2020

 

2022

 

Weekly

 

SIFMA

 

0.23%

 

0.89%

 

1.12%

Variable - TOB

 

 

117,257,933

 

 

 

-

 

 

2019 - 2021

 

2023

 

Weekly

 

SIFMA

 

0.23% - 0.30%

 

1.17% - 1.67%

 

1.40% - 1.97%

Variable - TOB

 

 

115,143,312

 

 

 

-

 

 

2020

 

2023

 

Weekly

 

OBFR

 

0.18%

 

0.89%

 

1.07%

Variable - TOB

 

 

98,703,495

 

 

 

-

 

 

2021

 

2024

 

Weekly

 

OBFR

 

0.18%

 

0.89% - 1.16%

 

1.07% - 1.34%

Morgan Stanley:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed - Term TOB

 

 

12,915,190

 

 

 

-

 

 

2019

 

2024

 

N/A

 

N/A

 

N/A

 

N/A

 

1.98%

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable - TOB

 

 

3,139,698

 

 

 

-

 

 

2021

 

2022

 

Weekly

 

OBFR

 

0.14%

 

1.27%

 

1.41%

Total Debt Financings

 

$

820,078,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
Facility fees have a variable component.
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.6 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2021. See Note 17 for further information on the total return swaps.
Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings as of September 30, 2022 for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:

Remainder of 2022

 

$

1,675,596

 

2023

 

 

230,681,816

 

2024

 

 

269,559,152

 

2025

 

 

177,359,289

 

2026

 

 

3,544,863

 

Thereafter

 

 

282,537,017

 

Total

 

 

965,357,733

 

Unamortized deferred financing costs and debt premium

 

 

(2,742,367

)

Total debt financing, net

 

$

962,615,366

 
Mortgages payable [Member]  
Debt Instrument [Line Items]  
Schedule of Total Debt Financing The following is a summary of the mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2022 and December 31, 2021:

 

Property Mortgage Payables

 

Outstanding Mortgage
Payable as of
September 30, 2022, net

 

 

Outstanding Mortgage
Payable as of
December 31, 2021, net

 

 

Year
Acquired
or
Refinanced

 

Stated Maturity

 

Variable
/ Fixed

 

Period End
Rate

 

The 50/50 MF Property--TIF Loan

 

$

1,978,582

 

 

$

2,174,453

 

 

2020

 

March 2025

 

Fixed

 

 

4.40

%

The 50/50 MF Property--Mortgage

 

 

22,562,273

 

 

 

22,960,090

 

 

2020

 

April 2027

 

Fixed

 

 

4.35

%

Vantage at San Marcos--Mortgage (1)

 

 

1,690,000

 

 

 

1,690,000

 

 

2020

 

November 2022

 

Variable

 

 

7.00

%

Total Mortgage Payable\Weighted
   Average Period End Rate

 

$

26,230,855

 

 

$

26,824,543

 

 

 

 

 

 

 

 

 

4.52

%
Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings as of September 30, 2022 for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:

 

Remainder of 2022

 

$

1,996,021

 

2023

 

 

910,597

 

2024

 

 

948,679

 

2025

 

 

1,711,556

 

2026

 

 

641,276

 

Thereafter

 

 

20,023,765

 

Total

 

 

26,231,894

 

Unamortized deferred financing costs

 

 

(1,039

)

Total mortgages payable and other secured financings, net

 

$

26,230,855