Bonds Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Bonds Payable

Bonds Payable

We have issued three series of nonconvertible bonds ("Bonds') through SPC, which are traded on the TASE. The Bonds are denominated in New Israeli Shekels ("NIS") and provide for semiannual principal and interest payments through maturity.

On February 2, 2020, the S&P Global Ratings of our Series A and Series C bonds increased to 'ilA-' from 'ilBBB+'. In addition, the rating on our Series C bonds increased to 'ilA' from 'ilA-' rating due to the expectation of continued improvement in coverage ratios and the expansion of our portfolio.

In connection with the Bonds, we incurred a (loss) gain on foreign currency transactions of $(13,378), $(15,108), and $12,399, for the years ended December 31, 2020, 2019 and 2018, respectively. From September 23, 2019 to December 31, 2019, we had hedging agreement that effectively prevented the exchange rate for the NIS to the U.S. Dollar from falling below three.

The outstanding balance of our Bonds at December 31, 2020 and 2019 is as follows:

	December 31,
Bond Issuance	2020	2019	Interest Rate		Maturity
Series A Bonds(1)(2)	95,133	92,653	7.30	%	7/31/23
Series B Bonds(3)	65,318	60,764	6.80	%	7/31/25
Series C Bonds(2)	85,537	79,572	4.65	%	1/31/23
	245,988	232,989
Less unamortized deferred issuance costs	(8,100)	(9,724)
	237,888	223,265

(1)    On November 30, 2020, we issued $19,693 in additional bonds for $18,822 in net proceeds.

(2)    The bonds are collateralized by the assets of SPC.

(3)    The bonds are collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Farmers Branch, Texas.

The aggregate maturities of our Bonds are as follows:

Year	Amount
2021	$	44,775
2022	44,775
2023	130,310
2024	13,064
2025	13,064
	$	245,988

As of December 31, 2020, we were in compliance with our bond covenants.