Notes Payable (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of information on notes payable

The following table sets forth information on our notes payable as of June 30, 2016 and December 31, 2015:

	Notes Payable as of
Description	June 30, 2016			December 31, 2015			Interest Rate		Maturity Date
Courtyard Kauai Coconut Beach Hotel	$	38,000		$	38,000		30-day LIBOR + .95%	(1)	5/9/2017
Gardens Medical Pavilion	13,101			13,298			4.9%		1/1/2018
River Club and the Townhomes at River Club	24,110			24,299			5.26%		5/1/2018
Lakes of Margate	14,371			14,496			5.49% and 5.92%		1/1/2020
Arbors Harbor Town	24,894			25,130			3.985%		1/1/2019
22 Exchange	19,474			19,500			3.93%		5/5/2023
Parkside(2)	10,285			10,469			5%		6/1/2018
Lakewood Flats(3)	—			33,500			30-day LIBOR + 1.5%	(1)	11/5/2019
Total debt	144,235			178,692
Deferred financing fees(4)	(1,006		)	(1,656		)
Notes payable, net of deferred financing fees	143,229			177,036
Notes Payable included with obligations related to real estate held for sale:
Lakewood Flats debt(3)	33,500			—			30-day LIBOR + 1.5%	(1)	11/5/2019
Deferred financing fees(4)	(375		)	—
Notes Payable included with obligations related to real estate held for sale, net of deferred financing fees:	33,125			—
Total notes payable obligations	$	176,354		$	177,036

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(1) 30-day London Interbank Offer Rate (“LIBOR”) was 0.47% at June 30, 2016.

(2) Includes approximately $0.3 million of unamortized premium related to debt we assumed at acquisition.

(3) Classified as real estate held for sale on our June 30, 2016 condensed consolidated balance sheet.

(4) Effective January 1, 2016, we adopted ASU 2015-03, which requires companies to present the debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of the related debt liability. See Note 4, New Accounting Pronouncements, for further details.

Contractual obligations for principal payments

The following table summarizes our contractual obligations for principal payments as of June 30, 2016:  

Year	Amount Due(1)
July 1, 2016 - December 31, 2016	$	1,030
2017	40,151
2018	46,807
2019	24,308
2020	13,771
Thereafter	17,846
Total contractual obligations for principal payments	143,913
Unamortized premium	322
Total notes payable	144,235
Less: Deferred financing fees, net	(1,006		)
Notes payable, net	$	143,229