Debt (Tables)

9 Months Ended

Sep. 30, 2016

As of September 30, 2016 and December 31, 2015, the Company’s debt consisted of the following:



	Balance as of
	September 30, 2016			December 31, 2015			Contractual Interest Rate ⁽¹⁾	Loan Maturity	Effective Interest Rate ⁽²⁾
Plainfield mortgage loan	$	19,027		$	19,295		6.65%	November 2017	6.74%
Emporia Partners mortgage loan	3,474			3,753			5.88%	September 2023	5.96%
TransDigm mortgage loan	—			6,432			5.98%	—	—
Ace Hardware mortgage loan	23,019			23,294			5.59%	April 2017 ⁽⁵⁾	4.69%
Highway 94 mortgage loan	18,376			18,968			3.75%	August 2024	5.07%
DynCorp mortgage loan	—			11,162			4.70%	—	—
Mercedes-Benz mortgage loan	18,618			18,945			6.02%	November 2016	6.10%
Samsonite mortgage loan	23,984			24,561			6.08%	September 2023	4.96%
HealthSpring mortgage loan	22,260			—			4.18%	April 2023	4.60%
Midland mortgage loan	105,600			105,600			3.94%	April 2023	4.04%
AIG loan	110,640			110,640			4.96%	February 2029	5.14%
TW Telecom loan	20,568			21,213			LIBO Rate +2.45% ⁽³⁾	August 2019	2.87%
Total Mortgage Loans	365,566			363,863
Term Loan (July 2015)	715,000			640,000			LIBO Rate +1.40% ⁽³⁾	July 2020	2.11%
Revolver Loan (July 2015)	382,409			481,653			LIBO Rate +1.45% ⁽³⁾	July 2020 ⁽⁴⁾	2.30%
Total Debt	1,462,975			1,485,516
Unamortized Deferred Financing Costs and Premiums/(Discounts)	(10,555		)	(12,089		)
Total Debt, net	$	1,452,420		$	1,473,427


(1)	Including the effect of interest rate swap agreements with a total notional amount of $825.0 million, the weighted average interest rate as of September 30, 2016 was 3.24% for the Company’s fixed-rate and variable-rate debt combined and 3.55% for the Company’s fixed-rate debt only.


(2)	Reflects the effective interest rate as of September 30, 2016 and includes the effect of amortization of discounts/premiums and deferred financing costs.


(3)	The LIBO Rate as of September 30, 2016 was 0.53%.


(4)	The Revolver Loan (July 2015) has an initial term of four years, maturing on July 20, 2019, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below.


(5)	Loan matures in October 2024. The interest rate of this loan resets on April 1, 2017 to the greater of (i) 8.9% or (ii) 500 basis points plus 10-year swap rate.

The following summarizes the future principal repayments of all loans as of September 30, 2016 per the loan terms discussed above:



	September 30, 2016
Remaining 2016	$	19,632		⁽¹⁾
2017	47,826			⁽²⁾
2018	7,131
2019	25,204			⁽³⁾
2020	1,104,290			⁽⁴⁾
Thereafter	258,892			⁽⁴⁾
Total principal	1,462,975
Unamortized debt premium/(discount)	1,060
Unamortized deferred loan costs	(11,615		)
Total	$	1,452,420


(1)	Amount includes payment of the balance of the Mercedes-Benz property mortgage loan, which matures in 2016.


(2)	Amount includes payment of the balance of the Plainfield and Ace Hardware property mortgage loans, which mature in 2017.


(3)	Amount includes payment of the balance of the TW Telecom loan, which matures in 2019.


(4)	Amount includes payment of the balances of:


•	the Term Loan (July 2015), which matures in 2020,


•	the Revolver Loan (July 2015), which matures in 2020, assuming the one-year extension is exercised,


•	the Midland, Emporia Partners, Samsonite, and HealthSpring property mortgage loans, all of which mature in 2023,


•	the Highway 94 property mortgage loan, which matures in 2024, and


•	the AIG loan, which matures in 2029.