Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations consist of the following (dollars in thousands):

	September 30, 2019		December 31, 2018
Mortgages payable	$	851,147	$	778,106
Junior subordinated notes	37,400		37,400
Credit facility	3,600		—
Deferred financing costs	(6,962)		(6,646)
Total debt obligations, net of deferred costs	$	885,185	$	808,860

Schedule of debt information

During the nine months ended September 30, 2019, the Company obtained the following mortgage debt in connection with the acquisition of the following properties (dollars in thousands):

Location	Closing Date	Acquisition Mortgage Debt		Interest Rate		Interest only period	Maturity Date
Kannapolis, NC	3/12/19	$	33,347	3.52	%	—	3/1/2052
Birmingham, AL	5/7/19	32,250		4.19	%	72 months	6/1/2029
Auburn, AL	8/8/19	14,500		3.79	%	48 months	9/1/2031
		$	80,097

On September 6, 2019, the Company obtained a $1,100,000 supplemental loan on its Macon, GA property. The loan bears interest at a rate of 4.21% and matures February 1, 2026.

The Company has a construction loan financing a project with 402 units, which property is in lease-up. Information regarding this loan at September 30, 2019 is set forth below (dollars in thousand):

Location	Closing Date	Maximum Loan Amount		Amount outstanding		Interest Rate	Maturity Date	Extension Option
West Nashville,TN	6/2/2017	$	47,426	$	44,848	30 day LIBOR + 2.85%	6/2/2022	N/A