Notes Payable and Other Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Notes Payable and Other Debt

NOTES PAYABLE AND OTHER DEBT

At March 31, 2020 and December 31, 2019, notes payable and total debt consisted of the following (in millions):

	Interest Rate (%)	Maturity Date	Principal Outstanding
			3/31/2020		12/31/2019
Secured:
Kailua Town Center	(1)	2021	$	10.1	$	10.2
Kailua Town Center #2	3.15	2021	4.6		4.6
Heavy Equipment Financing	(2)	(2)	3.2		3.6
Laulani Village	3.93	2024	62.0		62.0
Pearl Highlands	4.15	2024	82.9		83.4
Manoa Marketplace	(3)	2029	59.1		59.5
Subtotal			$	221.9	$	223.3
Unsecured:
Series D Note	6.90%	2020	—		16.2
Bank Syndicated Loan	(4)	2023	50.0		50.0
Series A Note	5.53%	2024	28.5		28.5
Series J Note	4.66%	2025	10.0		10.0
Series B Note	5.55%	2026	46.0		46.0
Series C Note	5.56%	2026	23.0		23.0
Series F Note	4.35%	2026	22.0		22.0
Series H Note	4.04%	2026	50.0		50.0
Series K Note	4.81%	2027	34.5		34.5
Series G Note	3.88%	2027	35.0		35.0
Series L Note	4.89%	2028	18.0		18.0
Series I Note	4.16%	2028	25.0		25.0
Term Loan 5	4.30%	2029	25.0		25.0
Subtotal			$	367.0	$	383.2
Revolving Credit Facilities:
GLP Asphalt Revolving Credit Facility	(5)	2020	—		—
A&B Revolver	(6)	2022	231.0		98.7
Subtotal			$	231.0	$	98.7
Total Debt (contractual)			819.9		705.2
Unamortized debt premium (discount)			—		(0.1)
Unamortized debt issuance costs			(0.3)		(0.5)
Total debt (carrying value)			$	819.6	$	704.6

(1) Loan has a stated interest rate of LIBOR plus 1.50%, but is swapped through maturity to a 5.95% fixed rate.

(2) Loans have stated rates ranging from 4.08% to 5.00% and stated maturity dates ranging from 2021 to 2023.

(3) Loan has a stated interest rate of LIBOR plus 1.35%, but is swapped through maturity to a 3.14% fixed rate.

(4) Loan has a stated interest rate of LIBOR plus 1.80% but is swapped through maturity to a 3.15% fixed rate.

(5) Loan has a stated interest rate of LIBOR plus 1.25%.

(6) Loan has a stated interest rate of LIBOR plus 1.85% based on pricing grid.

The Company believes that funds generated from results of operations, available cash and cash equivalents, and available borrowings under credit facilities will be sufficient to satisfy any maturities of debt due in the next twelve months.

Interest costs are capitalized for certain development and redevelopment projects that have not yet been placed into service. Capitalization of interest commences when development activities and expenditures begin and end upon completion, which is when the asset is ready for its intended use. Capitalized interest costs related to development activities were $0.1 million for the three months ended March 31, 2020. There were $0.3 million of capitalized interest costs for the three months ended March 31, 2019.