XML 40 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Summary of Components and Significant Terms of Our Indebtedness
The following table summarizes the components and significant terms of our indebtedness as of March 31, 2017, and December 31, 2016 (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
 
 
  
 
  
 
  
 
Principal Amount
 
Unamortized Discount and Debt Issuance Costs
 
Principal Amount
 
Unamortized Discount and Debt Issuance Costs
 
Contractual
Maturity Date
  
Stated
Interest
Rate(1)
  
Effective Interest Rate (2)
  
Secured Debt
 
 
 
 
 
 
 
 
 
  
 

  
 

  
$60M Term Loan(3)
$
59,478

 
$
(184
)
 
$
59,674

 
$
(204
)
 
8/1/2019
(4) 
LIBOR+1.90%

  
3.95
%
 
Gilbert/La Palma(5)
2,874

 
(143
)
 
2,909

 
(145
)
 
3/1/2031
 
5.125
%
 
5.40
%
 
12907 Imperial Highway(6)
5,152

 
147

 
5,182

 
180

 
4/1/2018
 
5.950
%
 
3.44
%
 
1065 Walnut Street
—

 
—

 
9,711

 
192

 
2/1/2019
 
N/A


N/A

 
Unsecured Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$100M Term Loan Facility
100,000

 
(406
)
 
100,000

 
—

 
2/14/2022
 
LIBOR+1.20%

(7) 
3.18
%
(8) 
Revolving Credit Facility
20,000

 
—

 
—

 
—

 
2/12/2021
(9) 
LIBOR+1.10%

(7)(10) 
2.08
%
 
$225M Term Loan Facility
225,000

 
(1,609
)
 
225,000

 
(1,680
)
 
1/14/2023
 
LIBOR+1.60%

(7) 
2.71
%
 
Guaranteed Senior Notes
100,000

 
(616
)
 
100,000

 
(635
)
 
8/6/2025
 
4.290
%
  
4.36
%
 
Total
$
512,504

 
$
(2,811
)
 
$
502,476

 
$
(2,292
)
 
 
  
 
  
 
 
(1)
Reflects the contractual interest rate under the terms of the loan, as of March 31, 2017.
(2)
Reflects the effective interest rate as of March 31, 2017, which includes the effect of the amortization of discounts/premiums and debt issuance costs and the effect of interest rate swaps that are effective as of March 31, 2017.  
(3)
This term loan is secured by six properties. Beginning August 15, 2016, monthly payments of interest and principal are based on a 30-year amortization table. As of March 31, 2017, the interest rate on this variable-rate term loan has been effectively fixed through the use of two interest rate swaps, one of which is an amortizing swap. See Note 7 for details.
(4)
One additional one-year extension available at the borrower’s option.
(5)
Monthly payments of interest and principal are based on a 20-year amortization table.
(6)
Monthly payments of interest and principal are based on a 30-year amortization table, with a balloon payment at maturity.
(7)
The LIBOR margin will range from 1.20% to 1.70% for the $100.0 million term loan facility, 1.10% to 1.50% for the revolving credit facility and 1.50% to 2.25% for the $225.0 million term loan facility depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, or leverage ratio, which is measured on a quarterly basis.
(8)
As of March 31, 2017, the interest on the $100.0 million term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.
(9)
Two additional six-month extensions available at the borrower’s option.
(10)
The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee will range from 0.15% to 0.30% depending upon our leverage ratio.
The following table summarizes the balance of our indebtedness as of March 31, 2017 and December 31, 2016 (in thousands): 
 
 
March 31, 2017
 
December 31, 2016
Principal amount
 
$
512,504

 
$
502,476

Less: unamortized discount and debt issuance costs(1)
 
(2,811
)
 
(2,292
)
Carrying value
 
$
509,693

 
$
500,184

(1)
Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.
Summary of Aggregate Future Minimum Payments of Debt
The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts/premiums and debt issuance costs, as of March 31, 2017, and does not consider extension options available to us as noted in the table above (in thousands):
 
April 1, 2017 - December 31, 2017
$
788

2018
5,991

2019
58,266

2020
166

2021
20,175

Thereafter
427,118

Total
$
512,504