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Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table summarizes the components and significant terms of our indebtedness as of June 30, 2020 and December 31, 2019 (dollars in thousands):
 
June 30, 2020
 
December 31, 2019
 
Margin Above LIBOR
 
Interest Rate(1)
  
Contractual
Maturity Date
  
Unsecured and Secured Debt
 
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
$
—

 
$
—

 
1.050
%
(2) 
1.212
%
(3) 
2/13/2024
(4) 
$100M Term Loan Facility
100,000

 
100,000

 
1.200
%
(2) 
2.964
%
(5) 
2/14/2022
 
$225M Term Loan Facility
225,000

 
225,000

 
1.200
%
(2) 
2.574
%
(5) 
1/14/2023
 
$150M Term Loan Facility
150,000

 
150,000

 
1.500
%
(2) 
4.263
%
(5) 
5/22/2025
 
$100M Notes
100,000

 
100,000

 
n/a

 
4.290
%
  
8/6/2025
 
$125M Notes
125,000

 
125,000

 
n/a

 
3.930
%
 
7/13/2027
 
$25M Series 2019A Notes
25,000

 
25,000

 
n/a

 
3.880
%
 
7/16/2029
 
$75M Series 2019B Notes
75,000

 
75,000

 
n/a

 
4.030
%
 
7/16/2034
 
Total Unsecured Debt
$
800,000

 
$
800,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured Debt:
 
 
 
 
 
 
 

  
 
  
$60M Term Loan(6)
$
58,499

 
$
58,499

 
1.700
%
 
1.862
%
 
8/1/2023
(6) 
Gilbert/La Palma(7)
2,377

 
2,459

 
n/a

 
5.125
%
 
3/1/2031
 
701-751 Kingshill Place(8)
7,100

 
—

 
n/a

 
3.900
%
 
1/5/2026
 
2601-2641 Manhattan Beach Boulevard(7)
4,120

 
—

 
n/a

 
4.080
%
 
4/5/2023
 
2410-2420 Santa Fe Avenue(7)
10,300

 
—

 
n/a

 
3.700
%
 
1/1/2028
 
11600 Los Nietos Road(7)
2,861

 
—

 
n/a

 
4.190
%
 
5/1/2024
 
5160 Richton Street(7)
4,443

 
—

 
n/a

 
3.790
%
 
11/15/2024
 
2205 126th Street(9)
5,200

 
—

 
n/a

 
3.910
%
 
12/1/2027
 
11832-11954 La Cienega Boulevard(8)
4,100

 
—

 
n/a

 
4.260
%
 
7/1/2028
 
7612-7642 Woodwind Drive(7)
3,938

 
—

 
n/a

 
5.240
%
 
1/5/2024
 
960-970 Knox Street(7)(10)
2,530

 
—

 
n/a

 
5.000
%
 
11/1/2023
 
22895 Eastpark Drive(7)
2,782

 
—

 
n/a

 
4.330
%
 
11/15/2024
 
Total Secured Debt
$
108,250

 
$
60,958

 
 
 
 
 
 
 
Total Unsecured and Secured Debt
$
908,250

 
$
860,958

 
 
 
 
 
 
 
Less: Unamortized premium/discount and debt issuance costs(11)
(1,563
)
 
(3,116
)
 
 
 
 
 
 
 
Total
$
906,687

 
$
857,842

 
 
 
 
  
 
  

(1)
Reflects the contractual interest rate under the terms of each loan as of June 30, 2020 and includes the effect of interest rate swaps that were effective as of June 30, 2020. See footnote (5) below. Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts.
(2)
The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 1.05% to 1.50% per annum for the unsecured revolving credit facility, 1.20% to 1.70% per annum for the $100.0 million term loan facility, 1.20% to 1.70% per annum for the $225.0 million term loan facility and 1.50% to 2.20% per annum for the $150 million term loan facility, depending on our leverage ratio, which is the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, which is measured on a quarterly basis.
(3)
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% per annum depending upon our leverage ratio.
(4)
Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions.
(5)
As of June 30, 2020, interest on the $100.0 million term loan facility, $225.0 million term loan facility and $150 million term loan facility have been effectively fixed through the use of interest rate swaps. See Note 7 for details.
(6)
Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.
(7)
Fixed monthly payments of interest and principal until maturity as follows: Gilbert/La Palma ($24,008), 2601-2641 Manhattan Beach Boulevard ($23,138), 2410-2420 Santa Fe Avenue ($31,758), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 7612-7642 Woodwind Drive ($24,270), 960-970 Knox Street ($17,538), and 22895 Eastpark Drive ($15,396).
(8)
For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity. For 11832-11954 La Cienega Boulevard, fixed monthly payments of interest only through July 2020, followed by fixed monthly payments of interest and principal ($20,194) until maturity.
(9)
Fixed monthly payments of interest only.
(10)
Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street.
(11)
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 Future Minimum Debt Payments
The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts and debt issuance costs, as of June 30, 2020, and does not consider extension options available to us as noted in the table above (in thousands):
July 1, 2020 - December 31, 2020
$
418

2021
1,267

2022
101,700

2023
289,318

2024
12,886

Thereafter
502,661

Total
$
908,250