XML 41 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable (Tables)
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019 (dollars in thousands):
 September 30, 2020December 31, 2019Margin Above LIBOR
Interest Rate(1)
 
Contractual
Maturity Date
 
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility$— $— 1.050 %
(2)
1.198 %
(3)
2/13/2024
(4)
$100M Term Loan Facility100,000 100,000 1.200 %
(2)
2.964 %
(5)
2/14/2022
$225M Term Loan Facility225,000 225,000 1.200 %
(2)
2.574 %
(5)
1/14/2023
$150M Term Loan Facility150,000 150,000 1.500 %
(2)
4.263 %
(5)
5/22/2025
$100M Notes100,000 100,000 n/a4.290 %
 
8/6/2025
$125M Notes125,000 125,000 n/a3.930 %7/13/2027
$25M Series 2019A Notes25,000 25,000 n/a3.880 %7/16/2029
$75M Series 2019B Notes75,000 75,000 n/a4.030 %7/16/2034
Total Unsecured Debt$800,000 $800,000 
Secured Debt:   
 
 
 
2601-2641 Manhattan Beach Boulevard(6)
$4,093 $— n/a4.080 %4/5/2023
$60M Term Loan(7)
58,499 58,499 1.700 %1.848 %8/1/2023
(7)
960-970 Knox Street(6)(8)
2,509 — n/a5.000 %11/1/2023
7612-7642 Woodwind Drive(6)
3,917 — n/a5.240 %1/5/2024
11600 Los Nietos Road(6)
2,823 — n/a4.190 %5/1/2024
5160 Richton Street(6)
4,415 — n/a3.790 %11/15/2024
22895 Eastpark Drive(6)
2,765 — n/a4.330 %11/15/2024
701-751 Kingshill Place(9)
7,100 — n/a3.900 %1/5/2026
2205 126th Street(10)
5,200 — n/a3.910 %12/1/2027
2410-2420 Santa Fe Avenue(6)
10,300 — n/a3.700 %1/1/2028
11832-11954 La Cienega Boulevard(6)
4,089 — n/a4.260 %7/1/2028
Gilbert/La Palma(6)
2,336 2,459 n/a5.125 %3/1/2031
Total Secured Debt$108,046 $60,958 
Total Unsecured and Secured Debt$908,046 $860,958 
Less: Unamortized premium/discount and debt issuance costs(11)
(1,438)(3,116)
Total $906,608 $857,842  
 
 
 

(1)Reflects the contractual interest rate under the terms of each loan as of September 30, 2020 and includes the effect of interest rate swaps that were effective as of September 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 $150.0 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 September 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)Fixed monthly payments of interest and principal until maturity as follows: 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), 11832-11954 La Cienega Boulevard, ($20,194) and Gilbert/La Palma ($24,008)
(7)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.
(8)Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street.
(9)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.
(10)Fixed monthly payments of interest only.
(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 September 30, 2020, and does not consider extension options available to us as noted in the table above (in thousands):
October 1, 2020 - December 31, 2020$214 
20211,267 
2022101,700 
2023289,318 
202412,886 
Thereafter502,661 
Total$908,046