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Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt

As of March 31, 2019 and December 31, 2018, the Company's debt and related deferred financing costs consisted of the following:



	March 31, 2019				December 31, 2018				Contractual Interest Rate⁽¹⁾		Payment Type		Loan Maturity		Effective Interest Rate ⁽²⁾
BofA/KeyBank Loan	$	250,000			$	250,000			4.32%		Interest Only		May 2028		4.42%
AIG Loan	126,970				126,970				4.15%		Interest Only ⁽³⁾		November 2025		4.22%
Total Mortgage Debt	376,970				376,970
Term Loan	123,000				113,000				LIBOR + 1.25% ⁽⁴⁾		Interest Only		June 2023		3.81%
Revolving credit facility	85				85				LIBOR + 1.30% ⁽⁴⁾		Interest Only		June 2023 ⁽⁵⁾		4.04%
Total Debt	500,055				490,055
Unamortized deferred financing costs	(7,706		)		(8,100		)
Total Debt, net	$	492,349			$	481,955


(1)	The weighted average interest rate as of March 31, 2019 was approximately 4.18% for the Company's fixed-rate and variable-rate debt combined.


(2)	Includes the effect of amortization of deferred financing costs.


(3)	The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter.


(4)	The London Interbank Offered Rate ("LIBOR") as of March 31, 2019 was 2.50%.


(5)	The revolving credit facility has an initial term of four years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below.