Notes Payable and Credit Facility (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 07, 2018 |
Dec. 02, 2016 |
Nov. 16, 2018 |
Mar. 31, 2016 |
Sep. 25, 2015 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Apr. 15, 2019 |
|
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | $ 33,000 | $ 32,000 | |||||||
Debt Instrument, Description | Prepayment can only occur within four months prior to the maturity date, except that after the earlier of (a) two years after the loan is placed in a securitized mortgage pool, or (b) May 6, 2020, the Cantor Loan can be fully or partially defeased upon payment of amounts due under the Cantor Loan and payment of a defeasance amount that is sufficient to purchase U.S. government securities equal to the scheduled payments of principal, interest, fees, and any other amounts due related to a full or partial defeasance under the Cantor Loan. The Company secured the payment of the Cantor Loan with the assets, including property, facilities, and rents, held by the GMR Loan Subsidiaries and has agreed to guarantee certain customary recourse obligations, including findings of fraud, gross negligence, or breach of environmental covenants by the GMR Loan Subsidiaries. The GMR Loan Subsidiaries are required to maintain an aggregate monthly debt service coverage ratio of 1.35:1.00 for all of the collateral properties. | ||||||||
Other Operating Activities, Cash Flow Statement | 6,200,000 | 68,750,000 | |||||||
Increase (Decrease) in Security Deposits | (30,000) | 2,784,000 | |||||||
Repayments of Lines of Credit | $ 62,800,000 | 4,500,000 | |||||||
Debt, Weighted Average Interest Rate | 4.72% | 4.64% | |||||||
Debt Instrument, Term | 4 years 1 month 20 days | 4 years 2 months 26 days | |||||||
Long-term Debt, Gross | $ 39,453,000 | $ 39,475,000 | |||||||
Line Of Credit Cash Paid Other | 29,000 | 753,000 | |||||||
Additional Interest Expense | 928,000 | ||||||||
Interest Expense, Total | 4,025,000 | 2,684,000 | |||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 75,000,000 | ||||||||
Debt Instrument, Face Amount | 75,000,000 | ||||||||
Sun Trust Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.93% | ||||||||
Citizens Bank of Pennsylvania [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.93% | ||||||||
Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Maturity Date | Aug. 08, 2023 | ||||||||
Derivative, Amount of Hedged Item | $ 100,000,000 | $ 70,000,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ||||||||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 5,520,000 | 3,487,000 | |||||||
Interest Rate Swap [Member] | Sun Trust Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Maturity Date | Aug. 07, 2024 | ||||||||
Derivative, Amount of Hedged Item | $ 40,000,000 | ||||||||
Interest Rate Swap [Member] | Citizens Bank of Pennsylvania [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Maturity Date | Aug. 07, 2024 | ||||||||
Derivative, Amount of Hedged Item | $ 30,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | 269,000 | 398,000 | |||||||
Line of Credit Facility, Covenant Compliance | The Operating Partnership is subject to ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales. The Operating Partnership must also maintain (i) a maximum consolidated leverage ratio as of the end of each fiscal quarter of less than (y) 0.65:1.00 for each fiscal quarter ending prior to October 1, 2019 and (z) thereafter, 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $203,795 plus 75% of all net proceeds raised through equity offerings subsequent to March 31, 2018, and (iv) a ratio of total secured recourse debt to total asset value of not greater than 0.10:1.00. | ||||||||
Increase (Decrease) in Security Deposits | 3,238,000 | 1,766,000 | |||||||
Long-term Debt, Gross | 56,600,000 | 64,250 | |||||||
Derivative, Amount of Hedged Item | $ 70,000,000 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.93% | ||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 425,000,000 | ||||||||
Revolving Credit Facility [Member] | Interest Rate Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative, Amount of Hedged Item | $ 100,000,000 | 100,000,000 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 350,000,000 | ||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 500,000,000 | ||||||||
Cantor Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Total | $ 32,097,000 | 32,097,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.22% | ||||||||
Debt Instrument, Maturity Date | Apr. 06, 2026 | ||||||||
Interest Expense, Debt | 419,000 | 419,000 | |||||||
West Mifflin Note Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Total | $ 7,378,000 | 7,321,000 | $ 7,356,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | ||||||||
Debt Instrument, Description | The West Mifflin facility serves as collateral for the note. The note requires a quarterly fixed charge coverage ratio of at least 1:1, a quarterly minimum debt yield of 0.09:1.00, and annualized Operator EBITDAR (as defined in the note) measured on a quarterly basis of not less than $6,000 | ||||||||
Interest Expense, Debt | 66,000 | $ 69,000 | |||||||
Repayments of Notes Payable | 35,000 | ||||||||
The Revolver [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 250,000,000 | ||||||||
The Term loan [Member] | Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||||||
The Term loan [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 175,000,000 |