Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Tables)

v3.19.2
Credit Facility, Notes Payable and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Instrument [Line Items]  
Schedule of Aggregate balances of loans payable

The Company’s notes payable, net, includes two loans: (1) the Cantor Loan and (2) the West Mifflin Note, described in detail below. The following table sets forth the aggregate balances of these loans as of June 30, 2019 and December 31, 2018.

 

 

 

 

 

 

 

 

 

    

June 30, 2019

    

December 31, 2018

Notes payable, gross

 

$

39,475

 

$

39,475

Less: Unamortized debt discount

 

 

(733)

 

 

(799)

Principal repayments

 

 

(90)

 

 

(22)

Notes payable, net

 

$

38,652

 

$

38,654

 

Schedule of Outstanding borrowings

As of June 30, 2019 and December 31, 2018, the Company had the following outstanding borrowings under the Credit Facility:

 

 

 

 

 

 

 

 

 

    

June 30, 2019

    

December 31, 2018

Revolver

 

$

144,475

 

$

180,275

Term Loan

 

 

175,000

 

 

100,000

Less: Unamortized deferred financing costs

 

 

(3,784)

 

 

(3,922)

Credit Facility, net

 

$

315,691

 

$

276,353

 

Schedule of comprehensive (Loss) income

The table below details the components of the loss presented on the accompanying Condensed Consolidated Statements of Comprehensive (Loss) Income recognized on the Company’s interest rate swaps designated as cash flow hedges for the three and  six months ended June 30, 2019 and 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

    

2019

    

2018

    

2019

    

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of loss recognized in other comprehensive loss

 

$

3,752

 

$

 —

 

$

5,956

 

$

 —

Amount of loss reclassified from accumulated other comprehensive loss into interest expense

 

 

(202)

 

 

 —

 

 

(384)

 

 

 —

Total change in accumulated other comprehensive loss

 

$

3,550

 

$

 —

 

$

5,572

 

$

 —

 

Cantor Loan [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt

As of June 30, 2019, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:

 

 

 

 

 

2019

    

$

-

2020

 

 

-

2021

 

 

282

2022

 

 

447

2023

 

 

471

Thereafter

 

 

30,897

Total

 

$

32,097

 

West Mifflin Note Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Maturities of Long-term Debt

As of June 30, 2019, scheduled principal payments due for each fiscal year ended December 31 are listed below as follows:

 

 

 

 

 

2019 (six months remaining)

    

$

68

2020

 

 

7,220

Total

 

$

7,288