Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.20.2
Credit Facility, Notes Payable and Derivative Instruments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 25, 2020
Jul. 31, 2020
USD ($)
Apr. 27, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Mar. 31, 2018
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Apr. 15, 2019
USD ($)
Mar. 31, 2016
USD ($)
Sep. 25, 2015
USD ($)
Notes Payable and Revolving Credit Facility                        
Debt issuance and related costs             $ 341          
Amortization of Financing Costs       $ 42 $ 32   $ 110 $ 98        
Maximum consolidated leverage ratio under financial covenants             0.60          
Other Operating Activities, Cash Flow Statement             $ 158,400 164,450        
Increase (Decrease) in Security Deposits             (780) 2,210        
Repayments of Lines of Credit             $ 51,550 77,500        
Debt Instrument, Term             3 years 21 days   3 years 9 months 3 days      
Long-term Debt, Gross       66,349     $ 66,349   $ 39,475      
Line Of Credit Cash Paid Other             925 924        
Repayments of Notes Payable             233 101        
Additional Interest Expense             6,135          
Interest Expense, Total       $ 4,864 4,549   $ 13,616 12,707        
Minimum Net Worth Required for Compliance           $ 203,800            
Net Proceeds raised Through Equity Offerings, Percent           75.00%            
Extension option (in years)             1 year          
Weighted average interest rate basis       3.34%     3.34%   3.90%      
Interest Rate Swap [Member]                        
Notes Payable and Revolving Credit Facility                        
Derivative Instruments in Hedges, Liabilities, at Fair Value       $ 19,505     $ 19,505   $ 6,491      
Revolving Credit Facility [Member]                        
Notes Payable and Revolving Credit Facility                        
Amortization of Financing Costs       $ 341 303   $ 882 863        
Fixed charge coverage ratio             1.50          
Maximum ratio of total secured recourse debt to total asset value under financial covenants             0.10          
Maximum percentage of A F F O distributions to common stockholders under financial covenants       95.00%     95.00%          
Covenant terms             The Operating Partnership is subject to a number of financial covenants under its Credit Facility, including, among other things, (i) a maximum consolidated leverage ratio as of the end of each fiscal quarter of less than 0.60:1.00, (ii) a minimum fixed charge coverage ratio of 1.50:1.00, (iii) a minimum net worth of $203.8 million 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. Additionally, beginning at the end of fourth quarter of 2020, the Company’s distributions to common stockholders will be limited to an amount equal to 95% of its AFFO.          
Covenant compliance             As of September 30, 2020, the Company was in compliance with all of the financial and non-financial covenants contained in the Credit Facility.          
Increase (Decrease) in Security Deposits             $ 10,805          
Long-term Debt, Gross       $ 106,850 86,950   106,850 86,950        
Debt Instrument, Face Amount       600,000     600,000          
Interest Expense, Total       3,743 3,716   10,805 10,268        
Rosedale Loan [Member]                        
Notes Payable and Revolving Credit Facility                        
Long-term Debt, Total   $ 14,800   14,780     14,780          
Debt Instrument, Interest Rate, Stated Percentage   3.90%                    
Interest Expense, Debt       104     104          
Debt Instrument, Term   25 years                    
Principal payments made             20          
Dumfries Loan [Member]                        
Notes Payable and Revolving Credit Facility                        
Long-term Debt, Total     $ 12,074 11,966     11,966          
Debt Instrument, Interest Rate, Stated Percentage     4.68%                  
Interest Expense, Debt       140     186          
Debt Instrument, Term     10 years                  
Repayments of Long-term Debt             108          
Cantor Loan [Member]                        
Notes Payable and Revolving Credit Facility                        
Long-term Debt, Total       32,097     32,097   32,097   $ 32,097  
Debt Instrument, Interest Rate, Stated Percentage                     5.22%  
Interest Expense, Total       425 429   $ 1,326 1,271        
Debt Service Coverage Ratio             1.35          
West Mifflin Note Payable [Member]                        
Notes Payable and Revolving Credit Facility                        
Long-term Debt, Total       7,115     $ 7,115   $ 7,220     $ 7,378
Debt Instrument, Interest Rate, Stated Percentage 4.25%                      
Interest Expense, Debt       68 $ 69   203 $ 207        
Fixed charge coverage ratio 1                      
Minimum debt yield 0.09                      
Repayments of Notes Payable             105          
EBITDAR             6,000          
The Revolver [Member] | Revolving Credit Facility [Member]                        
Notes Payable and Revolving Credit Facility                        
Debt Instrument, Face Amount       250,000     250,000          
The Term loan [Member] | Revolving Credit Facility [Member]                        
Notes Payable and Revolving Credit Facility                        
Debt Instrument, Face Amount       $ 350,000     $ 350,000          
Accordion [Member] | Revolving Credit Facility [Member]                        
Notes Payable and Revolving Credit Facility                        
Debt Instrument, Face Amount                   $ 50,000