Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Tables)

v3.20.1
Credit Facility, Notes Payable and Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2020
Notes Payable and Revolving Credit Facility  
Schedule of Outstanding borrowings

As of March 31, 2020 and December 31, 2019, the Company had the following outstanding borrowings under the Credit Facility:

 

 

 

 

 

 

 

 

 

    

March 31, 2020

    

December 31, 2019

Revolver

 

$

129,450

 

$

51,350

Term Loan

 

 

300,000

 

 

300,000

Less: Unamortized debt issuance costs

 

 

(3,607)

 

 

(3,832)

Credit Facility, net

 

$

425,843

 

$

347,518

 

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 March 31, 2020 and December 31, 2019.

 

 

 

 

 

 

 

 

 

    

March 31, 2020

    

December 31, 2019

Notes payable, gross

 

$

39,475

 

$

39,475

Less: Unamortized debt issuance costs

 

 

(634)

 

 

(667)

Cumulative principal repayments

 

 

(193)

 

 

(158)

Notes payable, net

 

$

38,648

 

$

38,650

 

Schedule of Interest Rate Derivatives [Table Text Block]

As of March 31, 2020, the Company had the following five interest rate swaps that are used to manage the interest rate risk and fix the LIBOR component of certain of its floating rate debt as follows:

 

 

 

 

 

 

 

 

 

Counterparty

    

Notional Amount

    

Fixed Interest Rate

    

Maturity

 

 

 

 

 

 

 

 

BMO

 

$

100 million

 

2.88

%  

August 2023

BMO

 

$

90 million

 

1.21

%  

August 2024

Truist Bank

 

$

40 million

 

1.21

%  

August 2024

Truist Bank

 

$

40 million

 

2.93

%  

August 2024

Citizens Bank, National Association

 

$

30 million

 

2.93

%  

August 2024

Total/Weighted Average

 

$

300 million

 

2.17

%  

  

 

Schedule of Comprehensive Income (Loss)

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 months ended March 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2020

    

2019

    

 

 

 

 

 

 

 

 

Amount of loss recognized in other comprehensive loss

 

$

14,466

 

$

2,204

 

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

 

 

(508)

 

 

(182)

 

Total change in accumulated other comprehensive loss

 

$

13,958

 

$

2,022

 

 

Cantor Loan [Member]  
Notes Payable and Revolving Credit Facility  
Schedule of Maturities of Long-term Debt

As of March 31, 2020, scheduled principal payments due for each fiscal year ended December 31 are as follows:

 

 

 

 

 

2020 (nine months remaining)

    

$

 —

2021

 

 

282

2022

 

 

447

2023

 

 

471

2024

 

 

492

Thereafter

 

 

30,405

Total

 

$

32,097