XML 66 R50.htm IDEA: XBRL DOCUMENT v3.4.0.3
Indebtedness - Additional Information (Detail)
1 Months Ended 3 Months Ended 12 Months Ended
May. 10, 2016
USD ($)
Sep. 17, 2015
USD ($)
Option
Apr. 30, 2016
USD ($)
Feb. 29, 2016
USD ($)
Mar. 31, 2016
USD ($)
$ / shares
Mar. 31, 2015
USD ($)
Dec. 31, 2015
USD ($)
Apr. 01, 2016
USD ($)
Debt Instrument [Line Items]                
Payment of notes         $ 74,266,000 $ 19,629,000    
Indebtedness         3,267,230,000   $ 3,328,082,000  
Unpaid Principal Balance         3,324,228,000   3,390,023,000  
R A I T F L Five                
Debt Instrument [Line Items]                
Percentage of ownership in joint venture       60.00%        
Proceeds from contribution of junior notes       $ 24,800,000        
Equity interest | R A I T F L Two                
Debt Instrument [Line Items]                
Real estate investment         40,188,000      
Equity interest | R A I T F L Three                
Debt Instrument [Line Items]                
Real estate investment         37,386,000      
Junior Notes | R A I T F L Four                
Debt Instrument [Line Items]                
Real estate investment         41,390,000      
CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         855,555,000   $ 885,055,000  
CMBS securitizations | R A I T F L Two                
Debt Instrument [Line Items]                
Real estate investment         134,725,000      
CMBS securitizations | R A I T F L Three                
Debt Instrument [Line Items]                
Real estate investment         168,278,000      
CMBS securitizations | R A I T F L Four                
Debt Instrument [Line Items]                
Real estate investment         219,284,000      
CMBS securitizations | R A I T F L Five                
Debt Instrument [Line Items]                
Real estate investment         $ 347,446,000      
7.0% convertible senior notes                
Debt Instrument [Line Items]                
Stated interest rate         7.00%   7.00%  
4.0% convertible senior notes                
Debt Instrument [Line Items]                
Stated interest rate         4.00%   4.00%  
Secured credit facilities | London Interest Bank Offer Rate                
Debt Instrument [Line Items]                
Stated interest rate         0.43725%   0.4295%  
Interest rate on excess of reference rate         2.45%   2.45%  
Term Loan One | Subsequent Event                
Debt Instrument [Line Items]                
Line of credit facility, repayments $ 18,400,000              
Recourse Indebtedness                
Debt Instrument [Line Items]                
Indebtedness         $ 509,466,000   $ 484,764,000  
Unpaid Principal Balance         538,275,000   $ 514,541,000  
Recourse Indebtedness | Floating Rate Loans                
Debt Instrument [Line Items]                
Line of credit facility, borrowing capacity         100,000,000      
Recourse Indebtedness | Seventy Five Thousand CMF [Member] | CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         40,179,000      
Line of credit facility, borrowing capacity         $ 75,000,000      
Debt instrument, financial covenant compliance         As of March 31, 2016, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility.      
Recourse Indebtedness | One Hundred Fifty Thousand CMF One [Member] | CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         $ 26,131,000      
Line of credit facility, borrowing capacity         $ 150,000,000      
Debt instrument, financial covenant compliance         As of March 31, 2016, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility.      
Recourse Indebtedness | One Hundred Fifty Thousand CMF Two [Member] | CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         $ 15,520,000      
Line of credit facility, borrowing capacity         $ 150,000,000      
Debt instrument, financial covenant compliance         As of March 31, 2016, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility.      
Recourse Indebtedness | 7.0% convertible senior notes                
Debt Instrument [Line Items]                
Stated interest rate         7.00%   7.00%  
Convertible note conversion rate         179.4009      
Principal amount of convertible note, conversion rate         $ 1,000      
Initial conversion price | $ / shares         $ 5.57      
Aggregate principal amount of notes issued             $ 30,048,000  
Indebtedness [1]         $ 29,004,000   28,868,000  
Unpaid Principal Balance [1]         $ 30,048,000   $ 30,048,000  
Recourse Indebtedness | 7.0% convertible senior notes | Subsequent Event                
Debt Instrument [Line Items]                
Debt instrument redemption amount               $ 29,177,000
Convertible notes outstanding               $ 871,000
Recourse Indebtedness | 4.0% convertible senior notes                
Debt Instrument [Line Items]                
Stated interest rate             4.00%  
Convertible note conversion rate         1.085803      
Principal amount of convertible note, conversion rate         $ 1,000      
Initial conversion price | $ / shares         $ 9.21      
Aggregate principal amount of notes issued             $ 141,750,000  
Indebtedness [2]         $ 133,763,000   133,039,000  
Unpaid Principal Balance [2]         141,750,000   141,750,000  
Recourse Indebtedness | Senior Secured Notes                
Debt Instrument [Line Items]                
Payment of notes         2,000,000      
Senior notes, outstanding         68,000,000      
Indebtedness         61,847,000   63,045,000  
Unpaid Principal Balance         68,000,000   70,000,000  
Recourse Indebtedness | Junior subordinated notes, at fair value                
Debt Instrument [Line Items]                
Aggregate principal amount of notes issued         18,671,000      
Fair value of indebtedness         9,785,000      
Recourse Indebtedness | Two Year CMBS Facilities                
Debt Instrument [Line Items]                
Indebtedness         $ 5,475,000      
Debt instrument, financial covenant compliance         As of March 31, 2016, we were in compliance with all financial covenants contained in the Amended MRA.      
Recourse Indebtedness | Amended Master Repurchase Agreement                
Debt Instrument [Line Items]                
Line of credit facility, borrowing capacity         $ 200,000,000      
Recourse Indebtedness | One Year CMBS Facilities | CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         35,496,000      
Line of credit facility, borrowing capacity         $ 150,000,000      
Debt instrument, financial covenant compliance         As of March 31, 2016, we were in compliance with all financial covenants contained in the $150,000 CMBS facility.      
Non-recourse indebtedness                
Debt Instrument [Line Items]                
Indebtedness         $ 2,733,169,000   2,843,318,000  
Line of credit facility, borrowing capacity   $ 325,000,000            
Right to increase line of credit facility maximum borrowing capacity   $ 450,000,000            
Maturity date   Sep. 17, 2018            
Line of credit facility, expiration period extension term         option of IROP may be extended for two additional 12-month periods under certain circumstances      
Line of credit facility, number of options available for extension | Option   2            
Unpaid Principal Balance         $ 2,761,632,000   2,875,482,000  
Non-recourse indebtedness | R A I T F L Two                
Debt Instrument [Line Items]                
Real estate investment         94,537,000      
Non-recourse indebtedness | R A I T F L Three                
Debt Instrument [Line Items]                
Real estate investment         130,892,000      
Non-recourse indebtedness | R A I T F L Four                
Debt Instrument [Line Items]                
Real estate investment         177,894,000      
Non-recourse indebtedness | R A I T F L Five                
Debt Instrument [Line Items]                
Real estate investment         $ 263,624,000      
Non-recourse indebtedness | London Interest Bank Offer Rate                
Debt Instrument [Line Items]                
Interest rate on excess of reference rate         2.45%      
Non-recourse indebtedness | CMBS securitizations                
Debt Instrument [Line Items]                
Indebtedness         $ 660,139,000 [3]   708,510,000 [4]  
Unpaid Principal Balance         666,947,000 [3]   717,255,000 [4]  
Non-recourse indebtedness | Secured credit facilities                
Debt Instrument [Line Items]                
Indebtedness         320,855,000 [5]   267,155,000 [6]  
Line of credit facility, remaining borrowing capacity         23,000      
Unpaid Principal Balance         $ 324,977,000 [5]   271,500,000 [6]  
Non-recourse indebtedness | Term Loan One                
Debt Instrument [Line Items]                
Line of credit facility, borrowing capacity   $ 120,000,000            
Maturity date   Sep. 16, 2016            
Line of credit facility, expiration period extension term         The KeyBank interim facility may be extended at the option of IROP for an additional six months under certain circumstances      
Line of credit facility, payment terms         The KeyBank interim facility requires monthly payments of interest only. IROP must apply 100% of all net proceeds from equity issuances, sales of assets, or refinancings of assets towards repaying the KeyBank interim facility.      
Required percentage of proceeds from equity issuances, sales of assets, or refinancing of assets to use for repayment of debt   100.00%            
Non-recourse indebtedness | Term Loan One | London Interest Bank Offer Rate                
Debt Instrument [Line Items]                
Interest rate on excess of reference rate         5.00%      
Non-recourse indebtedness | Term Loan One | Subsequent Event                
Debt Instrument [Line Items]                
Line of credit facility, repayments     $ 11,600,000          
Non-recourse indebtedness | Loans payable on real estate                
Debt Instrument [Line Items]                
Indebtedness         $ 757,668,000 [7]   811,666,000 [8]  
Unpaid Principal Balance         761,767,000 [7]   $ 815,746,000 [8]  
Investment Grade Senior Notes | R A I T F L Five                
Debt Instrument [Line Items]                
Real estate investment         $ 23,019,000      
Investment Grade Senior Notes | Subsequent Event | R A I T F L Five                
Debt Instrument [Line Items]                
Real estate investment     $ 23,019,000          
[1] Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
[2] Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[3] Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior notes purchased by us which are eliminated in consolidation. Collateralized by $855,555 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[4] Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior notes purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[5] Floating rate at 245 basis points over 1-month LIBOR. As of March 31, 2016, 1-month LIBOR was 0.43725%. Interest only payments are due monthly.
[6] Floating rate at 245 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.
[7] Includes $495,253 of unpaid principal balance and $492,129 of carrying amount, respectively, of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2021 to May 2025.
[8] Includes $545,956 of unpaid principal balance and $543,080 of carrying amount of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025.