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DEBT OBLIGATIONS
12 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
DEBT OBLIGATIONS
Debt obligations (including debt held for sale) consist of the following (dollars in thousands):    
 
 
September 30,
 
 
2017
 
2016
Mortgages payable
 
$
704,171

 
$
621,382

Junior subordinated notes
 
37,400

 
37,400

Deferred mortgage costs
 
(6,727
)
 
(6,275
)
Total debt obligations
 
$
734,844

 
$
652,507


Mortgage Payable
At September 30, 2017, $704,171,000 of mortgage debt is outstanding on the Company's 33 multi-family properties and one commercial property with a weighted average interest rate of 4.03% and a weighted average remaining term to maturity of 6.9 years. Scheduled principal repayments for the next five years and thereafter are as follows (dollars in thousands):
Year Ending September 30,
 
Scheduled Principal Payments
 
2018
 
$
35,016

(a)
2019
 
59,858

(a)
2020
 
61,875

 
2021
 
22,279

 
2022
 
40,428

 
Thereafter
 
484,715

 
 
 
$
704,171

 
 
 
 
 
_____________________
(a)
Includes $185 in 2018 and $8,847 in 2019 related to Waverly Place, Melbourne, FL which was sold subsequent to September 30, 2017.


NOTE 10—DEBT OBLIGATIONS (continued)
The Company incurred the following mortgage debt in connection with these acquisitions in the years ended September 30, (dollars in thousands):
2017
Location
 
Closing Date
 
Acquisition Mortgage Debt
 
Interest Rate
 
Interest only period
 
Maturity Date
 
Fredricksburg, VA
 
11/4/2016
 
$
27,638

 
3.68
%
 
N/A
 
February 2027
 
Saint Louis, MO
 
2/28/2017
 
20,000

 
4.79
%
 
72 months
 
March 2027
 
Saint Louis, MO
 
2/28/2017
 
6,197

 
4.84
%
 
72 months
 
March 2027
 
Creve Coeur, MO
 
4/4/2017
 
29,000

 
LIBOR +2.50%
 
N/A
 
July 2018
(a)
Farmers Branch, TX
 
6/29/2017
 
55,200

 
4.22
%
 
60 months
 
July 2028
 
Tallahassee, FL
 
8/30/2017
 
21,524

 
4.19
%
 
60 months
 
September 2027
 
 
 
 
 
$
159,559

 
 
 
 
 
 
 
____________________
(a)    The borrower may elect to extend the maturity of this debt until April 2019.
2016
Location
 
Closing Date
 
Acquisition Mortgage Debt

 
Interest Rate
 
Interest only period
 
Maturity Date
LaGrange, GA
 
11/18/15
 
$
16,051

 
4.36%
 
-
 
February 2022
Katy,TX
 
1/22/16
 
30,750

 
4.44%
 
60 months
 
February 2026
Macon,GA
 
2/01/16
 
11,200

 
4.39%
 
24 months
 
February 2026
Southaven, MS
 
2/29/16
 
28,000

 
4.24%
 
60 months
 
March 2026
San Antonio, TX (a)
 
5/06/16
 
26,400

 
3.61%
 
23 months
 
May 2023
Dallas,TX
 
5/11/16
 
27,938

 
4.01%
 
24 months
 
May 2028
Columbia,SC
 
5/31/16
 
12,934

 
4.28%
 
36 months
 
June 2026
Atlanta, GA
 
8/15/16
 
27,375

 
3.97%
 
36 months
 
August 2026
Southaven,MS
 
9/01/16
 
30,564

 
3.73%
 
60 months
 
September 2026
San Antonio, TX (a)
 
9/16/16
 
27,000

 
4.05%
 
36 months
 
September 2026
 
 
 
 
$
238,212

 
 
 
 
 
 
___________________
(a)     The interest rate on this debt is fixed by the use of an interest rate swap.
During the year ended September 30, 2017, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands):
Location
 
Closing Date
 
Supplemental Mortgage Debt
 
Interest Rate
 
Maturity Date
Fredricksburg, VA
 
11/4/2016
 
$
2,261

 
4.84
%
 
February 2027
Decatur, GA
 
5/31/2017
 
4,941

 
5.32
%
 
December 2022
 
 
 
 
$
7,202

 
 
 
 


NOTE 10—DEBT OBLIGATIONS (continued)
During the year ended September 30, 2016, the Company obtained supplemental fixed rate financing as set forth in the table below (dollars in thousands):
Location
 
Closing Date
 
Supplemental Mortgage Debt
 
Interest Rate
 
Maturity Date
Pensacola, FL
 
10/13/15
 
$
3,194

 
4.92%
 
March 2022
Atlanta, GA
 
11/10/15
 
5,000

 
4.93%
 
July 2021
Houston, TX
 
2/09/16
 
3,865

 
4.94%
 
August 2021
Huntsville, AL
 
4/15/16
 
2,650

 
5.29%
 
November 2023
 
 
 
 
$
14,709

 
 
 
 

Junior Subordinated Notes
At September 30, 2017 and 2016 the Company's junior subordinated notes had an outstanding principal balance of $37,400,000. At September 30, 2017, the interest rate on the outstanding balance resets quarterly and is based on three month LIBOR +2.00% The rate in effect at September 30, 2017 is 3.31%. The notes mature April 30, 2036.
The junior subordinated notes require interest only payments through the maturity date, at which time repayment of all outstanding principal and unpaid interest is due. Interest expense for each of the years ended September 30, 2017, 2016 and 2015, which includes amortization of deferred costs, was $1,175,000, $1,510,000 and $1,853,000, respectively.