Debt Obligations (Tables)

9 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt obligations

Debt obligations consist of the following (dollars in thousands):

	June 30, 2018		September 30, 2017
Mortgages payable	$	790,205	$	704,171
Junior subordinated notes	37,400		37,400
Deferred mortgage costs	(7,040)		(6,727)
Total debt obligations, net of deferred costs	$	820,565	$	734,844

Schedule of debt information

During the nine months ended June 30, 2018, the Company obtained the following mortgage debt in connection with the related property acquisitions (dollars in thousands):

Location	Closing Date	Acquisition Mortgage Debt		Interest Rate		Interest only period	Maturity Date
Madison, AL	12/7/17	$	15,000	4.08	%	60 months	January 2028
Boerne, TX (a)	12/14/17	9,200		LIBOR+ 2.39%		36 months	January 2028
Ocoee, FL	2/7/18	53,060		3.90	%	84 months	January 2028
Lawrenceville, GA	2/15/18	54,447		3.97	%	120 months	March 2028
Daytona Beach, FL	4/30/18	13,608		3.94	%	24 months	May 2025
Grand Prairie, TX	5/17/18	18,995		4.37	%	60 months	July 2028
		$	164,310

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(a) The Company entered into an agreement related to this loan to cap LIBOR at 3.86%. See Note 13.

The Company has construction loans financing two separate construction projects. Information regarding these loans at June 30, 2018 is set forth below (dollars in thousand):

Location	Closing Date	Maximum Loan Amount		Amount outstanding		Interest Rate	Maturity Date	Extension Option
N Charleston, SC (a)	10/13/2015	$	30,265	$	30,265	LIBOR + 1.70%	10/13/2019	1 year
Nashville,TN	6/2/2017	47,426		8,679		LIBOR + 2.85%	6/2/2022	N/A
		$	77,691	$	38,944

_____________________

(a) This property has achieved 90% occupancy during the quarter ended June 30, 2018 and as of July 1, 2018 is considered stabilized.