Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of debt obligations

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

	June 30, 2019		December 31, 2018
Mortgages payable	$	852,857	$	778,106
Junior subordinated notes	37,400		37,400
Credit facility	9,000		—
Deferred financing costs	(6,872)		(6,646)
Total debt obligations, net of deferred costs	$	892,385	$	808,860

Schedule of debt information

During the six months ended June 30, 2019, the Company obtained the following mortgage debt in connection with the related property (dollars in thousands):

Location	Closing Date	Acquisition Mortgage Debt		Interest Rate		Interest only period	Maturity Date
Kannapolis, NC	3/12/19	$	33,347	3.52	%	—	3/1/2052
Birmingham, AL	5/7/19	32,250		4.19	%	72 months	6/1/2029
		$	65,597

The Company has a construction loan financing a project with 402 units, of which 164 units are in development and 238 units are in lease-up. Information regarding this loan at June 30, 2019 is set forth below (dollars in thousand):

Location	Closing Date	Maximum Loan Amount		Amount outstanding		Interest Rate	Maturity Date	Extension Option
Nashville,TN	6/2/2017	$	47,426	$	41,580	30 day LIBOR + 2.85%	6/2/2022	N/A