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Borrowings (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Summary of borrowings
The following table presents borrowings as of June 30, 2016 and December 31, 2015 (dollars in thousands):
 
 
 
 
 
 
 
June 30, 2016 (Unaudited)
 
December 31, 2015
 
Recourse vs. Non-Recourse
 
Final
Maturity
 
Contractual
Interest Rate(1)
 
Principal
Amount(2)
 
Carrying
Value(2)
 
Principal
Amount
(2)
 
Carrying
Value
(2)
Mortgage notes payable, net
 
 
 
 
 
 
 
 
 
 
 
 
 
Peregrine Portfolio(3)
 
 
 
 
 
 
 
 
 
 
 
 
 
Various locations
Non-recourse
 
Dec-19
 
LIBOR + 3.50%
 
$
24,000

 
$
23,438

 
$
24,000

 
$
23,348

Watermark Aqua Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
Denver, CO
Non-recourse
 
Feb-21
 
LIBOR + 2.92%
 
21,500

 
21,282

 
21,500

 
21,255

Frisco, TX
Non-recourse
 
Mar-21
 
LIBOR + 3.04%
 
20,000

 
19,807

 
20,000

 
19,783

Milford, OH(4)
Non-recourse
 
Dec-18
 
LIBOR + 3.35%
 
10,396

 
10,169

 
10,500

 
10,282

Arbors Portfolio(5)
 
 
 
 
 
 
 
 
 
 
 
 
 
Various locations
Non-recourse
 
Feb-25
 
3.99%
 
93,750

 
91,851

 
93,750

 
91,712

Watermark Fountains Portfolio(6)
 
 
 
 
 
 
 
 
 
 
 
 
Various locations
Non-recourse
 
Jun-22
 
3.92%
 
410,000

 
405,087

 
410,000

 
404,605

Winterfell Portfolio(7)
 
 
 
 
 
 
 
 
 
 
 
 
 
Various locations
Non-recourse
 
Jun-25
 
4.17%
 
648,211

 
645,009

 

 

Total
 
 
 
 
 
 
$
1,227,857

 
$
1,216,643

 
$
579,750

 
$
570,985

_____________________________________________________
(1)
Floating rate borrowings are comprised of $41.5 million principal amount at one-month LIBOR and $34.4 million principal amount at three-month LIBOR, including $10.4 million subject to a LIBOR floor of 0.5%.
(2)
The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net.
(3)
This mortgage note arrangement has a capacity of up to $30.0 million, subject to certain conditions, secured by four healthcare properties. As of June 30, 2016, the Company has funded approximately $7.0 million into a lender controlled reserve to comply with certain minimum financial coverage ratios, which will be released to the Company once certain conditions are satisfied.
(4)
The initial maturity is December 2016, with two one-year extensions available at the Company’s option, which may be subject to the satisfaction of certain customary conditions set forth in the governing documents.
(5)
Comprised of four mortgage notes payable with an aggregate amount of $93.8 million, secured by four healthcare real estate properties.
(6)
Comprised of $410.0 million principal amount of fixed rate borrowings, secured by 15 healthcare real estate properties.
(7)
Comprised of 32 individual mortgage notes payable that were assumed as part of the acquisition of the remaining 60.0% interest in the Winterfell portfolio on March 1, 2016. Refer to Note 3 for further discussion.
Schedule of principal on borrowings based on final maturity
The following table presents scheduled principal on borrowings based on final maturity as of June 30, 2016 (dollars in thousands):
 
 
 
July 1 to December 31, 2016
 
$
128

Years Ending December 31:
 
 
2017
 
3,516

2018
 
20,948

2019
 
44,347

2020
 
22,378

Thereafter
 
1,136,540

Total
 
$
1,227,857