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 |
|
|