Borrowings |
Borrowings The following table presents the Company’s borrowings as of June 30, 2017 and December 31, 2016 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2017 (Unaudited) | | December 31, 2016 | | 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% | | $ | 23,737 |
| | $ | 23,351 |
| | $ | 24,000 |
| | $ | 23,528 |
| Watermark Aqua Portfolio | | | | | | | | | | | | | | Denver, CO | Non-recourse | | Feb-21 | | LIBOR + 2.92% | | 21,371 |
| | 21,206 |
| | 21,500 |
| | 21,309 |
| Frisco, TX | Non-recourse | | Mar-21 | | LIBOR + 3.04% | | 19,917 |
| | 19,770 |
| | 20,000 |
| | 19,830 |
| Milford, OH | Non-recourse | | Sep-26 | | LIBOR + 2.68% | | 18,760 |
| | 18,179 |
| | 18,760 |
| | 18,142 |
| Arbors Portfolio(4) | | | | | | | | | | | | | | Various locations | Non-recourse | | Feb-25 | | 3.99% | | 93,205 |
| | 91,581 |
| | 93,750 |
| | 91,992 |
| Watermark Fountains Portfolio(5) | | | | | | | | | | | | | Various locations | Non-recourse | | Jun-22 | | 3.92% | | 410,000 |
| | 406,024 |
| | 410,000 |
| | 405,564 |
| Winterfell Portfolio(6) | | | | | | | | | | | | | | Various locations | Non-recourse | | Jun-25 | | 4.17% | | 648,211 |
| | 623,235 |
| | 648,211 |
| | 620,617 |
| Bonaventure Portfolio(7) | | | | | | | | | | | | | | Various locations | Non-recourse | | Feb-27 | | 4.66% | | 72,466 |
| | 71,733 |
| | — |
| | — |
| Subtotal mortgage notes payable, net | | | | | | 1,307,667 |
|
| 1,275,079 |
|
| 1,236,221 |
|
| 1,200,982 |
| Other notes payable | | | | | | | | | | | | | | Oak Cottage | | | | | | | | | | | | | | Santa Barbara, CA | Non-recourse | | Feb-22 | | 6.00% | | 3,500 |
| | 3,500 |
| | — |
| | — |
| Total mortgage and other notes payable, net | | | | | | $ | 1,311,167 |
| | $ | 1,278,579 |
| | $ | 1,236,221 |
| | $ | 1,200,982 |
|
_______________________________________ | | (1) | Floating rate borrowings are comprised of $60.0 million principal amount at one-month London Interbank Offered Rate (“LIBOR”) and $23.7 million principal amount at three-month LIBOR. |
| | (2) | The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net for all borrowings other than the Winterfell portfolio which is attributable to below market debt intangibles. |
| | (3) | This mortgage note arrangement has a capacity of up to $30.0 million, subject to certain conditions, secured by four healthcare real estate properties. As of June 30, 2017, the Company has funded approximately $7.1 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) | Comprised of four individual mortgage notes payable secured by four healthcare real estate properties. |
| | (5) | Comprised of $410.0 million principal amount of fixed rate borrowings, secured by 15 healthcare real estate properties. |
| | (6) | Comprised of 32 individual mortgage notes payable secured by 32 healthcare real estate properties. |
| | (7) | Comprised of five individual mortgage notes payable secured by five healthcare real estate properties. |
The following table presents scheduled principal payments on borrowings based on final maturity as of June 30, 2017 (dollars in thousands): | | | | | | | | | July 1 to December 31, 2017 | | $ | 1,469 |
| Years Ending December 31: | | | 2018 | | 10,058 |
| 2019 | | 44,250 |
| 2020 | | 22,431 |
| 2021 | | 61,460 |
| Thereafter | | 1,171,499 |
| Total | | $ | 1,311,167 |
|
As of June 30, 2017, the Company was in compliance with all of its financial covenants.
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