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Borrowings
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
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.