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Debt (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Summary of Secured Indebtedness

The following table summarizes the secured indebtedness as of September 30, 2016 and December 31, 2015 (in thousands):

 

Property

   September 30, 
2016
     December 31, 
2015
    Interest Rate as
of September 30,
2016
    Maturity  

Secured Credit Facility (1)

   $       $ 50,000           LIBOR +2.25%(2)          June 2018   

Washington Group Plaza (3)

    33,168         33,669         3.85                July 2018   

AmberGlen Mortgage Loan (4)

    24,394         24,729         4.38                May 2019   

Midland Life Insurance (5)

    90,498         95,000         4.34                May 2021   

Lake Vista Pointe (3)

    18,460         18,460         4.28                August 2024   

FRP Ingenuity Drive (3)(6)

    17,000         17,000         4.44                December 2024   

Plaza 25 (3)(7)

    17,000         17,000         4.10                July 2025   

190 Office Center (7)

    41,250         41,250         4.79                October 2025   

Intellicenter (7)

    33,563         33,563         4.65                October 2025   

FRP Collection (7)

    30,875                3.85                September 2023   

Term Loan

           14,000         LIBOR+6.00%(2)          -   
 

 

 

   

 

 

     

Total Principal

   $ 306,208        $ 344,671        

Deferred financing costs, net

    (3,439)         (3,393)        
 

 

 

   

 

 

     

Total

   $     302,769        $     341,278        
 

 

 

   

 

 

     
 

 

 

   

 

 

     

All interest rates are fixed interest rates with the exception of the secured credit facility (“Secured Credit Facility”) and Term Loan (“Term Loan”) as explained in footnote 1 below.

 

(1) At September 30, 2016 the Secured Credit Facility had $75 million authorized and undrawn. In addition, the Secured Credit Facility has an accordion feature that will permit the Company to borrow up to $150 million, subject to additional collateral availability and lender approval. The Credit Agreement has a maturity date of June 26, 2018, which may be extended to June 26, 2019 at the Company’s option upon meeting certain conditions. The Secured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.60x. At September 30, 2016, the Secured Credit Facility is cross-collateralized by Central Fairwinds, Logan Tower and Superior Pointe.
(2) As of September 30, 2016, the one month LIBOR rate was 0.50%.
(3) Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization.
(4) The Company is required to maintain a minimum net worth of $25 million and a minimum liquidity of $2 million.
(5) The mortgage loan is cross-collateralized by DTC Crossroads, Cherry Creek and City Center. Interest on mortgage loan is payable monthly plus principal based on 360 months of amortization. The loan bears a fixed interest rate of 4.34% and matures on May 6, 2021. Upon the sale of Corporate Parkway on June 15, 2016, $4 million of the loan was paid down and DTC Crossroads was substituted in as collateral property.
(6) The Company is required to maintain a minimum net worth of $17 million, minimum liquidity of $1.7 million and a debt service coverage ratio of no less than 1.15x.
(7) The Company is required to maintain a debt service coverage ratio of no less than 1.45x, 1.15x, 1.20x and 1.40x respectively for each of Plaza 25, 190 Office Center, Intellicenter and FRP Collection.
Schedule of Principal Repayments of Debt

The scheduled principal repayments of debt as of September 30, 2016 are as follows (in thousands):

 

2016

    $ 799        

2017

     3,524        

2018

     35,668        

2019

     27,154        

2020

     4,463        

Thereafter

     234,600        
  

 

 

 

Total

    $           306,208