Summary of Secured Indebtedness |
The following table summarizes the secured indebtedness as of
September 30, 2016 and December 31, 2015 (in thousands):
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Property
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September 30,
2016 |
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December 31,
2015 |
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Interest Rate as
of September 30,
2016 |
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Maturity |
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Secured Credit Facility (1)
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$ |
- |
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$ |
50,000 |
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LIBOR +2.25%(2) |
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June 2018 |
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Washington Group Plaza (3)
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33,168 |
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33,669 |
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3.85 |
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July 2018 |
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AmberGlen Mortgage Loan (4)
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24,394 |
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24,729 |
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4.38 |
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May 2019 |
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Midland Life Insurance (5)
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90,498 |
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95,000 |
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4.34 |
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May 2021 |
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Lake Vista Pointe (3)
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18,460 |
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18,460 |
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4.28 |
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August 2024 |
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FRP Ingenuity Drive (3)(6)
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17,000 |
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17,000 |
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4.44 |
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December 2024 |
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Plaza 25 (3)(7)
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17,000 |
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17,000 |
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4.10 |
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July 2025 |
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190 Office Center (7)
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41,250 |
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41,250 |
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4.79 |
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October 2025 |
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Intellicenter (7)
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33,563 |
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33,563 |
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4.65 |
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October 2025 |
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FRP Collection (7)
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30,875 |
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- |
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3.85 |
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September 2023 |
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Term Loan
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- |
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14,000 |
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LIBOR+6.00%(2) |
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- |
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Total Principal
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$ |
306,208 |
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$ |
344,671 |
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Deferred financing costs, net
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(3,439) |
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(3,393) |
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Total
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$ |
302,769 |
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$ |
341,278 |
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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. |
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