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Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

As of June 30, 2018 and December 31, 2017, the Company's debt and related deferred financing costs consisted of the following:



	June 30, 2018				December 31, 2017				Contractual Interest Rate⁽¹⁾		Payment Type		Loan Maturity		Effective Interest Rate ⁽²⁾
BofA/KeyBank Loan	$	250,000			$	—			4.32%		Interest Only		May 2028		4.36%
AIG Loan	126,970				126,970				4.15%		Interest Only ⁽³⁾		November 2025		4.22%
Total Mortgage Debt	376,970				126,970
Term Loan	113,000				—				LIBOR + 1.25% ⁽⁴⁾		Interest Only		June 2023		3.50%
Revolving Credit Facility	85				357,758				LIBOR + 1.30%⁽⁴⁾⁽⁵⁾		Interest Only		June 2023 ⁽⁶⁾		3.62%
Total Debt	490,055				484,728
Unamortized deferred financing costs	(8,894		)		(2,880		)
Total Debt, net	$	481,161			$	481,848


(1)	Including the effect of one interest rate swap agreement with a total notional amount of $100.0 million, the weighted average interest rate as of June 30, 2018 was approximately 3.81% for the Company's fixed-rate and variable-rate debt combined.


(2)	Reflects the effective interest rate at June 30, 2018 and includes the effect of amortization of deferred financing costs.


(3)	The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter.


(4)	The LIBOR as of June 30, 2018 was 2.11%.


(5)	As discussed below, the Company entered into an amended and restated credit agreement in June 2018. The contractual interest rate on the original revolving credit facility was LIBOR + 1.50% as of March 31, 2018.


(6)	The Revolving Credit Facility has an initial term of four years, maturing on June 28, 2022, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below.