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Borrowings (Tables)
12 Months Ended
Dec. 31, 2019
Borrowings [Abstract]  
Summary Of Borrowings



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31, 2019

(Dollars in thousands)

 

Maturity Date

 

Contractual
Facility

 

Balance,
Gross

 

Balance,
Net(1)

 

Stated
Interest
Rate

 

Effective
Interest
Rate

Denominated in USD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Preferred Securities (USA)

 

April 30, 2027

 

$

27,913 

 

$

27,913 

 

$

26,311 

 

5.94%

 

5.94%

Bank of America Credit Facility (USA)

 

March 6, 2023

 

 

55,000 

 

 

33,500 

 

 

33,445 

 

4.80%

 

4.80%

Bank of America Line of Credit (USA)

 

March 6, 2023

 

 

5,000 

 

 

 —

 

 

 —

 

4.80%

 

4.80%

Cinemas 1, 2, 3 Term Loan (USA)

 

April 1, 2022

 

 

18,658 

 

 

18,658 

 

 

18,532 

 

3.25%

 

3.25%

Minetta & Orpheum Theatres Loan (USA)(2)

 

November 1, 2023

 

 

8,000 

 

 

8,000 

 

 

7,887 

 

3.74%

 

5.15%

U.S. Corporate Office Term Loan (USA)

 

January 1, 2027

 

 

9,260 

 

 

9,260 

 

 

9,153 

 

4.64% / 4.44%

 

4.64%

Union Square Construction Financing (USA)

 

December 29, 2020

 

 

50,000 

 

 

36,048 

 

 

36,035 

 

6.02%

 

6.02%

Purchase Money Promissory Note

 

September 18, 2024

 

 

3,363 

 

 

3,363 

 

 

3,363 

 

5.00%

 

5.00%

Denominated in foreign currency ("FC")(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAB Corporate Term Loan (AU)

 

December 31, 2023

 

 

84,360 

 

 

65,731 

 

 

65,541 

 

1.77%

 

1.77%

Westpac Bank Corporate (NZ)

 

December 31, 2023

 

 

21,584 

 

 

6,745 

 

 

6,745 

 

3.05%

 

3.05%

Total

 

 

 

$

283,138 

 

$

209,218 

 

$

207,012 

 

 

 

 



(1)

Net of deferred financing costs amounting to $2.2 million.

(2)

The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%.

(3)

The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on exchange rates as of December 31, 2019.





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31, 2018

(Dollars in thousands)

 

Maturity Date

 

Contractual
Facility

 

Balance,
Gross

 

Balance,
Net(1)

 

Stated
Interest
Rate

 

Effective
Interest
Rate

Denominated in USD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Preferred Securities (USA)

 

April 30, 2027

 

$

27,913 

 

$

27,913 

 

$

26,061 

 

6.52%

 

6.52%

Bank of America Credit Facility (USA)

 

May 1, 2020

 

 

55,000 

 

 

25,000 

 

 

25,000 

 

5.02%

 

5.02%

Bank of America Line of Credit (USA)

 

October 31, 2019

 

 

5,000 

 

 

 —

 

 

 —

 

5.48%

 

5.48%

Banc of America digital projector loan (USA)

 

December 28, 2019

 

 

2,604 

 

 

2,604 

 

 

2,604 

 

5.00%

 

5.00%

Cinema 1, 2, 3 Term Loan (USA)

 

September 1, 2019

 

 

19,086 

 

 

19,086 

 

 

18,838 

 

3.25%

 

3.25%

Minetta & Orpheum Theatres Loan (USA)

 

November 1, 2023

 

 

8,000 

 

 

8,000 

 

 

7,857 

 

4.88%

 

4.88%

U.S. Corporate Office Term Loan (USA)

 

January 1, 2027

 

 

9,495 

 

 

9,495 

 

 

9,373 

 

4.64% / 4.44%

 

4.61%

Union Square Construction Financing (USA)

 

December 29, 2019

 

 

57,500 

 

 

27,182 

 

 

25,280 

 

6.76% / 12.51%

 

8.35%

Denominated in foreign currency ("FC")(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAB Corporate Loan Facility (AU)

 

December 31, 2023

 

 

46,856 

 

 

37,696 

 

 

37,660 

 

3.05%

 

3.05%

Westpac Corporate Credit Facility (NZ)

 

December 31, 2023

 

 

21,475 

 

 

10,067 

 

 

10,067 

 

3.80%

 

3.80%

Total

 

 

 

$

252,929 

 

$

167,043 

 

$

162,740 

 

 

 

 



(1)

Net of deferred financing costs amounting to $4.3 million.

(2)

The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on exchange rates as of December 31, 2018.

Schedule Of Long-term Debt Instruments, Net Of The Deferred Financing Costs



 

 

 

 

 

 



 

 

 

 

 

 

(Dollars in thousands)

 

December 31,

Balance Sheet Caption

 

2019

 

2018

Debt - current portion

 

$

36,736 

 

$

30,393 

Debt - long-term portion

 

 

140,602 

 

 

106,286 

Subordinated debt - current portion

 

 

644 

 

 

 —

Subordinated debt - long-term portion

 

 

29,030 

 

 

26,061 

Total borrowings

 

$

207,012 

 

$

162,740 



Schedule Of Construction Financing



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

 

 

Facility Limits and Advances

 

 

 

 

Financing Component

 

Lender

 

Facility
Limit

 

Advanced
-to-Date

 

Remaining
Facility

 

Interest Rate (1)

 

Maturity Date(2)

Senior loan

 

Bank of the Ozarks

 

 

8,000 

 

 

8,000 

 

 

 —

 

Greater of (i) 4.75% and
(ii) Adjusted LIBOR + 4.25%

 

December 29, 2020

Building loan

 

Bank of the Ozarks

 

 

31,130 

 

 

26,236 

 

 

4,894 

 

Greater of (i) 4.75% and
(ii) Adjusted LIBOR + 4.25%

 

December 29, 2020

Project loan

 

Bank of the Ozarks

 

 

10,870 

 

 

1,812 

 

 

9,058 

 

Greater of (i) 4.75% and
(ii) Adjusted LIBOR + 4.25%

 

December 29, 2020

Total 44 Union Square
Financing

 

 

 

$

50,000 

 

$

36,048 

 

$

13,952 

 

 

 

 



(1)

Not to exceed the New York State maximum lawful borrowing rate, which typically is 16%.  

(2)

Allowable for up to two (2) extension request options, one (1) year for each extension request.

Schedule Of Future Principal Loan Payments



 

 

 



 

 

 

(Dollars in thousands)

 

Future
Principal
Debt Payments

2020

 

$

37,380 

2021

 

 

19,150 

2022

 

 

981 

2023

 

 

115,005 

2024

 

 

880 

Thereafter

 

 

35,822 

 Total future principal debt payments

 

$

209,218