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DEBT (Tables)
 3 Months Ended
Mar. 31, 2014
DEBT  
Schedule of debt

 

 

 
   March 31, 2014   December 31, 2013  
 
   (in thousands)
  

Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan has a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan is nonrecourse. 

   $ 27,903   $ 28,262  

Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse. 

    
46,000		    
46,000		  

Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan has a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan is nonrecourse. 

    
12,663		    
12,737		  

Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse. 

    
34,093		    
34,755		  

Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan is nonrecourse. 

    
34,369		    
34,583		  

Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse. 

    
41,005		    
41,170		  

Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse. 

    
30,683		    
30,812		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

    
226,716		    
228,319		  

Premiums and discounts on assumed mortgages

    
2,580		    
2,786		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Mortgages Payable

    
229,296		    
231,105		  
           
​ ​ ​ ​ ​ ​ ​ ​

Secured borrowing principal on loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.03%

    
31,538		    
—		  

Secured borrowing principal on loans sold for excess spread, variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 1.54%

    
5,677		    
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

    
37,215		    
—		  

Premiums on loans sold for a premium and excess spread

    
2,984		    
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Secured borrowings—government guaranteed loans

    
40,199		    
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest payments due. Face value of $27,070,000. Balance due at maturity on March 15, 2035. 

    
27,070		    
—		  

Term note with a fixed interest rate of 2.74%, principal and interest due at maturity on September 10, 2014. 

    
30,000		    
—		  

Unsecured revolving line of credit with variable interest rate of prime less 50 basis points, with monthly interest payments due. Matures June 30, 2015. 

    
12,400		    
—		  

Unsecured revolving lines of credit

    
233,000		    
164,000		  
           
​ ​ ​ ​ ​ ​ ​ ​

 

    
302,470		    
164,000		  

Discount on junior subordinated notes

    
(2,222
)		  
—		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Other

    
300,248		    
164,000		  
           
​ ​ ​ ​ ​ ​ ​ ​

Total Debt

  
$
569,743		  
$
395,105		  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
Schedule of principal payments on, and estimated amortization of debt (face value)

Principal payments on, and estimated amortization of, our debt (face value) at March 31, 2014 was as follows:

Years Ending
December 31,
  Secured
Borrowings
Principal(1)		   Mortgages
Payable		   All Other
Principal(2)		   Total  
 
   (in thousands)
  

2014 (Nine Months Ending December 31, 2014)

   $ 860   $ 4,869   $ 163,000   $ 168,729  

2015

     1,182     77,055     12,400     90,637  

2016

     1,222     4,354     100,000     105,576  

2017

     1,266     4,642     —     5,908  

2018

     1,311     24,300     —     25,611  

Thereafter

     31,374     111,496     27,070     169,940  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 37,215   $ 226,716   $ 302,470   $ 566,401  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
(1)
Principal payments are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled principal payments on the underlying loans. Our estimate will differ from actual amounts to the extent we experience prepayments and/or loan liquidations or charge-offs. No payment is due unless payments are received from the borrowers on the underlying loans.

(2)
Represents the revolving credit facilities, term note, junior subordinated notes, and unsecured revolving lines of credit.