DEBT (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	March 31, 2017			December 31, 2016
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $392,000,000 due on July 1, 2026. The loans are nonrecourse.	$	392,000		$	392,000
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 loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and balances totaling $35,695,000 due on March 1, 2021. The loans are nonrecourse.	38,941			39,134
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.	29,019			29,167
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan had a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan was nonrecourse. The loan was repaid in March 2017 in connection with the sale of the property that was collateral for the loan.	—			26,136
	505,960			532,437
Deferred loan costs related to mortgage loans	(2,262		)	(2,366		)
Premiums and discounts on assumed mortgages, net	—			722
Total Mortgages Payable	503,698			530,793
Secured borrowing principal on SBA 7(a) loans sold for a premium and excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 4.60% and 4.13% at March 31, 2017 and December 31, 2016, respectively.	21,838			23,122
Secured borrowing principal on SBA 7(a) loans sold for excess spread—variable rate, reset quarterly, based on prime rate with weighted average coupon rate of 2.08% and 1.83% at March 31, 2017 and December 31, 2016, respectively.	4,507			4,777
	26,345			27,899
Unamortized premiums	1,955			2,077
Total Secured Borrowings—Government Guaranteed Loans	28,300			29,976
Unsecured term loan facility	385,000			385,000
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured credit facility	—			—
	412,070			412,070
Deferred loan costs related to unsecured term loan and credit facilities	(2,738		)	(2,938		)
Discount on junior subordinated notes	(1,996		)	(2,015		)
Total Other	407,336			407,117
Total Debt	$	939,334		$	967,886

Future Principal Payments on Debt

Future principal payments on our debt (face value) at March 31, 2017 are as follows:

Years Ending December 31,	Secured Borrowings Principal(1)		Mortgages Payable		Other(2)		Total
	(in thousands)
2017 (Nine months ending December 31, 2017)	$	695	$	1,025	$	—	$	1,720
2018	958		1,440		—		2,398
2019	992		1,519		—		2,511
2020	1,031		1,596		—		2,627
2021	1,072		62,380		—		63,452
Thereafter	21,597		438,000		412,070		871,667
	$	26,345	$	505,960	$	412,070	$	944,375

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(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 junior subordinated notes and unsecured term loan facility.