DEBT (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Information on our debt is as follows:

	December 31,
	2018			2017
	(in thousands)
Mortgage loans with a fixed interest rate of 4.14% per annum, with monthly payments of interest only, and balances totaling $342,100,000 due on July 1, 2026. The loans are nonrecourse. In December 2018, one loan with an outstanding principal balance of $28,200,000 was reclassified to liabilities associated with assets held for sale (Note 3). On March 1, 2019, mortgage loans with an aggregate outstanding principal balance of $205,500,000 were defeased in connection with the sale of the properties that were collateral for the loans.	$	342,100		$	370,300
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 had a $42,008,000 balance due on January 5, 2027. The loan was nonrecourse. On March 1, 2019, the mortgage loan was repaid in connection with the property that was collateral for the loan.	46,000			46,000
	388,100			416,300
Deferred loan costs related to mortgage loans	(1,177		)	(1,540		)
Total Mortgages Payable	386,923			414,760
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 5.89% and 4.85% at December 31, 2018 and 2017, respectively.	11,283			16,812
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 3.57% and 2.60% at December 31, 2018 and 2017, respectively.	4,482			3,879
	15,765			20,691
Unamortized premiums	940			1,466
Total Secured Borrowings—Government Guaranteed Loans	16,705			22,157
Revolving credit facility	130,000			—
SBA 7(a) loan-backed notes with a variable interest rate which resets monthly based on the lesser of the one-month LIBOR plus 1.40% or the prime rate less 1.08%, with payments of interest and principal due monthly. Balance due at maturity in March 20, 2043.	33,769			—
Junior subordinated notes with a variable interest rate which resets quarterly based on the three-month LIBOR (as defined below) plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.	27,070			27,070
Unsecured term loan facility (terminated and repaid on October 30, 2018)	—			170,000
	190,839			197,070
Deferred loan costs related to other debt	(3,941		)	(1,198		)
Discount on junior subordinated notes	(1,855		)	(1,937		)
Total Other Debt	185,043			193,935
Total Debt	$	588,671		$	630,852

Future Principal Payments on Debt

Future principal payments on our debt (face value) at December 31, 2018 are as follows:

Years Ending December 31,	Mortgages Payable (1)		Secured Borrowings Principal (2)		Other (2) (3)		Total
	(in thousands)
2019	$	—	$	574	$	2,327	$	2,901
2020	—		604		2,382		2,986
2021	—		636		2,445		3,081
2022	679		669		132,510		133,858
2023	773		704		2,583		4,060
Thereafter	386,648		12,578		48,592		447,818
	$	388,100	$	15,765	$	190,839	$	594,704

(1) Excludes the future principal payments for 260 Townsend Street's mortgage, which is classified as liabilities associated with assets held for sale on our consolidated balance sheet at December 31, 2018 (Note 3).

(2) Principal payments on secured borrowings and SBA 7(a) loan-backed notes, which are included in Other, are generally dependent upon cash flows received from the underlying loans. Our estimate of their repayment is based on scheduled 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.

(3) Represents the junior subordinated notes, SBA 7(a) loan-backed notes, and revolving credit facility.