Debt (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Long-term Debt Instruments [Table Text Block]

In December 2017, the Company assumed an interest-only mortgage note for $21.5 million with PNC Bank, National Association in connection with an acquisition. The mortgage note is due October 2019, secured by a multi-tenant property and has a fixed interest rate of 3.32%.

	September 30, 2018			December 31, 2017
(not presented in thousands)	(in thousands)
Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%. A balloon payment in the amount of $25,000,000 was repaid on March 29, 2018	$	-		$	25,000
Note payable in monthly installments of interest only at 3.32% per annum, with a balloon payment due October 2019		21,500			21,500
Note payable in monthly installments of $153,838, including interest at 6.90% per annum, with the final monthly payment due January 2020		2,345			3,573
Note payable in monthly installments of $23,004, including interest at 6.24% per annum, with a balloon payment of $2,781,819 due February 2020		2,896			2,963
Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 1, 2023		23,640			23,640
Note payable in monthly installments of $35,673, including interest at 5.01% per annum, with a balloon payment of $4,034,627 due September 2023		5,003			5,131
Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026		6,795			7,288
Total principal		62,179			89,095
Unamortized debt issuance costs		(642	)		(825	)
Total	$	61,537		$	88,270

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table presents scheduled principal payments related to our debt as of September 30, 2018 (in thousands):

	Scheduled		Balloon
	Principal		Payment		Total
Remainder of 2018	$	850	$	-	$	850
2019		3,005		39,790		42,795
2020		1,100		2,767		3,867
2021 (1)		998		14,000		14,998
2022		1,060		-		1,060
Thereafter		3,687		552,656		556,343
Total	$	10,700	$	609,213	$	619,913

(1) The balloon payment balance includes the balance outstanding under the Credit Facility as of September 30, 2018. The Credit Facility matures in January 2021, with options to extend the maturity for one year at the Company’s election, subject to certain conditions.

Senior Unsecured Notes [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table presents the Senior Unsecured Notes balance net of unamortized debt issuance costs as of September 30, 2018, and December 31, 2017 (in thousands):

	September 30, 2018			December 31, 2017
2025 Senior Unsecured Notes	$	50,000		$	50,000
2027 Senior Unsecured Notes		50,000			50,000
2028 Senior Unsecured Notes		60,000			60,000
2029 Senior Unsecured Notes		100,000			100,000
2030 Senior Unsecured Notes		125,000			-
Total Principal		385,000			260,000
Unamortized debt issuance costs		(927	)		(878	)
Total	$	384,073		$	259,122

Unsecured Debt [Member]

Schedule of Maturities of Long-term Debt [Table Text Block]

The following table presents the Unsecured Term Loans balance net of unamortized debt issuance costs as of September 30, 2018 and December 31, 2017 (in thousands):

	September 30, 2018			December 31, 2017
2019 Term Loan	$	18,734		$	19,304
2023 Term Loan		40,000			40,000
2024 Term Loans		100,000			100,000
Total Principal		158,734			159,304
Unamortized debt issuance costs		(974	)		(1,133	)
Total	$	157,760		$	158,171