Debt (Tables)
 12 Months Ended
Dec. 31, 2013
Debt  
Schedule of debt

The following is a summary of debt as of December 31, 2013 and 2012 (in thousands):

 

 

 

December 31,
2013

 

December 31,
2012

 

$90 million senior secured revolving credit facility bearing interest at floating rates, due August 2016

 

$

—

 

$

—

 

Mortgage notes, bearing fixed interest from 4.82% to 6.58%, with a weighted average interest rate of 5.57%, and due in 2016, 2017 and 2018 with a balloon payment of $7,681, $23,752, and $4,526, respectively, collateralized by six properties with a net book value of $8,271

 

38,288

 

34,457

 

Mortgage note, bearing variable interest of 2.94% and due in 2017 with a balloon payment of $3,842

 

4,533

 

45,536

 

Mezzanine debt bearing interest at 12.0% and due 2013

 

—

 

4,400

 

Line of credit bearing variable interest at 4.25% and due in 2012

 

—

 

96

 

 

 

 

 

 

 

Total debt

 

$

42,821

 

$

84,489

 
Schedule of consolidated leverage ratios

 

 

Consolidated Leverage
Ratio

 

Adjusted LIBOR Rate Loans
and Letter of Credit Fee

 

Base Rate Loans

 

<35%

 

LIBOR + 2.65%

 

Base Rate + 1.65%

 

>35% and <45%

 

LIBOR + 2.85%

 

Base Rate + 1.85%

 

>45% and <50%

 

LIBOR + 2.95%

 

Base Rate + 1.95%

 

>50%

 

LIBOR + 3.40%

 

Base Rate + 2.40%

 
Schedule of principal payments due on debt

Scheduled principal payments due on debt as of December 31, 2013, are as follows (in thousands):

 

Year Ending December 31:

 

 

 

2014

 

$

993

 

2015

 

1,033

 

2016

 

8,551

 

2017

 

27,717

 

2018

 

4,527

 

 

 

 

 

Total Payments

 

$

42,821