| Schedule of debt obligations |
The following table presents certain information regarding the Company's debt obligations:
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December 31, 2017 |
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December 31, 2016 |
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Debt Obligation/Collateral |
Month Issued |
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Outstanding Face Amount |
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Carrying Value |
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Final Stated Maturity |
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Weighted Average Coupon (A) |
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Weighted Average Funding Cost (B) |
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Weighted Average Life (Years) |
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Face Amount of Floating Rate Debt |
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Outstanding Face Amount |
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Carrying Value |
Repurchase Agreements |
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FNMA/FHLMC securities |
Dec 2016 |
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$ |
— |
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$ |
— |
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— |
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—% |
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— |
% |
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0.0 |
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$ |
— |
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$ |
600,964 |
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$ |
600,964 |
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Credit Facilities and Capital Leases |
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Traditional Golf term loan (C)(D) |
Jun 2016 |
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102,000 |
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99,931 |
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Jul 2019 |
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LIBOR + 4.70% |
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7.92 |
% |
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1.5 |
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102,000 |
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102,000 |
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98,680 |
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Vineyard II |
Dec 1993 |
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200 |
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200 |
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Dec 2043 |
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2.20% |
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2.20 |
% |
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26.0 |
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200 |
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200 |
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200 |
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Capital Leases (Equipment) |
June 2014 - Dec 2017 |
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16,626 |
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16,626 |
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Sep 2018 - Jul 2023 |
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3.00% to 16.16% |
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6.55 |
% |
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3.6 |
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— |
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16,404 |
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16,404 |
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118,826 |
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116,757 |
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7.72 |
% |
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1.8 |
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102,200 |
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118,604 |
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115,284 |
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Less current portion of obligations under capital leases |
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4,652 |
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4,652 |
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3,699 |
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3,699 |
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Credit facilities and obligations under capital leases - noncurrent |
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114,174 |
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112,105 |
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114,905 |
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111,585 |
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Corporate |
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Junior subordinated notes payable (E) |
Mar 2006 |
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51,004 |
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51,208 |
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Apr 2035 |
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LIBOR + 2.25% |
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3.60 |
% |
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17.3 |
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51,004 |
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51,004 |
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51,217 |
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Total debt obligations |
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$ |
169,830 |
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$ |
167,965 |
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6.46 |
% |
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6.5 |
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$ |
153,204 |
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$ |
770,572 |
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$ |
767,465 |
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See notes on next page.
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(A) |
Weighted average, including floating and fixed rate classes. |
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(B) |
Including the effect of deferred financing cost. |
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(C) |
The Traditional Golf term loan is collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan is reported net of deferred financing costs of $2.1 million and $3.3 million as of December 31, 2017 and 2016, respectively.
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(D) |
Interest rate based on 30-day LIBOR plus 4.70% with a LIBOR floor of 1.80%. At the time of closing, the Company purchased a co-terminus LIBOR interest rate cap of 1.80%.
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(E) |
Interest rate based on 3-month LIBOR plus 2.25%.
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| Schedule of future minimum lease payments under capital leases |
The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2017 are as follows:
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2018 |
$ |
5,600 |
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2019 |
5,462 |
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2020 |
4,182 |
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2021 |
2,607 |
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2022 |
825 |
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Thereafter |
56 |
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Total minimum lease payments |
18,732 |
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Less: imputed interest |
2,106 |
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Present value of net minimum lease payments |
$ |
16,626 |
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| Schedule of contractual maturities of debt obligations |
The Company’s debt obligations (gross of $1.9 million of discounts at December 31, 2017) have contractual maturities as follows:
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Nonrecourse |
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Recourse |
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Total |
2018 |
$ |
4,652 |
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$ |
— |
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$ |
4,652 |
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2019 |
106,822 |
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— |
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106,822 |
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2020 |
3,829 |
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— |
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3,829 |
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2021 |
2,467 |
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— |
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2,467 |
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2022 |
801 |
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— |
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801 |
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Thereafter |
255 |
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51,004 |
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51,259 |
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Total |
$ |
118,826 |
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$ |
51,004 |
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$ |
169,830 |
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