| Schedule of debt obligations |
The following table presents certain information regarding the Company's debt obligations:
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December 31, 2018 |
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December 31, 2017 |
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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 |
|
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 |
Credit Facilities and Capital Leases |
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Traditional Golf term loan (C) |
Jun 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 |
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— |
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102,000 |
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|
99,931 |
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Vineyard II |
Dec 1993 |
|
200 |
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|
200 |
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Dec 2043 |
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2.36% |
|
2.36 |
% |
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25.0 |
|
200 |
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|
200 |
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|
200 |
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Capital Leases (Equipment) |
June 2014 - Dec 2018 |
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15,778 |
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15,778 |
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May 2019 - June 2024 |
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3.00% to 16.16% |
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6.75 |
% |
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3.1 |
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— |
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16,626 |
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16,626 |
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15,978 |
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15,978 |
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6.69 |
% |
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3.4 |
|
200 |
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118,826 |
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|
116,757 |
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Less current portion of obligations under capital leases |
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5,489 |
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5,489 |
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4,652 |
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4,652 |
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Credit facilities and obligations under capital leases - noncurrent |
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10,489 |
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10,489 |
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114,174 |
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112,105 |
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Corporate |
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Junior subordinated notes payable (D) |
Mar 2006 |
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51,004 |
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51,200 |
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Apr 2035 |
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LIBOR + 2.25% |
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4.73 |
% |
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16.3 |
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51,004 |
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51,004 |
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51,208 |
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Total debt obligations |
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$ |
66,982 |
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$ |
67,178 |
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5.20 |
% |
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13.2 |
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$ |
51,204 |
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$ |
169,830 |
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$ |
167,965 |
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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 was collateralized by 22 Traditional Golf properties. The carrying amount of the Traditional Golf term loan was reported net of deferred financing costs of $2.1 million as of December 31, 2017. The loan was prepaid in December 2018. See below for additional information.
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(D) |
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, 2018 are as follows:
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2019 |
$ |
6,401 |
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2020 |
5,126 |
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2021 |
3,581 |
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2022 |
1,831 |
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2023 |
701 |
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Thereafter |
6 |
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Total minimum lease payments |
17,646 |
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Less: imputed interest |
1,868 |
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Present value of net minimum lease payments |
$ |
15,778 |
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| Schedule of contractual maturities of debt obligations |
The Company’s debt obligations have contractual maturities as follows:
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Nonrecourse |
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Recourse |
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Total |
2019 |
$ |
5,505 |
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|
$ |
— |
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$ |
5,505 |
|
2020 |
4,569 |
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|
— |
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|
4,569 |
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2021 |
3,294 |
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|
— |
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|
3,294 |
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2022 |
1,724 |
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— |
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|
1,724 |
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2023 |
681 |
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— |
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|
681 |
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Thereafter |
205 |
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|
51,004 |
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|
51,209 |
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Total |
$ |
15,978 |
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$ |
51,004 |
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$ |
66,982 |
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