• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
Revolving Credit Facility
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Revolving Credit Facility

Note 12 — Revolving Credit Facility

In connection with FMJV’s December 15, 2016 distribution of its 90% ownership interest in FMKT MGA as described in Investment in Unconsolidated Joint Venture in Note 4 — “Investments,” the Company assumed a liability to repay $8,214 under a secured credit agreement. The agreement provided that the Company could borrow up to $9,550, which was guaranteed by Greenleaf Capital and collateralized primarily by the retail shopping center in Melbourne, Florida. The credit agreement bore interest at a rate equal to LIBOR plus 2.7% per annum and had an initial maturity date of February 27, 2017. The Company had an option to convert the outstanding balance at the initial maturity date into a three-year mortgage loan payable in 36 monthly installments at a fixed interest rate. On December 15, 2016, the Company drew an additional $1,193 from this credit line, which was used towards the purchase of the 10% noncontrolling interest as described in Pineda Landings—Melbourne, Florida in Note 6 — “Business Acquisitions.” At December 31, 2016, the loan balance totaled $9,463, which was included in other liabilities in the Company’s 2016 consolidated balance sheet. For the year ended December 31, 2016, interest expense for this revolving credit facility totaled $235, of which $11 related to the period from December 15 to 31, 2016.

In February 2017, the Company exercised the conversion option under the credit agreement. See 3.95% Promissory Note in Note 13 – “Long-Term Debt” for additional information.