Annual report pursuant to Section 13 and 15(d)

Mortgages Payable And Other Debt Disclosures

v2.4.0.6
Mortgages Payable And Other Debt Disclosures
12 Months Ended
Dec. 31, 2011
Mortgages Payable And Other Debt Disclosures [Abstract]  
Mortgages Payable And Other Debt Disclosures

7. MORTGAGES PAYABLE AND OTHER DEBT DISCLOSURES

Mortgages payable at December 31, 2011 and December 31, 2010 consist of the following:

 

                 

(dollars in thousands)

   December 31,
2011
     December 31,
2010
 

7.80% mortgage note due December 2011, secured by 11 self-storage facilities (Locke Sovran I), repaid December 2011

   $ —         $ 27,817   

7.19% mortgage note due March 2012, secured by 27 self-storage facilities (Locke Sovran II), repaid December 2011

     —           40,264   

7.25% mortgage note due December 2011, secured by 1 self-storage facility, repaid December 2011

     —           3,220   

6.76% mortgage note due September 2013, secured by 1 self-storage facility with an aggregate net book value of $1.9 million, principal and interest paid monthly (effective interest rate 6.85%)

     925        952  

6.35% mortgage note due March 2014, secured by 1 self-storage facility with an aggregate net book value of $3.6 million, principal and interest paid monthly (effective interest rate 6.44%)

     1,014        1,044  

7.50% mortgage notes due August 2011, secured by 3 self-storage facilities, repaid August 2011

     —           5,657  

5.99% mortgage notes due May 2026, secured by 1 self-storage facility with an aggregate net book value of $4.3 million, principal and interest paid monthly (effective interest rate 5.89%)

     2,484        —     
    

 

 

    

 

 

 

Total mortgages payable

   $ 4,423      $ 78,954  
    

 

 

    

 

 

 

The table below summarizes the Company's debt obligations and interest rate derivatives at December 31, 2011. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

 

                                                                 
     Expected Maturity Date Including Discount         

(dollars in thousands)

   2012      2013      2014      2015      2016      Thereafter      Total      Fair
Value
 

Line of credit—variable rate LIBOR + 2.0% (2.28% at December 31, 2011)

     —           —           —           —         $ 46,000        —         $ 46,000       $ 46,000   
                 

Notes Payable:

                                                                       

Term note—variable rate LIBOR+1.50% (1.99% at December 31, 2011)

     —         $ 20,000         —           —           —           —         $ 20,000       $ 20,000   

Term note—fixed rate 6.26%

     —         $ 80,000         —           —           —           —         $ 80,000       $ 84,627   

Term note—fixed rate 6.38%

     —           —           —           —         $ 150,000         —         $ 150,000       $ 162,451   

Term note—variable rate LIBOR+2.0% (2.27% at December 31, 2011)

     —           —           —           —           —         $ 125,000       $ 125,000       $ 125,000   

Term note—variable rate LIBOR+2.0% (2.30% at December 31, 2011)

     —           —           —           —           —         $ 100,000       $ 100,000       $ 100,000   

Term note—fixed rate 5.54%

     —           —           —           —           —         $ 100,000       $ 100,000       $ 95,926   

Mortgage note—fixed rate 6.76%

   $ 29       $ 896         —           —           —           —         $ 925       $ 964   

Mortgage note—fixed rate 6.35%

   $ 31       $ 34       $ 949         —           —           —         $ 1,014       $ 1,059   

Mortgage notes—fixed rate 5.99%

   $ 112       $ 119       $ 126       $ 134      $ 142      $ 1,851       $ 2,484       $ 2,500   

Interest rate derivatives—liability

    

—  

       

—  

       

—  

       

—  

       

—  

       

—  

       

—  

      $

10,748