Annual report pursuant to Section 13 and 15(d)

Mortgages Payable and Debt Maturities (Tables)

v3.8.0.1
Mortgages Payable and Debt Maturities (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

Mortgages payable at December 31, 2017 and 2016 consist of the following:

 

(dollars in thousands)

 

December 31,

2017

 

 

December 31,

2016

 

4.98% mortgage note due January 1, 2021 secured by one self-

   storage facility with an aggregate net book value of $9.6 million,

   principal and interest paid monthly (effective interest rate 5.22%)

 

$

2,916

 

 

$

2,966

 

4.065% mortgage note due April 1, 2023, secured by one self-

   storage facility with an aggregate net book value of $7.6 million,

   principal and interest paid monthly (effective interest rate 4.30%)

 

 

4,119

 

 

 

4,207

 

5.26% mortgage note due November 1, 2023, secured by one self-

   storage facility with an aggregate net book value of $8.0 million,

   principal and interest paid monthly (effective interest rate 5.56%)

 

 

3,939

 

 

 

4,002

 

5.99% mortgage note due May 1, 2026, secured by one self-

   storage facility with an aggregate net book value of $6.6 million,

   principal and interest paid monthly (effective interest rate 6.23%)

 

 

1,700

 

 

 

1,852

 

Total mortgages payable

 

$

12,674

 

 

$

13,027

 

 

Summary of Debt Obligations and Interest Rate Derivatives

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)

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit—variable rate LIBOR +

   1.10% (2.63% at December 31, 2017)

 

 

 

 

$

105,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

105,000

 

 

$

105,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note—variable rate LIBOR+1.15%

   (2.53% at December 31, 2017)

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

100,000

 

Term note—fixed rate 5.54%

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

$

100,000

 

 

$

109,192

 

Term note—fixed rate 4.533%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,000

 

 

$

175,000

 

 

$

181,510

 

Term note—fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

600,000

 

 

$

600,000

 

 

$

585,092

 

Term note—fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,000

 

 

$

450,000

 

 

$

449,076

 

Term note—fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,000

 

 

$

200,000

 

 

$

192,447

 

Mortgage note—fixed rate 4.98%

 

$

53

 

 

$

56

 

 

$

59

 

 

$

2,748

 

 

 

 

 

 

 

 

$

2,916

 

 

$

3,007

 

Mortgage note—fixed rate 4.065%

 

$

92

 

 

$

96

 

 

$

99

 

 

$

104

 

 

$

108

 

 

$

3,620

 

 

$

4,119

 

 

$

4,112

 

Mortgage note—fixed rate 5.26%

 

$

67

 

 

$

71

 

 

$

74

 

 

$

78

 

 

$

83

 

 

$

3,566

 

 

$

3,939

 

 

$

4,169

 

Mortgage note—fixed rate 5.99%

 

$

160

 

 

$

170

 

 

$

181

 

 

$

192

 

 

$

203

 

 

$

794

 

 

$

1,700

 

 

$

1,822

 

Total

 

$

372

 

 

$

105,393

 

 

$

100,413

 

 

$

103,122

 

 

$

394

 

 

$

1,432,980

 

 

$

1,742,674