Quarterly report pursuant to Section 13 or 15(d)

Mortgages Payable and Debt Maturities (Tables)

v3.10.0.1
Mortgages Payable and Debt Maturities (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

Mortgages payable at September 30, 2018 and December 31, 2017 consist of the following:

 

(dollars in thousands)

 

September 30,

2018

 

 

December 31,

2017

 

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

   self-storage facility with an aggregate net book value of $9.5

   million, principal and interest paid monthly

   (effective interest rate 5.24%)

 

$

2,877

 

 

$

2,916

 

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

   storage facility with an aggregate net book value of $7.5

   million, principal and interest paid monthly

   (effective interest rate 4.31%)

 

 

4,051

 

 

 

4,119

 

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

   self-storage facility with an aggregate net book value of $7.9

   million, principal and interest paid monthly

   (effective interest rate 5.58%)

 

 

3,888

 

 

 

3,939

 

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

   storage facility with an aggregate net book value of $6.5

   million, principal and interest paid monthly

   (effective interest rate 6.30%)

 

 

1,581

 

 

 

1,700

 

Total mortgages payable

 

$

12,397

 

 

$

12,674

 

 

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% (3.28% at

   September 30, 2018)

 

 

 

 

$

128,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

128,000

 

 

$

128,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - variable rate

   LIBOR + 1.15% (3.25% at

   September 30, 2018)

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

100,000

 

Term note - fixed rate 5.54%

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

$

100,000

 

 

$

104,084

 

Term note - fixed rate 4.533%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,000

 

 

$

175,000

 

 

$

176,767

 

Term note - fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

600,000

 

 

$

600,000

 

 

$

563,528

 

Term note - fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,000

 

 

$

450,000

 

 

$

421,815

 

Term note - fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,000

 

 

$

200,000

 

 

$

180,734

 

Mortgage note - fixed rate 4.98%

 

$

14

 

 

$

56

 

 

$

59

 

 

$

2,748

 

 

 

 

 

 

 

 

$

2,877

 

 

$

2,887

 

Mortgage note - fixed rate 4.065%

 

$

23

 

 

$

96

 

 

$

99

 

 

$

104

 

 

$

108

 

 

$

3,621

 

 

$

4,051

 

 

$

3,911

 

Mortgage note - fixed rate 5.26%

 

$

17

 

 

$

71

 

 

$

74

 

 

$

78

 

 

$

83

 

 

$

3,565

 

 

$

3,888

 

 

$

3,944

 

Mortgage note - fixed rate 5.99%

 

$

41

 

 

$

170

 

 

$

181

 

 

$

192

 

 

$

203

 

 

$

794

 

 

$

1,581

 

 

$

1,638

 

Total

 

$

95

 

 

$

128,393

 

 

$

100,413

 

 

$

103,122

 

 

$

394

 

 

$

1,432,980

 

 

$

1,765,397