Annual report pursuant to Section 13 and 15(d)

Mortgages Payable and Debt Maturities (Tables)

v3.10.0.1
Mortgages Payable and Debt Maturities (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

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

 

(dollars in thousands)

 

December 31,

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 5.22%)

 

$

2,863

 

 

$

2,916

 

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

   storage facility with an aggregate net book value of $7.4 million,

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

 

 

4,028

 

 

 

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 5.57%)

 

 

3,871

 

 

 

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 6.25%)

 

 

1,540

 

 

 

1,700

 

Total mortgages payable

 

$

12,302

 

 

$

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)

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit—variable rate LIBOR +

   0.95% (3.47% at December 31, 2018)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91,000

 

 

 

 

 

$

91,000

 

 

$

91,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note—variable rate LIBOR + 1.00%

   (3.52% at December 31, 2018)

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

100,000

 

Term note—fixed rate 5.54%

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

104,284

 

Term note—fixed rate 4.533%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,000

 

 

$

175,000

 

 

$

177,321

 

Term note—fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

600,000

 

 

$

600,000

 

 

$

566,240

 

Term note—fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,000

 

 

$

450,000

 

 

$

423,324

 

Term note—fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,000

 

 

$

200,000

 

 

$

180,882

 

Mortgage note—fixed rate 4.98%

 

$

56

 

 

$

59

 

 

$

2,748

 

 

 

 

 

 

 

 

 

 

 

$

2,863

 

 

$

2,912

 

Mortgage note—fixed rate 4.065%

 

$

96

 

 

$

99

 

 

$

104

 

 

$

108

 

 

$

3,621

 

 

 

 

 

$

4,028

 

 

$

4,017

 

Mortgage note—fixed rate 5.26%

 

$

71

 

 

$

74

 

 

$

78

 

 

$

83

 

 

$

3,565

 

 

 

 

 

$

3,871

 

 

$

4,060

 

Mortgage note—fixed rate 5.99%

 

$

170

 

 

$

181

 

 

$

192

 

 

$

203

 

 

$

216

 

 

$

578

 

 

$

1,540

 

 

$

1,639

 

Total

 

$

393

 

 

$

100,413

 

 

$

103,122

 

 

$

394

 

 

$

98,402

 

 

$

1,425,578

 

 

$

1,728,302