Quarterly report pursuant to Section 13 or 15(d)

Mortgages Payable and Debt Maturities

v3.19.1
Mortgages Payable and Debt Maturities
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Mortgages Payable and Debt Maturities

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at March 31, 2019 and December 31, 2018 consist of the following:

 

(dollars in thousands)

 

Mar. 31,

2019

 

 

Dec. 31,

2018

 

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 5.17%)

 

$

2,849

 

 

$

2,863

 

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 4.25%)

 

 

4,004

 

 

 

4,028

 

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 5.50%)

 

 

3,853

 

 

 

3,871

 

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

   storage facility with an aggregate net book value of $6.4

   million, principal and interest paid monthly

   (effective interest rate 6.32%)

 

 

1,498

 

 

 

1,540

 

Total mortgages payable

 

$

12,204

 

 

$

12,302

 

 

The table below summarizes the Company’s debt obligations at March 31, 2019. 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. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. 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)

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit - variable rate

   LIBOR + 0.95% (3.45% at

   March 31, 2019)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

177,000

 

 

 

 

 

$

177,000

 

 

$

177,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - variable rate

   LIBOR + 1.00% (3.50% at

   March 31, 2019)

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

100,000

 

Term note - fixed rate 5.54%

 

 

 

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

104,916

 

Term note - fixed rate 4.533%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,000

 

 

$

175,000

 

 

$

181,489

 

Term note - fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

600,000

 

 

$

600,000

 

 

$

586,050

 

Term note - fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,000

 

 

$

450,000

 

 

$

438,803

 

Term note - fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,000

 

 

$

200,000

 

 

$

188,614

 

Mortgage note - fixed rate 4.98%

 

$

42

 

 

$

59

 

 

$

2,748

 

 

 

 

 

 

 

 

 

 

 

$

2,849

 

 

$

2,903

 

Mortgage note - fixed rate 4.065%

 

$

72

 

 

$

99

 

 

$

104

 

 

$

108

 

 

$

3,621

 

 

 

 

 

$

4,004

 

 

$

4,034

 

Mortgage note - fixed rate 5.26%

 

$

53

 

 

$

74

 

 

$

78

 

 

$

83

 

 

$

3,565

 

 

 

 

 

$

3,853

 

 

$

4,079

 

Mortgage note - fixed rate 5.99%

 

$

128

 

 

$

181

 

 

$

192

 

 

$

203

 

 

$

216

 

 

$

578

 

 

$

1,498

 

 

$

1,607

 

Total

 

$

295

 

 

$

100,413

 

 

$

103,122

 

 

$

394

 

 

$

184,402

 

 

$

1,425,578

 

 

$

1,814,204