Quarterly report pursuant to Section 13 or 15(d)

Mortgages Payable and Debt Maturities (Tables)

v3.19.1
Mortgages Payable and Debt Maturities (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

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

 

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% (3.45% 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