Quarterly report pursuant to Section 13 or 15(d)

Mortgages Payable and Debt Maturities (Tables)

v3.20.2
Mortgages Payable and Debt Maturities (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

Mortgages payable at June 30, 2020 and December 31, 2019 consist of the following:

 

(dollars in thousands)

 

June 30,

2020

 

 

December 31,

2019

 

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

   self-storage facility with an aggregate net book value of $9.3

   million, principal and interest paid monthly

   (effective interest rate 5.25%)

 

$

2,778

 

 

$

2,807

 

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

   storage facility with an aggregate net book value of $7.2

   million, principal and interest paid monthly

   (effective interest rate 4.33%)

 

 

3,883

 

 

 

3,932

 

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 5.60%)

 

 

3,763

 

 

 

3,800

 

4.4625% mortgage notes due December 6, 2024, secured by

   three self-storage facilities with an aggregate net book value

   of $55.2 million, principal and interest paid monthly

   (effective interest rate 3.18%)

 

 

22,814

 

 

 

22,942

 

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 6.37%)

 

 

1,281

 

 

 

1,370

 

Total mortgages payable

 

$

34,519

 

 

$

34,851

 

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)

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit - variable rate

   LIBOR + 0.95% (1.13% at

  June 30, 2020)

 

 

 

 

 

 

 

 

 

 

$

158,000

 

 

 

 

 

 

 

 

$

158,000

 

 

$

158,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - fixed rate 5.54%

 

 

 

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

100,000

 

 

$

105,266

 

Term note - fixed rate 4.533%

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,000

 

 

 

 

 

$

175,000

 

 

$

192,100

 

Term note - fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

600,000

 

 

$

600,000

 

 

$

639,875

 

Term note - fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

450,000

 

 

$

450,000

 

 

$

495,635

 

Term note - fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

200,000

 

 

$

200,000

 

 

$

216,385

 

Term note - fixed rate 4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

350,000

 

 

$

350,000

 

 

$

384,378

 

Mortgage note - fixed rate 4.98%

 

$

30

 

 

$

2,748

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,778

 

 

$

2,787

 

Mortgage note - fixed rate 4.065%

 

$

50

 

 

$

104

 

 

$

108

 

 

$

3,621

 

 

 

 

 

 

 

 

$

3,883

 

 

$

3,846

 

Mortgage note - fixed rate 5.26%

 

$

37

 

 

$

78

 

 

$

83

 

 

$

3,565

 

 

 

 

 

 

 

 

$

3,763

 

 

$

3,862

 

Mortgage notes - fixed rate 4.4625%

 

 

 

 

 

 

 

 

 

 

 

 

 

$

22,814

 

 

 

 

 

$

22,814

 

 

$

21,607

 

Mortgage note - fixed rate 5.99%

 

$

92

 

 

$

192

 

 

$

203

 

 

$

216

 

 

$

229

 

 

$

349

 

 

$

1,281

 

 

$

1,335

 

Total

 

$

209

 

 

$

103,122

 

 

$

394

 

 

$

165,402

 

 

$

198,043

 

 

$

1,600,349

 

 

$

2,067,519