| 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
|
|
|
|
|
|
|