| Summary of Mortgage Payable |
Mortgages payable at June 30, 2021 and December 31, 2020 consist of the following:
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(dollars in thousands) |
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June 30,
2021 |
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December 31,
2020 |
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4.065% mortgage note due April 1, 2023, secured by one self-
storage facility with an aggregate net book value of $7.1
million, principal and interest paid monthly
(effective interest rate 4.31%) |
|
$ |
3,780 |
|
|
$ |
3,832 |
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5.26% mortgage note due November 1, 2023, secured by one
self-storage facility with an aggregate net book value of $7.8
million, principal and interest paid monthly
(effective interest rate 5.57%) |
|
|
3,689 |
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|
|
3,728 |
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4.4625% mortgage notes due December 6, 2024, secured by
three self-storage facilities with an aggregate net book value
of $54.6 million, principal and interest paid monthly
(effective interest rate 3.18%) |
|
|
22,556 |
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|
|
22,684 |
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4.44% mortgage note due July 6, 2025, secured by one
self-storage facility with an aggregate net book value of $13.5
million, principal and interest paid monthly
(effective interest rate 4.50%) |
|
|
6,286 |
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|
|
6,343 |
|
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 6.43%) |
|
|
1,095 |
|
|
|
1,190 |
|
Total mortgages payable |
|
$ |
37,406 |
|
|
$ |
37,777 |
|
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| 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.
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Expected Maturity Date Including Discount |
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(dollars in thousands) |
|
2021 |
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2022 |
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2023 |
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|
2024 |
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|
2025 |
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Thereafter |
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Total |
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|
Fair
Value |
|
Line of credit - variable rate
LIBOR + 0.95% (1.04% at
June 30, 2021) |
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$ |
— |
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|
$ |
— |
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|
$ |
140,000 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
140,000 |
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|
$ |
140,000 |
|
Notes Payable: |
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Term note - fixed rate 4.533% |
|
|
— |
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|
|
— |
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|
|
— |
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|
|
175,000 |
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|
|
— |
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|
|
— |
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|
|
175,000 |
|
|
|
192,627 |
|
Term note - fixed rate 3.50% |
|
|
— |
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— |
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— |
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— |
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|
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— |
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600,000 |
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|
|
600,000 |
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|
|
664,217 |
|
Term note - fixed rate 3.875% |
|
|
— |
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|
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— |
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|
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— |
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|
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— |
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|
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— |
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450,000 |
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|
|
450,000 |
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|
|
499,450 |
|
Term note - fixed rate 3.67% |
|
|
— |
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|
|
— |
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|
|
— |
|
|
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— |
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|
|
— |
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|
|
200,000 |
|
|
|
200,000 |
|
|
|
219,355 |
|
Term note - fixed rate 4.00% |
|
|
— |
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|
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— |
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|
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— |
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|
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— |
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|
|
— |
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|
350,000 |
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|
|
350,000 |
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|
399,844 |
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Term note - fixed rate 2.20% |
|
|
— |
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|
|
— |
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|
|
— |
|
|
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— |
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|
|
— |
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|
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400,000 |
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|
|
400,000 |
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|
|
391,570 |
|
Mortgage note - fixed rate 4.065% |
|
|
52 |
|
|
|
108 |
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|
|
3,620 |
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|
|
— |
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|
|
— |
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|
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— |
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|
|
3,780 |
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|
|
3,916 |
|
Mortgage note - fixed rate 5.26% |
|
|
39 |
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|
83 |
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|
|
3,567 |
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|
|
— |
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— |
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— |
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|
3,689 |
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|
|
3,964 |
|
Mortgage notes - fixed rate 4.4625% |
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|
— |
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|
— |
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|
|
— |
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|
22,556 |
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|
|
— |
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|
|
— |
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|
|
22,556 |
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|
|
23,432 |
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Mortgage note - fixed rate 4.44% |
|
|
62 |
|
|
|
125 |
|
|
|
130 |
|
|
|
136 |
|
|
|
5,833 |
|
|
|
— |
|
|
|
6,286 |
|
|
|
6,819 |
|
Mortgage note - fixed rate 5.99% |
|
|
97 |
|
|
|
203 |
|
|
|
216 |
|
|
|
229 |
|
|
|
244 |
|
|
|
106 |
|
|
|
1,095 |
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|
|
1,201 |
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Total |
|
$ |
250 |
|
|
$ |
519 |
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|
$ |
147,533 |
|
|
$ |
197,921 |
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|
$ |
6,077 |
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|
$ |
2,000,106 |
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|
$ |
2,352,406 |
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