Annual report pursuant to Section 13 and 15(d)

Mortgages Payable and Debt Maturities

v3.22.0.1
Mortgages Payable and Debt Maturities
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Mortgages Payable and Debt Maturities

6. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at December 31, 2021 and 2020 consist of the following:

 

(dollars in thousands)

 

December 31,
2021

 

 

December 31,
2020

 

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%)

 

$

3,728

 

 

$

3,832

 

5.26% mortgage note due November 1, 2023, secured by one self-
   storage facility with an aggregate net book value of $
7.7 million,
   principal and interest paid monthly (effective interest rate
5.58%)

 

 

3,650

 

 

 

3,728

 

4.4625% mortgage notes due December 6, 2024, secured by three self-
   storage facilities with an aggregate net book value of $
54.3 million,
   interest paid monthly with principal due at maturity (effective
   interest rate
3.21%)

 

 

22,427

 

 

 

22,684

 

4.44% mortgage note due July 6, 2025, secured by one self-
   storage facility with an aggregate net book value of $
13.4 million,
   principal and interest paid monthly (effective interest rate
4.50%)

 

 

6,228

 

 

 

6,343

 

5.99% mortgage note due May 1, 2026, secured by one self-
   storage facility with an aggregate net book value of $
6.3 million,
   principal and interest paid monthly (effective interest rate
6.37%)

 

 

997

 

 

 

1,190

 

Total mortgages payable

 

$

37,030

 

 

$

37,777

 

The table below summarizes the Company’s debt obligations at December 31, 2021. 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 values 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 8. The carrying values of our variable rate debt instruments, if any, 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)

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit—variable rate LIBOR
   +
0.95% (1.05% at
   December 31, 2021)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note—fixed rate 4.533%

 

 

 

 

 

 

 

 

175,000

 

 

 

 

 

 

 

 

 

 

 

 

175,000

 

 

 

188,065

 

Term note—fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600,000

 

 

 

 

 

 

600,000

 

 

 

643,804

 

Term note—fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

450,000

 

 

 

450,000

 

 

 

498,557

 

Term note—fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

200,000

 

 

 

213,748

 

Term note—fixed rate 4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350,000

 

 

 

350,000

 

 

 

388,482

 

Term note—fixed rate 2.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400,000

 

 

 

400,000

 

 

 

385,048

 

Term note—fixed rate 2.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600,000

 

 

 

600,000

 

 

 

585,837

 

Mortgage note—fixed rate 4.065%

 

 

108

 

 

 

3,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,728

 

 

 

3,810

 

Mortgage note—fixed rate 5.26%

 

 

83

 

 

 

3,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,650

 

 

 

3,820

 

Mortgage notes—fixed rate 4.4625%

 

 

 

 

 

 

 

 

22,427

 

 

 

 

 

 

 

 

 

 

 

 

22,427

 

 

 

22,730

 

Mortgage notes—fixed rate 4.44%

 

 

121

 

 

 

126

 

 

 

131

 

 

 

5,850

 

 

 

 

 

 

 

 

 

6,228

 

 

 

6,582

 

Mortgage note—fixed rate 5.99%

 

 

203

 

 

 

216

 

 

 

229

 

 

 

243

 

 

 

106

 

 

 

-

 

 

 

997

 

 

 

1,068

 

Total

 

$

515

 

 

$

7,529

 

 

$

197,787

 

 

$

6,093

 

 

$

600,106

 

 

$

2,000,000

 

 

$

2,812,030