| Summary of Mortgage Payable |
Mortgages payable at December 31, 2021 and 2020 consist of the following:
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(dollars in thousands) |
|
December 31,
2021 |
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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 |
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|
|
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 |
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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 $6.3 million,
principal and interest paid monthly (effective interest rate 6.37%) |
|
|
997 |
|
|
|
1,190 |
|
Total mortgages payable |
|
$ |
37,030 |
|
|
$ |
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) |
|
2022 |
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|
2023 |
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2024 |
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|
2025 |
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|
2026 |
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Thereafter |
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Total |
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|
Fair Value |
|
Line of credit—variable rate LIBOR
+ 0.95% (1.05% at
December 31, 2021) |
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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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|
$ |
— |
|
Notes Payable: |
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Term note—fixed rate 4.533% |
|
|
— |
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— |
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175,000 |
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|
|
— |
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|
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— |
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|
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— |
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|
|
175,000 |
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|
|
188,065 |
|
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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|
|
— |
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|
600,000 |
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|
|
643,804 |
|
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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|
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450,000 |
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|
|
450,000 |
|
|
|
498,557 |
|
Term note—fixed rate 3.67% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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— |
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|
|
— |
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|
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200,000 |
|
|
|
200,000 |
|
|
|
213,748 |
|
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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|
|
350,000 |
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|
|
350,000 |
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|
388,482 |
|
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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— |
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|
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400,000 |
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|
|
400,000 |
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|
|
385,048 |
|
Term note—fixed rate 2.40% |
|
|
— |
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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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|
|
585,837 |
|
Mortgage note—fixed rate 4.065% |
|
|
108 |
|
|
|
3,620 |
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|
|
— |
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— |
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|
— |
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— |
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|
3,728 |
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|
|
3,810 |
|
Mortgage note—fixed rate 5.26% |
|
|
83 |
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|
|
3,567 |
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|
|
— |
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|
— |
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|
|
— |
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|
|
— |
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|
3,650 |
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|
|
3,820 |
|
Mortgage notes—fixed rate 4.4625% |
|
|
— |
|
|
|
— |
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|
|
22,427 |
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|
|
— |
|
|
|
— |
|
|
|
— |
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|
|
22,427 |
|
|
|
22,730 |
|
Mortgage notes—fixed rate 4.44% |
|
|
121 |
|
|
|
126 |
|
|
|
131 |
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|
|
5,850 |
|
|
|
— |
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|
|
— |
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|
|
6,228 |
|
|
|
6,582 |
|
Mortgage note—fixed rate 5.99% |
|
|
203 |
|
|
|
216 |
|
|
|
229 |
|
|
|
243 |
|
|
|
106 |
|
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- |
|
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|
997 |
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|
|
1,068 |
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Total |
|
$ |
515 |
|
|
$ |
7,529 |
|
|
$ |
197,787 |
|
|
$ |
6,093 |
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|
$ |
600,106 |
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|
$ |
2,000,000 |
|
|
$ |
2,812,030 |
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