Quarterly report pursuant to Section 13 or 15(d)

Mortgages Payable and Debt Maturities

v3.22.1
Mortgages Payable and Debt Maturities
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Mortgages Payable and Debt Maturities

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at March 31, 2022 and December 31, 2021 consist of the following:

 

(dollars in thousands)

 

March 31,
2022

 

 

December 31,
2021

 

4.065% mortgage note due April 1, 2023, secured by one self-
   storage facility with an aggregate net book value of $
7.0
   million, principal and interest paid monthly
   (effective interest rate
4.27%)

 

$

3,701

 

 

$

3,728

 

5.26% mortgage note due November 1, 2023, secured by one
   self-storage facility with an aggregate net book value of $
7.6
   million, principal and interest paid monthly
   (effective interest rate
5.52%)

 

 

3,628

 

 

 

3,650

 

4.4625% mortgage notes due December 6, 2024, secured by
   
three self-storage facilities with an aggregate net book value
   of $
54.1 million, principal and interest paid monthly
   (effective interest rate
3.16%)

 

 

22,362

 

 

 

22,427

 

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

 

 

6,198

 

 

 

6,228

 

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
6.51%)

 

 

948

 

 

 

997

 

Total mortgages payable

 

$

36,837

 

 

$

37,030

 

 

The table below summarizes the Company’s debt obligations at March 31, 2022. 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 value 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 9. The carrying values of our variable rate debt instruments 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% (1.40% at
  March 31, 2022)

 

$

 

 

$

135,000

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

135,000

 

 

$

135,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - fixed rate 4.533%

 

 

 

 

 

 

 

 

175,000

 

 

 

 

 

 

 

 

 

 

 

 

175,000

 

 

 

179,798

 

Term note - fixed rate 3.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600,000

 

 

 

 

 

 

600,000

 

 

 

598,268

 

Term note - fixed rate 3.875%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

450,000

 

 

 

450,000

 

 

 

457,354

 

Term note - fixed rate 3.67%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

200,000

 

 

 

196,255

 

Term note - fixed rate 4.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350,000

 

 

 

350,000

 

 

 

354,531

 

Term note - fixed rate 2.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400,000

 

 

 

400,000

 

 

 

348,246

 

Term note - fixed rate 2.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600,000

 

 

 

600,000

 

 

 

525,011

 

Mortgage note - fixed rate 4.065%

 

 

81

 

 

 

3,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,701

 

 

 

3,701

 

Mortgage note - fixed rate 5.26%

 

 

62

 

 

 

3,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,628

 

 

 

3,659

 

Mortgage notes - fixed rate 4.4625%

 

 

 

 

 

 

 

 

22,362

 

 

 

 

 

 

 

 

 

 

 

 

22,362

 

 

 

21,542

 

Mortgage note - fixed rate 4.44%

 

 

90

 

 

 

126

 

 

 

131

 

 

 

5,851

 

 

 

 

 

 

 

 

 

6,198

 

 

 

6,148

 

Mortgage note - fixed rate 5.99%

 

 

154

 

 

 

216

 

 

 

229

 

 

 

243

 

 

 

106

 

 

 

 

 

 

948

 

 

 

978

 

Total

 

$

387

 

 

$

142,528

 

 

$

197,722

 

 

$

6,094

 

 

$

600,106

 

 

$

2,000,000

 

 

$

2,946,837