| Summary of Mortgage Payable |
Mortgages payable at March 31, 2022 and December 31, 2021 consist of the following:
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(dollars in thousands) |
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March 31,
2022 |
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December 31,
2021 |
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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 $7.0
million, principal and interest paid monthly
(effective interest rate 4.27%) |
|
$ |
3,701 |
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|
$ |
3,728 |
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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 $7.6
million, principal and interest paid monthly
(effective interest rate 5.52%) |
|
|
3,628 |
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|
|
3,650 |
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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 $54.1 million, principal and interest paid monthly
(effective interest rate 3.16%) |
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|
22,362 |
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|
|
22,427 |
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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
$13.3 million, principal and interest paid monthly
(effective interest rate 4.44%) |
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|
6,198 |
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|
6,228 |
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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 |
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Total mortgages payable |
|
$ |
36,837 |
|
|
$ |
37,030 |
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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) |
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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% (1.40% at
March 31, 2022) |
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$ |
— |
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|
$ |
135,000 |
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$ |
— |
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|
$ |
— |
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$ |
— |
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$ |
— |
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|
$ |
135,000 |
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|
$ |
135,000 |
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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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|
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— |
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|
|
175,000 |
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|
|
179,798 |
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Term note - fixed rate 3.50% |
|
|
— |
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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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|
598,268 |
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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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|
|
450,000 |
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|
|
450,000 |
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|
|
457,354 |
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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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|
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— |
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|
— |
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|
200,000 |
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|
|
200,000 |
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|
|
196,255 |
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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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|
354,531 |
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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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— |
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400,000 |
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|
400,000 |
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|
348,246 |
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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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|
525,011 |
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Mortgage note - fixed rate 4.065% |
|
|
81 |
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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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|
3,701 |
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|
3,701 |
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Mortgage note - fixed rate 5.26% |
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|
62 |
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|
|
3,566 |
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— |
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|
— |
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— |
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|
|
— |
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|
3,628 |
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|
3,659 |
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Mortgage notes - fixed rate 4.4625% |
|
|
— |
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|
|
— |
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|
|
22,362 |
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|
|
— |
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|
|
— |
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|
|
— |
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|
|
22,362 |
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|
|
21,542 |
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Mortgage note - fixed rate 4.44% |
|
|
90 |
|
|
|
126 |
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|
|
131 |
|
|
|
5,851 |
|
|
|
— |
|
|
|
— |
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|
|
6,198 |
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|
|
6,148 |
|
Mortgage note - fixed rate 5.99% |
|
|
154 |
|
|
|
216 |
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|
|
229 |
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|
|
243 |
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|
106 |
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|
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— |
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|
948 |
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|
978 |
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Total |
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$ |
387 |
|
|
$ |
142,528 |
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|
$ |
197,722 |
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|
$ |
6,094 |
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$ |
600,106 |
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$ |
2,000,000 |
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|
$ |
2,946,837 |
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