Mortgage Notes, Lines of Credit and Bonds Payable (Tables)

3 Months Ended

Mar. 31, 2017

Mortgage Notes, Lines of Credit and Bonds Payable

Schedule of indebtedness outstanding

									Book
			Annual						Value of
($ in thousands)			Interest	Principal					Collateral
			Rate as of	Outstanding as of					as of
			March 31,	March 31,		December 31,		Maturity	March 31,
Loan	Payment Terms	Interest Rate Terms	2017	2017		2016		Date	2017
Farmer Mac Bond #1	Semi-annual interest only	2.40%	2.40%	$	20,700	$	20,700	September 2017	$	30,364
Farmer Mac Bond #2	Semi-annual interest only	2.35%	2.35%		5,460		5,460	October 2017		9,572
Farmer Mac Bond #3	Semi-annual interest only	2.50%	2.50%		10,680		10,680	November 2017		11,400
Farmer Mac Bond #4	Semi-annual interest only	2.50%	2.50%		13,400		13,400	December 2017		23,602
Farmer Mac Bond #5	Semi-annual interest only	2.56%	2.56%		30,860		30,860	December 2017		56,214
Farmer Mac Bond #6	Semi-annual interest only	3.69%	3.69%		14,915		14,915	April 2025		21,572
Farmer Mac Bond #7	Semi-annual interest only	3.68%	3.68%		11,160		11,160	April 2025		18,457
Farmer Mac Bond #8A	Semi-annual interest only	3.20%	3.20%		41,700		41,700	June 2020		80,804
Farmer Mac Bond #9	Semi-annual interest only	3.35%	3.35%		6,600		6,600	July 2020		7,729
MetLife Term Loan #1(1)	Semi-annual interest only	3.48% adjusted every three years	3.48%		90,000		90,000	March 2026		197,730
MetLife Term Loan #2	Semi-annual interest only	2.66% adjusted every three years	2.66%		16,000		16,000	March 2026		31,704
MetLife Term Loan #3	Semi-annual interest only	2.66% adjusted every three years	2.66%		21,000		21,000	March 2026		27,618
MetLife Term Loan #4(1)	Semi-annual interest only	3.48% adjusted every three years	3.48%		15,685		15,685	June 2026		30,621
MetLife Term Loan #5	Semi-annual interest only	3.26% adjusted every three years	3.26%		8,379		—	January 2027		16,499
MetLife Term Loan #6	Semi-annual interest only	3.21% adjusted every three years	3.21%		27,158		—	February 2027		54,280
Farm Credit of Central Florida	(2)	1 month LIBOR + 2.6875% adjusted monthly	2.56%		5,102		5,102	September 2023		9,693
Prudential	(3)	3.20%	3.20%		6,600		6,600	July 2019		11,542
Rutledge Line of Credit #1	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.25%		25,000		—	January 2022		46,060
Rutledge Line of Credit #2	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.25%		25,000		—	January 2022		55,099
Rutledge Line of Credit #3	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.25%		25,000		—	January 2022		63,370
Rutledge Line of Credit #4	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.25%		15,000		—	January 2022		42,440
Rutledge Line of Credit #5	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.25%		2,381		—	January 2022		48,856
Total outstanding principal					437,780		309,862		$	895,226
Debt issuance costs, net					(1,589)		(1,193)
Unamortized premium					80		110
Total mortgage notes, lines of credit, and bonds payable, net				$	436,271	$	308,779

(1) During the three months ended March 31, 2017 the Company converted the interest rate on MetLife Term Loans 1 and 4 from variable to fixed rates that can be adjusted to an adjustable rate every three years over their remaining terms.

(2) Loan is an amortizing loan with quarterly interest payments that commence on January 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity.

(3) Loan is an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity.

Schedule of aggregate maturities of long-term debt

As of March 31, 2017, aggregate maturities of long-term debt for the succeeding years are as follows:

($ in thousands)
Year Ending December 31,	Future Maturities
2017 (remaining nine months)	$	81,100
2018		—
2019		6,600
2020		48,300
2021		—
Thereafter		301,780
	$	437,780