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

9 Months Ended

Sep. 30, 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
			September 30,	September 30,		December 31,		Maturity	September 30,
Loan	Payment Terms	Interest Rate Terms	2017	2017		2016		Date	2017
Farmer Mac Bond #1 (1)	Semi-annual interest only	2.40%	2.40%	$	—	$	20,700	September 2017	$	—
Farmer Mac Bond #2 (2)	Semi-annual interest only	2.35%	2.35%		5,460		5,460	October 2017		9,557
Farmer Mac Bond #3	Semi-annual interest only	2.50%	2.50%		10,680		10,680	November 2017		11,487
Farmer Mac Bond #4	Semi-annual interest only	2.50%	2.50%		13,400		13,400	December 2017		23,588
Farmer Mac Bond #5	Semi-annual interest only	2.56%	2.56%		30,860		30,860	December 2017		61,104
Farmer Mac Bond #6	Semi-annual interest only	3.69%	3.69%		14,915		14,915	April 2025		21,609
Farmer Mac Bond #7	Semi-annual interest only	3.68%	3.68%		11,160		11,160	April 2025		18,441
Farmer Mac Bond #8A	Semi-annual interest only	3.20%	3.20%		41,700		41,700	June 2020		80,929
Farmer Mac Bond #9	Semi-annual interest only	3.35%	3.35%		6,600		6,600	July 2020		7,711
MetLife Term Loan #1(3)	Semi-annual interest only	3.48% adjusted every three years	3.48%		90,000		90,000	March 2026		198,345
MetLife Term Loan #2	Semi-annual interest only	2.66% adjusted every three years	2.66%		16,000		16,000	March 2026		31,677
MetLife Term Loan #3	Semi-annual interest only	2.66% adjusted every three years	2.66%		21,000		21,000	March 2026		27,654
MetLife Term Loan #4(3)	Semi-annual interest only	3.48% adjusted every three years	3.48%		15,685		15,685	June 2026		30,624
MetLife Term Loan #5	Semi-annual interest only	3.26% adjusted every three years	3.26%		8,379		—	January 2027		16,761
MetLife Term Loan #6	Semi-annual interest only	3.21% adjusted every three years	3.21%		27,159		—	February 2027		55,526
MetLife Term Loan #7	Semi-annual interest only	3.45% adjusted every three years	3.45%		21,253		—	June 2027		48,307
Farm Credit of Central Florida	(4)	LIBOR + 2.6875% adjusted monthly	3.92%		5,102		5,102	September 2023		9,688
Prudential	(5)	3.20%	3.20%		6,481		6,600	July 2019		11,643
Rutledge Note Payable #1	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.60%		25,000		—	January 2022		46,022
Rutledge Note Payable #2	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.60%		25,000		—	January 2022		49,700
Rutledge Note Payable #3	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.60%		25,000		—	January 2022		58,985
Rutledge Note Payable #4	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.60%		15,000		—	January 2022		28,271
Rutledge Note Payable #5	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	2.60%		30,000		—	January 2022		69,772
Total outstanding principal					465,834		309,862		$	917,401
Debt issuance costs					(1,360)		(1,193)
Unamortized premium					20		110
Total mortgage notes and bonds payable, net				$	464,494	$	308,779

(1) Bond was repaid in full on September 5, 2017.

(2) Bond was repaid in full on October 23, 2017.

(3) During the nine months ended September 30, 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.

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

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

Schedule of aggregate maturities of long-term debt

As of September 30, 2017, aggregate maturities of long-term debt for the succeeding years are as follows:

($ in thousands)
Year Ending December 31,	Future Maturities
2017 (remaining three months)	$	60,400
2018		—
2019		6,481
2020		48,300
2021		—
Thereafter		350,653
	$	465,834