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

12 Months Ended

Dec. 31, 2019

Mortgage Notes, Lines of Credit and Bonds Payable

Schedule of indebtedness outstanding

			Annual Interest						Book Value of
			Rate as of	Principal Outstanding as of					Collateral
($ in thousands)			December 31,	December 31,					as of December 31,
Loan	Payment Terms	Interest Rate Terms	2019	2019		2018		Maturity	2019		2018
Farmer Mac Bond #6	Semi-annual interest only	3.69%	3.69%		13,827		14,915	April 2025	$	21,441	$	22,076
Farmer Mac Bond #7	Semi-annual interest only	3.68%	3.68%		11,160		11,160	April 2025		18,570		18,561
Farmer Mac Bond #8A	Semi-annual interest only	3.20%	3.20%		41,700		41,700	June 2020		74,310		80,989
Farmer Mac Bond #9	Semi-annual interest only	3.35%	3.35%		6,600		6,600	July 2020		7,940		7,828
MetLife Term Loan #1 (1)	Semi-annual interest only	3.48% adjusted every three years	3.48%		87,942		89,913	March 2026		195,615		199,584
MetLife Term Loan #2	Semi-annual interest only	4.27% adjusted every three years	4.27%		16,000		16,000	March 2026		32,199		32,189
MetLife Term Loan #3	Semi-annual interest only	4.27% adjusted every three years	4.27%		21,000		21,000	March 2026		27,817		27,525
MetLife Term Loan #4 (1)	Semi-annual interest only	3.48% adjusted every three years	3.48%		15,685		15,685	June 2026		31,266		31,124
MetLife Term Loan #5	Semi-annual interest only	3.26% adjusted every three years	3.26%		8,379		8,379	January 2027		14,281		13,964
MetLife Term Loan #6	Semi-annual interest only	3.21% adjusted every three years	3.21%		27,158		27,158	February 2027		58,087		58,058
MetLife Term Loan #7	Semi-annual interest only	3.45% adjusted every three years	3.45%		17,153		21,253	June 2027		39,126		48,963
MetLife Term Loan #8	Semi-annual interest only	4.12% fixed until 2027	4.12%		44,000		44,000	December 2042		110,042		110,042
MetLife Term Loan #9	Semi-annual interest only	4.19% adjusted every three years	4.19%		21,000		21,000	May 2028		41,223		40,981
Farm Credit of Central Florida	(2)	LIBOR + 2.6875% adjusted monthly	4.44%		4,890		5,060	September 2023		14,745		13,263
Prudential	(3)	3.20%	3.20%		-		5,144	July 2019		—		10,583
Rabobank	Semi-annual interest only	LIBOR + 1.70% adjustable every three years	3.39%		64,358		64,359	March 2028		135,432		134,901
Rutledge Note Payable #1	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.44%		17,000		17,000	January 2022		29,820		29,576
Rutledge Note Payable #2	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.44%		25,000		25,000	January 2022		39,468		39,749
Rutledge Note Payable #3	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.44%		25,000		25,000	January 2022		45,764		58,006
Rutledge Note Payable #4	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.44%		15,000		15,000	January 2022		29,170		29,170
Rutledge Note Payable #5	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.44%		30,000		30,000	January 2022		85,287		85,707
Total outstanding principal					512,852		525,326		$	1,051,603	$	1,092,841
Debt issuance costs					(1,449)		(1,685)
Unamortized premium					-		-
Total mortgage notes and bonds payable, net				$	511,403	$	523,641

(1) During the year ended December 31, 2017 the Company converted the interest rate on Metlife Term Loans 1 and 4 from variable to fixed rates for a term of three years. Once the term expires the new rate will be determined based on the loan agreements.

(2) 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.

Schedule of aggregate maturities of long-term debt

($ in thousands)
Year Ending December 31,	Future Maturities
2020	$	48,574
2021		274
2022		112,274
2023		4,067
2024		2,100
Thereafter		345,563
	$	512,852