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

3 Months Ended

Mar. 31, 2020

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	2020	2020		2019		Date	2020
Farmer Mac Bond #6	Semi-annual interest only	3.69%	3.69%	$	13,827	$	13,827	April 2025	$	21,441
Farmer Mac Bond #7	Semi-annual interest only	3.68%	3.68%		11,160		11,160	April 2025		18,570
Farmer Mac Bond #8A (1)	Semi-annual interest only	3.20%	3.20%		41,700		41,700	June 2020		74,310
Farmer Mac Bond #9 (1)	Semi-annual interest only	3.35%	3.35%		6,600		6,600	July 2020		7,940
MetLife Term Loan #1 (2)	Semi-annual interest only	3.48% adjusted every three years	3.48%		87,942		87,942	March 2026		195,657
MetLife Term Loan #2	Semi-annual interest only	4.27% adjusted every three years	4.27%		16,000		16,000	March 2026		32,199
MetLife Term Loan #3	Semi-annual interest only	4.27% adjusted every three years	4.27%		21,000		21,000	March 2026		27,816
MetLife Term Loan #4 (2)	Semi-annual interest only	3.48% adjusted every three years	3.48%		15,685		15,685	June 2026		31,266
MetLife Term Loan #5	Semi-annual interest only	3.50% adjusted every three years	3.50%		8,379		8,379	January 2027		14,281
MetLife Term Loan #6	Semi-annual interest only	3.45% adjusted every three years	3.45%		27,158		27,158	February 2027		58,087
MetLife Term Loan #7	Semi-annual interest only	3.45% adjusted every three years	3.45%		17,153		17,153	June 2027		39,126
MetLife Term Loan #8	Semi-annual interest only	4.12% fixed until 2027	4.12%		44,000		44,000	December 2042		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
Farm Credit of Central Florida	(3)	LIBOR + 2.6875% adjusted monthly	4.06%		4,847		4,890	September 2023		14,745
Rabobank	Semi-annual interest only	LIBOR + 1.70% adjustable every three years	3.06%		64,358		64,358	March 2028		135,432
Rutledge Note Payable #1	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.21%		17,000		17,000	January 2022		29,820
Rutledge Note Payable #2	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.21%		25,000		25,000	January 2022		39,468
Rutledge Note Payable #3	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.21%		25,000		25,000	January 2022		45,764
Rutledge Note Payable #4	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.21%		15,000		15,000	January 2022		29,170
Rutledge Note Payable #5	Quarterly interest only	3 month LIBOR + 1.3% adjusted quarterly	3.21%		30,000		30,000	January 2022		85,287
Total outstanding principal					512,809		512,852		$	1,051,644
Debt issuance costs					(1,526)		(1,449)
Unamortized premium					—		—
Total mortgage notes and bonds payable, net				$	511,283	$	511,403

(1) Subsequent to the quarter's end, the maturity of Farmer Mac Bond #8A and Farmer Mac Bond #9 was extended to October 31, 2020.

(2) 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.

(3) 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 (remaining nine months)	$	48,532
2021		274
2022		112,274
2023		4,067
2024		2,100
Thereafter		345,562
	$	512,809