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

9 Months Ended

Sep. 30, 2024

Mortgage Notes, Lines of Credit and Bonds Payable

Schedule of indebtedness outstanding

										Book
		Annual								Value of
($ in thousands)		Interest			Principal					Collateral
		Rate as of		Next	Outstanding as of					as of
	Interest	September 30,	Interest Rate	Adjustment	September 30,		December 31,		Maturity	September 30,
Loan	Payment Terms	2024	Terms	Date	2024		2023		Date	2024
Farmer Mac Bond #6	Semi-annual	3.69%	Fixed	N/A	$	13,827	$	13,827	April 2025	$	19,516
Farmer Mac Bond #7	Semi-annual	3.68%	Fixed	N/A		11,160		11,160	April 2025		8,258
Farmer Mac Facility	Monthly	6.70%	SOFR + 1.50%	N/A		25,000		30,000	December 2025		92,944
MetLife Term Loan #1	Semi-annual	5.55%	Fixed	N/A		72,586		72,585	March 2026		102,171
MetLife Term Loan #4	Semi-annual	5.55%	Fixed for 3 years	March 2026		5,757		5,756	June 2026		9,582
MetLife Term Loan #5	Semi-annual	5.63%	Fixed for 3 years	January 2026		5,179		5,179	January 2027		7,378
MetLife Term Loan #6	Semi-annual	5.55%	Fixed for 3 years	February 2026		21,726		21,726	February 2027		26,230
MetLife Term Loan #7	Semi-annual	5.87%	Fixed for 3 years	June 2026		15,434		15,434	June 2027		29,725
MetLife Term Loan #8	Semi-annual	4.12%	Fixed for 10 years	December 2027		44,000		44,000	December 2042		110,042
MetLife Term Loan #9	Semi-annual	6.37%	Fixed for 3 years	May 2027		16,800		16,800	May 2028		33,720
MetLife Term Loan #10	Semi-annual	6.36%	Fixed	N/A		48,986		48,986	October 2030		94,846
MetLife Term Loan #11	Semi-annual	2.85%	Fixed for 3 years	October 2024 ⁽³⁾		12,750		12,750	October 2031		27,497
MetLife Term Loan #12	Semi-annual	3.11%	Fixed for 3 years	December 2024		14,359		14,359	December 2031		14,784
MetLife Facility	Quarterly	7.45%	SOFR + 2.10%	N/A		—		—	October 2027		112,630
Rabobank (1)	Semi-annual	7.02%	SOFR + 1.81%	March 2026 ⁽²⁾		45,399		45,533	March 2028		90,275
Rutledge Facility	Quarterly	6.73%	SOFR + 1.40%	N/A		41,000		5,000	February 2027		182,376
Total outstanding principal						393,963		363,095		$	961,974
Debt issuance costs						(1,719)		(2,236)
Unamortized premium						—		—
Total mortgage notes and bonds payable, net					$	392,244	$	360,859

(1) The Company has an interest rate swap agreement with Rabobank for $33.2 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 4.7% (see “Note 10—Hedge Accounting”). After adjusting the $33.2 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 28.3% to 19.8%.

(2) This adjustment date is for the spread noted under “Interest Rate Terms.”

(3) Effective October 1, 2024, the interest rate on MetLife Term Loan #11 was repriced to 5.35%.

Schedule of aggregate maturities of long-term debt

($ in thousands)
Year Ending December 31,	Future Maturities
2024 (remaining three months)	$	—
2025		49,987
2026		78,343
2027		83,339
2028		62,199
Thereafter		120,095
	$	393,963