Mortgages Payable and Debt Maturities

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Mortgages Payable and Debt Maturities

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at September 30, 2022 and December 31, 2021 consist of the following:

(dollars in thousands)	September 30, 2022		December 31, 2021
4.065% mortgage note due April 1, 2023, secured by one self-    storage facility with an aggregate net book value of $7.0    million, principal and interest paid monthly    (effective interest rate 4.33%)	$	3,648	$	3,728
5.26% mortgage note due November 1, 2023, secured by one    self-storage facility with an aggregate net book value of $7.5    million, principal and interest paid monthly    (effective interest rate 5.60%)		3,588		3,650
4.4625% mortgage notes due December 6, 2024, secured by    three self-storage facilities with an aggregate net book value    of $53.6 million, principal and interest paid monthly    (effective interest rate 3.24%)		22,233		22,427
4.44% mortgage note due July 6, 2025, secured by one    self-storage facility with an aggregate net book value of    $13.2 million, principal and interest paid monthly    (effective interest rate 4.51%)		6,138		6,228
5.99% mortgage note due May 1, 2026, secured by one self-    storage facility with an aggregate net book value of $6.2    million, principal and interest paid monthly    (effective interest rate 6.56%)		847		997
Total mortgages payable	$	36,454	$	37,030

The table below summarizes the Company’s debt obligations at September 30, 2022. The estimated fair value of financial instruments is subjective in nature and is dependent on a number of important assumptions, including discount rates and relevant comparable market information associated with each financial instrument. The fair value of the fixed rate term notes and mortgage notes were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. These assumptions are considered Level 2 inputs within the fair value hierarchy as described in Note 9. The carrying values of our variable rate debt instruments approximate their fair values as these debt instruments bear interest at current market rates that approximate market participant rates. This is considered a Level 2 input within the fair value hierarchy. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.

			Expected Maturity Date Including Discount
(dollars in thousands)	2022		2023		2024		2025		2026		Thereafter		Total		Fair Value
Line of credit - variable rate    SOFR + 0.775% (3.94% at   September 30, 2022)	$	—	$	—	$	—	$	—	$	—	$	456,000	$	456,000	$	456,000
Notes Payable:
Term note - fixed rate 4.533%		—		—		175,000		—		—		—		175,000		170,325
Term note - fixed rate 3.50%		—		—		—		—		600,000		—		600,000		551,359
Term note - fixed rate 3.875%		—		—		—		—		—		450,000		450,000		408,515
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		176,252
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		309,177
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		298,381
Term note - fixed rate 2.40%		—		—		—		—		—		600,000		600,000		437,083
Mortgage note - fixed rate 4.065%		28		3,620		—		—		—		—		3,648		3,597
Mortgage note - fixed rate 5.26%		21		3,567		—		—		—		—		3,588		3,538
Mortgage notes - fixed rate 4.4625%		—		—		22,233		—		—		—		22,233		20,678
Mortgage note - fixed rate 4.44%		31		126		131		5,850		—		—		6,138		5,745
Mortgage note - fixed rate 5.99%		53		216		229		243		106		—		847		839
Total	$	133	$	7,529	$	197,593	$	6,093	$	600,106	$	2,456,000	$	3,267,454