MORTGAGES PAYABLE AND DEBT MATURITIES (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Mortgage Payable

Mortgages payable at September 30, 2012 and December 31, 2011 consist of the following:

(dollars in thousands)	September 30, 2012		December 31, 2011
6.76% mortgage note due September 11, 2013, secured by 1 self-storage facility with an aggregate net book value of $1.9 million, principal and interest paid monthly (effective interest rate 6.89%)		904		925
6.35% mortgage note due March 11, 2014, secured by 1 self-storage facility with an aggregate net book value of $3.5 million, principal and interest paid monthly (effective interest rate 6.48%)		991		1,014
5.99% mortgage notes due May 1, 2026, secured by 1 self-storage facility with an aggregate net book value of $4.2 million, principal and interest paid monthly (effective interest rate 6.19%)		2,400		2,484
Total mortgages payable	$	4,295	$	4,423

Summary of the Debt Obligation and Interest Rate Derivatives

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)	2012		2013		2014		2015		2016		Thereafter		Total		Fair Value
Line of credit—variable rate LIBOR + 2.0% (2.22% at September 30, 2012)		—		—		—		—	$	26,000		—	$	26,000	$	26,000
Notes Payable:
Term note—variable rate LIBOR+1.50% (2.21% at September 30, 2012)		—	$	20,000		—		—		—		—	$	20,000	$	20,000
Term note—fixed rate 6.26%		—	$	80,000		—		—		—		—	$	80,000	$	82,414
Term note—fixed rate 6.38%		—		—		—		—	$	150,000		—	$	150,000	$	164,178
Term note—variable rate LIBOR+2.0% (2.23% at September 30, 2012)		—		—		—		—		—	$	125,000	$	125,000	$	125,000
Term note—variable rate LIBOR+2.0% (2.22% at September 30, 2012)		—		—		—		—		—	$	100,000	$	100,000	$	100,000
Term note—fixed rate 5.54%		—		—		—		—		—	$	100,000	$	100,000	$	97,855
Mortgage note—fixed rate 6.76%	$	8	$	896		—		—		—		—	$	904	$	936
Mortgage note—fixed rate 6.35%	$	8	$	34	$	949		—		—		—	$	991	$	1,036
Mortgage notes—fixed rate 5.99%	$	28	$	119	$	126	$	134	$	142	$	1,851	$	2,400	$	2,603
Interest rate derivatives – liability		—		—		—		—		—		—		—	$	16,493