7.	MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at March 31, 2014 and December 31, 2013 consist of the following:


(dollars in thousands)	March 31, 2014		December 31, 2013
5.99% mortgage notes due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $4.4 million, principal and interest paid monthly (effective interest rate 6.21%)		2,223		2,254

Total mortgages payable	$	2,223	$	2,254

The table below summarizes the Company’s debt obligations and interest rate derivatives at March 31, 2014. 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)	2014		2015		2016		2017		2018		Thereafter		Total		Fair Value
Line of credit - variable rate LIBOR + 1.50% (1.65% at March 31, 2014)		—		—		—		—	$	115,000		—	$	115,000	$	115,000
Notes Payable:
Term note - fixed rate 6.38%		—		—	$	150,000		—		—		—	$	150,000	$	168,131
Term note - variable rate LIBOR+1.65% (1.80% at March 31, 2014)		—		—		—		—		—	$	225,000	$	225,000	$	225,000
Term note - variable rate LIBOR+1.65% (1.81% at March 31, 2014)		—		—		—		—		—	$	100,000	$	100,000	$	100,000
Term note - fixed rate 5.54%		—		—		—		—		—	$	100,000	$	100,000	$	110,576
Mortgage notes - fixed rate 5.99%	$	95	$	134	$	142	$	151	$	160	$	1,541	$	2,223	$	2,316
Interest rate derivatives – asset		—		—		—		—		—		—		—	$	(580	)
Interest rate derivatives – liability		—		—		—		—		—		—		—	$	9,233