Mortgages Payable and Debt Maturities (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Summary of Mortgage Payable

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

Summary of 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)	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