Mortgages Payable and Debt Maturities (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Summary of Mortgage Payable

Mortgages payable at June 30, 2015 and December 31, 2014 consist of the following:

(dollars in thousands)	June 30, 2015		December 31, 2014
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 6.23%)		2,061		2,127
Total mortgages payable	$	2,061	$	2,127

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)	2015		2016		2017		2018		2019		Thereafter		Total		Fair Value
Line of credit - variable rate LIBOR + 1.30% (1.49% at June 30, 2015)		—		—		—		—	$	96,000		—	$	96,000	$	96,000
Notes Payable:
Term note - fixed rate 6.38%		—	$	150,000		—		—		—		—	$	150,000	$	157,038
Term note - variable rate LIBOR+1.40% (1.59% at June 30, 2015)		—		—		—		—		—	$	325,000	$	325,000	$	325,000
Term note - fixed rate 5.54%		—		—		—		—		—	$	100,000	$	100,000	$	108,322
Term note - fixed rate 4.533%		—		—		—		—		—	$	175,000	$	175,000	$	174,782
Mortgage note - fixed rate 5.99%	$	68	$	142	$	151	$	160	$	170	$	1,370	$	2,061	$	2,181
Interest rate derivatives - liability		—		—		—		—		—		—		—	$	14,892