Mortgages Payable and Debt Maturities (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Mortgage Payable

Mortgages payable at June 30, 2017 and December 31, 2016 consist of the following:

(dollars in thousands)	Jun. 30, 2017		Dec. 31, 2016
4.98% mortgage note due January 1, 2021, secured by one self-storage facility with an aggregate net book value of $9.7 million, principal and interest paid monthly (effective interest rate 5.21%)	$	2,941	$	2,966
4.065% mortgage note due April 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.7 million, principal and interest paid monthly (effective interest rate 4.29%)		4,162		4,207
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $8.0 million, principal and interest paid monthly (effective interest rate 5.55%)		3,971		4,002
5.99% mortgage note due May 1, 2026, secured by one self-storage facility with an aggregate net book value of $6.6 million, principal and interest paid monthly (effective interest rate 6.26%)		1,778		1,852
Total mortgages payable	$	12,852	$	13,027

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)	2017		2018		2019		2020		2021		Thereafter		Total		Fair Value
Line of credit - variable rate LIBOR + 1.10% (2.32% at June 30, 2017)		—		—	$	331,000		—		—		—	$	331,000	$	331,000
Notes Payable:
Term note - variable rate LIBOR+1.15% (2.33% at June 30, 2017)		—		—		—	$	325,000		—		—	$	325,000	$	325,000
Term note - fixed rate 5.54%		—		—		—		—	$	100,000		—	$	100,000	$	108,686
Term note - fixed rate 4.533%		—		—		—		—		—	$	175,000	$	175,000	$	182,382
Term note - fixed rate 3.50%		—		—		—		—		—	$	600,000	$	600,000	$	581,622
Term note - fixed rate 3.67%		—		—		—		—		—	$	200,000	$	200,000	$	191,115
Mortgage note - fixed rate 4.98%	$	25	$	53	$	56	$	59	$	2,748		—	$	2,941	$	3,090
Mortgage note - fixed rate 4.065%	$	44	$	92	$	95	$	99	$	104	$	3,728	$	4,162	$	4,220
Mortgage note - fixed rate 5.26%	$	32	$	67	$	71	$	74	$	78	$	3,649	$	3,971	$	4,233
Mortgage note - fixed rate 5.99%	$	77	$	160	$	170	$	181	$	192	$	998	$	1,778	$	1,913
Interest rate derivatives - liability		—		—		—		—		—		—		—	$	11,526