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Mortgages Payable and Debt Maturities (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

Mortgages payable at September 30, 2019 and December 31, 2018 consist of the following:

 

(dollars in thousands)

 

September 30,

2019

 

 

December 31,

2018

 

4.98% mortgage note due January 1, 2021, secured by one

   self-storage facility with an aggregate net book value of $9.4

   million, principal and interest paid monthly

   (effective interest rate 5.24%)

 

$

2,821

 

 

$

2,863

 

4.065% mortgage note due April 1, 2023, secured by one self-

   storage facility with an aggregate net book value of $7.4

   million, principal and interest paid monthly

   (effective interest rate 4.32%)

 

 

3,956

 

 

 

4,028

 

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 5.58%)

 

 

3,819

 

 

 

3,871

 

4.4625% mortgage notes due December 6, 2024, secured by

   three self-storage facilities with an aggregate net book value

   of $55.8 million, principal and interest paid monthly

   (effective interest rate 3.19%)

 

 

23,006

 

 

 

—

 

5.99% mortgage note due May 1, 2026, secured by one self-

   storage facility with an aggregate net book value of $6.4

   million, principal and interest paid monthly

   (effective interest rate 6.33%)

 

 

1,414

 

 

 

1,540

 

Total mortgages payable

 

$

35,016

 

 

$

12,302

 
Summary of Debt Obligations 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)

 

2019

 

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit - variable rate

   LIBOR + 0.95% (3.00% at

   September 30, 2019)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

25,000

 

 

 

—

 

 

$

25,000

 

 

$

25,000

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - variable rate

   LIBOR + 1.00% (3.05% at

   September 30, 2019)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

 

$

—

 

Term note - fixed rate 5.54%

 

 

—

 

 

 

—

 

 

$

100,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

100,000

 

 

$

105,533

 

Term note - fixed rate 4.533%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

175,000

 

 

$

175,000

 

 

$

187,791

 

Term note - fixed rate 3.50%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

600,000

 

 

$

600,000

 

 

$

618,050

 

Term note - fixed rate 3.875%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

450,000

 

 

$

450,000

 

 

$

478,654

 

Term note - fixed rate 3.67%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

200,000

 

 

$

200,000

 

 

$

203,690

 

Term note - fixed rate 4.00%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

350,000

 

 

$

350,000

 

 

$

372,875

 

Mortgage note - fixed rate 4.98%

 

$

14

 

 

$

59

 

 

$

2,748

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

2,821

 

 

$

2,879

 

Mortgage note - fixed rate 4.065%

 

$

24

 

 

$

99

 

 

$

104

 

 

$

108

 

 

$

3,621

 

 

 

—

 

 

$

3,956

 

 

$

4,067

 

Mortgage note - fixed rate 5.26%

 

$

19

 

 

$

74

 

 

$

78

 

 

$

83

 

 

$

3,565

 

 

 

—

 

 

$

3,819

 

 

$

4,118

 

Mortgage notes - fixed rate

   4.4625%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

23,006

 

 

$

23,006

 

 

$

23,006

 

Mortgage note - fixed rate 5.99%

 

$

44

 

 

$

181

 

 

$

192

 

 

$

203

 

 

$

216

 

 

$

578

 

 

$

1,414

 

 

$

1,542

 

Total

 

$

101

 

 

$

413

 

 

$

103,122

 

 

$

394

 

 

$

32,402

 

 

$

1,798,584

 

 

$

1,935,016