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Mortgages Payable and Debt Maturities
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Mortgages Payable and Debt Maturities

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at September 30, 2020 and December 31, 2019 consist of the following:

 

(dollars in thousands)

 

September 30,

2020

 

 

December 31,

2019

 

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

   self-storage facility with an aggregate net book value of $9.3

   million, principal and interest paid monthly

   (effective interest rate 5.26%)

 

$

2,763

 

 

$

2,807

 

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

   storage facility with an aggregate net book value of $7.2

   million, principal and interest paid monthly

   (effective interest rate 4.34%)

 

 

3,858

 

 

 

3,932

 

5.26% mortgage note due November 1, 2023, secured by one

   self-storage facility with an aggregate net book value of $7.9

   million, principal and interest paid monthly

   (effective interest rate 5.61%)

 

 

3,747

 

 

 

3,800

 

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

   three self-storage facilities with an aggregate net book value

   of $55.0 million, principal and interest paid monthly

   (effective interest rate 3.19%)

 

 

22,749

 

 

 

22,942

 

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 6.38%)

 

 

1,235

 

 

 

1,370

 

Total mortgages payable

 

$

34,352

 

 

$

34,851

 

 

The table below summarizes the Company’s debt obligations at September 30, 2020. 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 such 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)

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

 

Fair Value

 

Line of credit - variable rate

   LIBOR + 0.95% (1.13% at

  September 30, 2020)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

—

 

 

$

—

 

Notes Payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term note - fixed rate 5.54%

 

 

—

 

 

$

100,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

100,000

 

 

$

104,332

 

Term note - fixed rate 4.533%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

175,000

 

 

 

—

 

 

$

175,000

 

 

$

197,640

 

Term note - fixed rate 3.50%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

600,000

 

 

$

600,000

 

 

$

674,845

 

Term note - fixed rate 3.875%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

450,000

 

 

$

450,000

 

 

$

514,557

 

Term note - fixed rate 3.67%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

200,000

 

 

$

200,000

 

 

$

224,265

 

Term note - fixed rate 4.00%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

350,000

 

 

$

350,000

 

 

$

399,957

 

Term note - fixed rate 2.20%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

400,000

 

 

$

400,000

 

 

$

398,566

 

Mortgage note - fixed rate 4.98%

 

$

15

 

 

$

2,748

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

2,763

 

 

$

2,769

 

Mortgage note - fixed rate 4.065%

 

$

26

 

 

$

104

 

 

$

108

 

 

$

3,620

 

 

 

—

 

 

 

—

 

 

$

3,858

 

 

$

3,826

 

Mortgage note - fixed rate 5.26%

 

$

19

 

 

$

78

 

 

$

83

 

 

$

3,567

 

 

 

—

 

 

 

—

 

 

$

3,747

 

 

$

3,839

 

Mortgage notes - fixed rate 4.4625%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

$

22,749

 

 

 

—

 

 

$

22,749

 

 

$

21,619

 

Mortgage note - fixed rate 5.99%

 

$

46

 

 

$

192

 

 

$

203

 

 

$

216

 

 

$

229

 

 

$

349

 

 

$

1,235

 

 

$

1,286

 

Total

 

$

106

 

 

$

103,122

 

 

$

394

 

 

$

7,403

 

 

$

197,978

 

 

$

2,000,349

 

 

$

2,309,352