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Mortgages Payable and Debt Maturities (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Summary of Mortgage Payable

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

 
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)

 

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