Mortgages Payable and Debt Maturities

3 Months Ended

Mar. 31, 2021

7. MORTGAGES PAYABLE AND DEBT MATURITIES

Mortgages payable at March 31, 2021 and December 31, 2020 consist of the following:

(dollars in thousands)	March 31, 2021		December 31, 2020
4.065% mortgage note due April 1, 2023, secured by one self- storage facility with an aggregate net book value of $7.1 million, principal and interest paid monthly (effective interest rate 4.40%)	$	3,807	$	3,832
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.8 million, principal and interest paid monthly (effective interest rate 5.69%)		3,710		3,728
4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $54.8 million, principal and interest paid monthly (effective interest rate 3.12%)		22,620		22,684
4.44% mortgage note due July 6, 2025, secured by one self-storage facility with an aggregate net book value of $13.6 million, principal and interest paid monthly (effective interest rate 4.60%)		6,316		6,343
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 6.45%)		1,143		1,190
Total mortgages payable	$	37,596	$	37,777

The table below summarizes the Company’s debt obligations at March 31, 2021. 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)	2021		2022		2023		2024		2025		Thereafter		Total		Fair Value
Line of credit - variable rate LIBOR + 0.95% (1.06% at March 31, 2021)	$	—	$	—	$	43,000	$	—	$	—	$	—	$	43,000	$	43,000
Notes Payable:
Term note - fixed rate 4.533%		—		—		—		175,000		—		—		175,000		195,252
Term note - fixed rate 3.50%		—		—		—		—		—		600,000		600,000		657,471
Term note - fixed rate 3.875%		—		—		—		—		—		450,000		450,000		494,057
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		215,203
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		394,261
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		376,052
Mortgage note - fixed rate 4.065%		79		108		3,620		—		—		—		3,807		3,936
Mortgage note - fixed rate 5.26%		60		83		3,567		—		—		—		3,710		3,983
Mortgage notes - fixed rate 4.4625%		—		—		—		22,620		—		—		22,620		23,317
Mortgage note - fixed rate 4.44%		92		125		130		136		5,833		—		6,316		6,765
Mortgage note - fixed rate 5.99%		145		203		216		229		244		106		1,143		1,244
Total	$	376	$	519	$	50,533	$	197,985	$	6,077	$	2,000,106	$	2,255,596