Mortgages Payable and Debt Maturities (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Mortgage Payable

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

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)	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