Mortgage Notes Payable and Line of Credit (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Debt Disclosure [Abstract] |
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| Company's Mortgage Notes Payable and Line of Credit |
Our mortgage notes payable and line of credit as of June 30,
2015 and December 31, 2014 are summarized below (dollars in
thousands):
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Carrying Value at |
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Encumbered
properties at
June 30, 2015 |
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June 30,
2015 |
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December 31,
2014 |
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Stated Interest
Rates at
June 30, 2015 (4)
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Scheduled Maturity
Dates at
June 30, 2015 |
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Mortgage and Other Secured Loans:
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Fixed rate mortgage loans
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73 |
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$ |
458,806 |
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$ |
450,392 |
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(1 |
) |
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(2 |
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Variable rate mortgage loans
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7 |
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27,980 |
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8,200 |
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(3 |
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(2 |
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Premiums and discounts (net)
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N/A |
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553 |
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707 |
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N/A |
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N/A |
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Total Mortgage Notes Payable
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80 |
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$ |
487,339 |
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$ |
459,299 |
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Variable rate Line of Credit
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19 |
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45,200 |
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43,300 |
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LIBOR + 2.75 |
% (3) |
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8/1/2017 |
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Total Mortgage Notes Payable and Line of Credit
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99 |
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$ |
532,539 |
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$ |
502,599 |
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| (1) |
Interest rates on our fixed rate
mortgage notes payable vary from 3.75% to 6.80%. |
| (2) |
We have 44 mortgage notes payable
with maturity dates ranging from 9/1/2015 through 1/6/2039. |
| (3) |
Interest rates on our variable rate
mortgage notes payable vary from one month LIBOR + 2.15% to one
month LIBOR + 2.25%. At June 30, 2015, one month LIBOR was
approximately 0.19%. |
| (4) |
The weighted average interest rate on
all debt outstanding at June 30, 2015, was approximately
4.93%. |
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| Summary of Long-Term Mortgages |
During the six months ended June 30, 2015, we issued four
long-term mortgages, collateralized by five properties, which are
summarized below (dollars in thousands):
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Date of Issuance
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Issuing Bank |
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Debt Issued |
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Interest Rate |
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Maturity Date |
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Amortization
Period (months) |
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3/6/2015
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PNC Bank, NA |
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$ |
14,573 |
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3.86 |
% |
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4/1/2025 |
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300 |
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5/28/2015
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FC Bank |
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4,466 |
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3.75 |
% |
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6/1/2022 |
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85 |
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6/16/2015
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Guggenheim Partners |
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13,000 |
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3.99 |
% |
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7/1/2045 |
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6/29/2015
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Synovus Bank |
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19,780 |
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LIBOR + 2.25 |
% |
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7/1/2018 |
(1) |
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$ |
51,819 |
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| (1) |
We refinanced maturing debt on our
Duncan, South Carolina and Charlotte, North Carolina properties
which had aggregate balloon principal payments of $19.1 million. We
completed this refinance on June 29, 2015. |
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| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for the
remainder of 2015, and each of the five succeeding fiscal years and
thereafter are as follows (dollars in thousands):
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Year
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Scheduled Principal
Payments |
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Six Months ending December 31, 2015
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$ |
19,282 |
(1) |
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2016
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100,110 |
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2017
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68,873 |
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2018
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39,205 |
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2019
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35,603 |
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2020
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7,688 |
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Thereafter
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216,025 |
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$ |
486,786 |
(2) |
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| (1) |
This figure includes two balloon
principal payments that mature in the second half of 2015. We
refinanced one of these mortgages subsequent to June 30, 2015,
using a combination of new mortgage debt and equity, repaying $11.3
million of principal. |
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(2) |
This figure is exclusive of premiums
and discounts (net) on assumed debt, which were $553,000 as of
June 30, 2015. |
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| Summary of Interest Rate Cap Agreement |
The following table summarizes the key terms of each interest rate
cap agreement (dollars in thousands):
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As of June 30,
2015 |
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As of December 31,
2014 |
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Interest Rate Cap
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Notional
Amount |
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LIBOR Cap |
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Maturity Date |
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Cost |
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Fair Value |
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Cost |
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Fair Value |
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November 26, 2013
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$ |
8,200 |
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3.00 |
% |
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Dec-16 |
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$ |
31 |
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$ |
— |
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$ |
31 |
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$ |
4 |
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