Mortgage Notes Payable and Line of Credit (Tables)
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9 Months Ended |
Sep. 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
September 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
September 30,
2015 |
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September 30, 2015 |
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December 31, 2014 |
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Stated Interest Rates
at
September 30, 2015 (4)
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Scheduled Maturity
Dates at
September 30, 2015 |
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Mortgage and Other Secured Loans:
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Fixed rate mortgage loans
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71 |
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$ |
452,866 |
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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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8 |
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29,570 |
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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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476 |
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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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79 |
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$ |
482,912 |
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$ |
459,299 |
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(5 |
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Variable rate Line of Credit
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20 |
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55,500 |
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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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$ |
538,412 |
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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 46 mortgage notes payable
with maturity dates ranging from 12/11/2015 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 September 30, 2015, one month LIBOR
was approximately 0.19%. |
| (4) |
The weighted average interest rate on
all debt outstanding at September 30, 2015, was approximately
4.87%. |
| (5) |
The weighted average interest rate on
the mortgage notes outstanding at September 30, 2015, was
approximately 5.10%. |
N/A - Not Applicable
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| Summary of Long-Term Mortgages |
During the nine months ended September 30, 2015, we issued six
long-term mortgages, collateralized by seven 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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7/1/2015
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Synovus Bank |
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1,700 |
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LIBOR + 2.25 |
% |
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7/1/2018 |
(2) |
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7/15/2015
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Prudential Mortgage Capital Company |
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7,540 |
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4.53 |
% |
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8/1/2022 |
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$ |
61,059 |
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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. |
| (2) |
We refinanced maturing debt on our
Akron,Canton and Dayton, Ohio proerties, which had aggregate
balloon principal payments of $11.3 million. We completed this
refinance on July 1, 2015. |
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| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for the
remainder of 2015, and each of the five succeeding fiscal years and
thereafter are as follows (dollars in thousands):
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Year
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Scheduled Principal
Payments |
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Three Months ending December 31, 2015
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$ |
5,749 |
(1) |
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2016
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100,279 |
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2017
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69,049 |
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2018
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40,908 |
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2019
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35,738 |
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2020
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7,828 |
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Thereafter
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222,885 |
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$ |
482,436 |
(2) |
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| (1) |
This figure includes one balloon
principal payment that matures in fourth quarter 2015. We plan to
refinance using a combination of new mortgage debt and equity. |
| (2) |
This figure is exclusive of premiums
and discounts (net) on assumed debt, which were $0.48 million as of
September 30, 2015. |
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| Summary of Interest Rate Cap Agreement |
The following table summarizes the key terms of each interest rate
cap agreement (dollars in thousands):
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As of
September 30, |
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As of
December 31, |
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2015 |
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2014 |
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LIBOR Cap |
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Maturity Date |
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Notional
Amount |
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Cost |
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Fair Value |
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Notional
Amount |
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Cost |
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Fair Value |
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Interest Rate Cap
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Nov-13
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3.00 |
% |
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Dec-16 |
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$ |
8,200 |
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$ |
31 |
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$ |
— |
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$ |
8,200 |
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$ |
31 |
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$ |
4 |
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Jul-15
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3.00 |
% |
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Jul-18 |
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21,370 |
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68 |
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19 |
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— |
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— |
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— |
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$ |
29,570 |
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$ |
99 |
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$ |
19 |
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$ |
8,200 |
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$ |
31 |
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$ |
4 |
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