| Company's Mortgage Notes Payable and Credit Facility |
Our mortgage notes payable and Credit Facility as of December 31, 2016 and December 31, 2015 are summarized below (dollars in thousands):
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Encumbered properties at |
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Carrying Value at |
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Stated Interest Rates at |
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Scheduled Maturity Dates at |
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December 31, 2016 |
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December 31, 2016 |
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December 31, 2015 |
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December 31, 2016 |
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December 31, 2016 |
Mortgage and other secured loans: |
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|
|
|
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Fixed rate mortgage loans |
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52 |
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|
$ |
378,477 |
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|
$ |
427,334 |
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|
(1) |
|
(2) |
Variable rate mortgage loans |
|
18 |
|
|
71,707 |
|
|
33,044 |
|
|
(3) |
|
(2) |
Premiums and discounts, net |
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- |
|
|
217 |
|
|
392 |
|
|
N/A |
|
N/A |
Deferred financing costs, mortgage loans, net |
|
- |
|
|
(5,123 |
) |
|
(4,907 |
) |
|
N/A |
|
N/A |
Total mortgage notes payable, net |
|
70 |
|
|
$ |
445,278 |
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|
$ |
455,863 |
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|
(4) |
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Variable rate revolving credit facility |
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24 |
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(6) |
39,700 |
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|
45,300 |
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|
LIBOR + 2.25% |
|
8/7/2018 |
Deferred financing costs, revolving credit facility |
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- |
|
|
(475 |
) |
|
(709 |
) |
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N/A |
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N/A |
Total revolving credit facility, net |
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24 |
|
|
$ |
39,225 |
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|
$ |
44,591 |
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|
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Variable rate term loan facility |
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- |
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|
25,000 |
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|
25,000 |
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|
LIBOR + 2.20% |
|
10/5/2020 |
Deferred financing costs, term loan facility |
|
- |
|
|
(108 |
) |
|
(122 |
) |
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N/A |
|
N/A |
Total term loan facility, net |
|
N/A |
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|
$ |
24,892 |
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|
$ |
24,878 |
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Total mortgage notes payable and credit facility |
|
94 |
|
|
$ |
509,395 |
|
|
$ |
525,332 |
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(5) |
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(1) |
Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63%.
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(2) |
We have 44 mortgage notes payable with maturity dates ranging from 3/1/2017 through 7/1/2045.
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(3) |
Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR +2.75%. At December 31, 2016, one month LIBOR was approximately 0.77%.
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(4) |
The weighted average interest rate on the mortgage notes outstanding at December 31, 2016, was approximately 4.69%.
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(5) |
The weighted average interest rate on all debt outstanding at December 31, 2016, was approximately 4.48%.
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(6) |
The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of December 31, 2016.
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N/A - Not Applicable
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| Summary of Long-Term Mortgages |
During the year ended December 31, 2016, we issued 7 long-term mortgages collateralized by 12 properties, which are aggregated below (dollars in thousands):
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Aggregate Fixed Rate Debt Issued |
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Weighted Average Interest Rate on Fixed Rate Debt |
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Aggregate Variable Rate Debt Issued |
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$ |
38,800 |
|
(1) |
4.68 |
% |
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$ |
39,905 |
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(2) |
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(1) |
We issued $38.8 million of new fixed rate debt in connection with our three property acquisitions with maturity dates ranging from 6/1/2026 to 1/1/2027.
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(2) |
The interest rate for all of our new variable rate debt is equal to one month LIBOR plus a spread ranging from 2.35% to 2.75%. Maturity dates on this new variable rate debt range from 4/22/2019 to 3/1/2023. We have entered into rate cap agreements on all new variable rate debt.
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During the year ended December 31, 2016, we repaid 7 mortgages collateralized by 16 properties, which are aggregated below (dollars in thousands):
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Aggregate Fixed Rate Debt Repaid |
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Weighted Average Interest Rate on Fixed Rate Debt Repaid |
$ |
79,383 |
|
|
6.06 |
% |
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| Schedule of Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of mortgage notes payable for 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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2017 |
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$ |
58,940 |
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2018 |
|
46,631 |
|
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2019 |
|
46,269 |
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2020 |
|
12,756 |
|
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2021 |
|
31,774 |
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Thereafter |
|
253,814 |
|
|
|
|
$ |
450,184 |
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(1) |
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(1) |
This figure is does not include $0.2 million premiums and (discounts), net, and $5.1 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet.
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| Summary of Interest Rate Cap Agreement |
The following table summarizes the interest rate caps for the year ended December 31, 2016 and 2015 (dollars in thousands):
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December 31, 2016 |
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December 31, 2015 |
Aggregate Cost |
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Aggregate Notional Amount |
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Aggregate Fair Value |
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Aggregate Notional Amount |
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Aggregate Fair Value |
$ |
333 |
|
(1) |
$ |
71,721 |
|
|
$ |
101 |
|
|
$ |
33,044 |
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|
$ |
40 |
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(1) We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 2.50% to 3.00%.
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