Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Line of Credit (Tables)

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Mortgage Notes Payable and Line of Credit (Tables)
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit

Our mortgage notes payable and line of credit as of March 31, 2014 and December 31, 2013 are summarized below (dollars in thousands):

 

            Carrying Value at           
     Encumbered
properties at
March 31, 2014		      March 31, 2014      December 31, 2013      Stated Interest
Rates at March 31,
2014 (4) 		  Scheduled Maturity
Dates at March 31,
2014

Mortgage and Other Secured Loans:

              

Fixed rate mortgage loans

      68       $ 417,837       $ 413,678       (1)   (2)

Variable rate mortgage loans

      4         8,200         8,200       LIBOR + 2.15%(3)   12/1/2016

Premiums and discounts (net)

      N/A         810         724       N/A   N/A
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable

      72       $ 426,847       $ 422,602        
  

 

 

     

 

 

     

 

 

       

Variable rate Line of Credit

      16         24,100         24,400       LIBOR + 3.00%(3)   8/1/2017
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable and Line of Credit

      88       $ 450,947       $ 447,002        
  

 

 

     

 

 

     

 

 

       

 

(1) Interest rates on our fixed rate mortgage notes payable vary from 4.04% to 6.80%.
(2) We have 37 mortgage notes payable with maturity dates ranging from 6/30/2014 through 1/06/2039.
(3) At March 31, 2014, one month LIBOR was approximately 0.152%.
(4) The weighted average interest rate on all debt outstanding at March 31, 2014, was approximately 5.30%.
Summary of Long Term Mortgage

During the three months ended March 31, 2014, we assumed one long-term mortgage, collateralized by two properties, which is summarized below (dollars in thousands):

 

Date of Issuance

  

Issuing Bank

  

Borrowings

  

Interest Rate

  

Maturity Date
3/27/2014   Wells Fargo N.A.   $ 6,330   5.58%   2/1/2016
Principal Payments of Mortgage Notes Payable

Scheduled principal payments of mortgage notes payable for the remainder of 2014, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):

 

Year

   

Scheduled Principal
Payments

  

Nine Months ending December 31, 2014

    $ 22,764   

2015

      42,564   

2016

      94,787   

2017

      66,749   

2018

      19,317   

2019

      12,681   

Thereafter

      167,175   
  

 

 

  
   $ 426,037   
  

 

 

  
Summary of Interest Rate Cap Agreement

The following table summarizes the key terms of each interest rate cap agreement (dollars in thousands):

 

                                As of March 31,
2014		  

Interest Rate Cap

    Notional
Amount		      LIBOR Cap     Effective Date      Maturity Date      Cost      Fair
Value		  

November 26, 2013

    $  8,200         3.00 %      March 31, 2014         December 1, 2016       $ 31       $ 18