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)
 6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit

Our mortgage notes payable and line of credit as of June 30, 2014 and December 31, 2013 are summarized below (dollars in thousands):

 

            Carrying Value at           
     Encumbered
properties at
June 30, 2014		      June 30, 2014      December 31, 2013      Stated Interest
Rates at June 30,
2014 (4) 		  Scheduled Maturity
Dates at June 30,
2014

Mortgage and Other Secured Loans:

              

Fixed rate mortgage loans

      71       $ 447,178       $ 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         859         724       N/A   N/A
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable

      75       $ 456,237       $ 422,602        
  

 

 

     

 

 

     

 

 

       

Variable rate Line of Credit

      16         25,650         24,400       LIBOR+3.00% (3)   8/1/2017
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable and Line of Credit

      91       $ 481,887       $ 447,002        
  

 

 

     

 

 

     

 

 

       

 

(1) Interest rates on our fixed rate mortgage notes payable vary from 4.04% to 6.80%.
(2) We have 40 mortgage notes payable with maturity dates ranging from 9/1/2015 through 1/06/2039.
(3) At June 30, 2014, one month LIBOR was approximately 0.1552%.
(4) The weighted average interest rate on all debt outstanding at June 30, 2014, was approximately 5.25%.

N/A - Not Applicable

 
Summary of Long-Term Mortgages

During the six months ended June 30, 2014, we assumed two long-term mortgages, collateralized by three properties, and issued two long-term mortgages, collateralized by two properties, which are summarized below (dollars in thousands):

 

Date of Issuance

   

Issuing Bank

    Debt Issued      Interest Rate     Maturity Date

3/27/2014

    Wells Fargo N.A.    $ 6,330         5.58 %    2/1/2016

4/22/2014

    Keybank N.A.      4,935         4.90 %    5/1/2024

5/8/2014

    Wells Fargo N.A.      3,816         6.25 %    6/1/2016

6/9/2014

    Prudential Mortgage Capital Company      22,600         4.23 %    7/1/2019
     

 

 

       
      $ 37,681        
     

 

 

       
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		  

Six Months ending December 31, 2014

    $ 20,798   

2015

      42,683   

2016

      98,702   

2017

      67,201   

2018

      19,789   

2019

      34,449   

Thereafter

      171,756   
  

 

 

  
   $ 455,378   
  

 

 

  

 
Summary of Interest Rate Cap Agreement

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

 

                                As of June 30,
2014		  

Interest Rate Cap

    Notional
Amount		      LIBOR Cap     Effective Date      Maturity Date      Cost      Fair Value  

November 26, 2013

    $ 8,200         3.00 %      June 30, 2014         December 1, 2016       $ 31       $ 7