Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Line of Credit (Tables)

v2.4.0.8
Mortgage Notes Payable and Line of Credit (Tables)
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit

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

 

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

Mortgage and Other Secured Loans:

              

Fixed rate mortgage loans

      72       $ 451,375       $ 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         783         724       N/A   N/A
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable

      76       $ 460,358       $ 422,602        
  

 

 

     

 

 

     

 

 

       

Variable rate Line of Credit

      17         45,600         24,400       LIBOR + 2.75% (3)   8/1/2017
  

 

 

     

 

 

     

 

 

       

Total Mortgage Notes Payable and Line of Credit

      93       $ 505,958       $ 447,002        
  

 

 

     

 

 

     

 

 

       

 

(1) Interest rates on our fixed rate mortgage notes payable vary from 4.04% to 6.80%.
(2) We have 41 mortgage notes payable with maturity dates ranging from 9/1/2015 through 1/6/2039.
(3) At September 30, 2014, one month LIBOR was approximately 0.15%.
(4) The weighted average interest rate on all debt outstanding at September 30, 2014, was approximately 5.13%.

N/A - Not Applicable
Summary of Long-Term Mortgages

During the nine months ended September 30, 2014, we assumed two long-term mortgages, collateralized by three properties, and issued three long-term mortgages, collateralized by three 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   

9/3/2014

    Everbank      6,100         4.40 %      10/1/2024   
     

 

 

       
      $ 43,781        
     

 

 

       
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		  

Three Months ending December 31, 2014

    $ 18,898   

2015

      42,683   

2016

      98,720   

2017

      67,315   

2018

      19,909   

2019

      34,570   

Thereafter

      177,480   
  

 

 

  
   $ 459,575   
  

 

 

  
Summary of Interest Rate Cap Agreement

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

 

                         As of September 30,      As of December 31,  
     Notional                   2014      2013  

Interest Rate Cap

    Amount      LIBOR Cap     Maturity Date      Cost      Fair Value      Cost      Fair Value  

November 26, 2013

    $ 8,200         3.00 %      December 1, 2016       $ 31       $ 7       $ 31       $ 22