Quarterly report pursuant to Section 13 or 15(d)

Mortgage Notes Payable and Line of Credit (Tables)

v2.4.1.9
Mortgage Notes Payable and Line of Credit (Tables)
 3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Company's Mortgage Notes Payable and Line of Credit

Our mortgage notes payable and line of credit as of March 31, 2015 and December 31, 2014 are summarized below (dollars in thousands):

 

          Carrying Value at          
    Encumbered
properties at
March 31, 2015		     March 31, 2015     December 31, 2014     Stated Interest
Rates at March 31,
2015 (4) 		  Scheduled Maturity
Dates at March 31,
2015

Mortgage and Other Secured Loans:

          

Fixed rate mortgage loans

     74      $ 460,218 (5)    $ 450,392      (1)   (2)

Variable rate mortgage loans

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

Premiums and discounts (net)

     N/A        630        707      N/A   N/A
 

 

 

    

 

 

    

 

 

      

Total Mortgage Notes Payable

   78    $ 469,048    $ 459,299   
 

 

 

    

 

 

    

 

 

      

Variable rate Line of Credit

   18      41,300      43,300    LIBOR + 2.75%(3) 8/1/2017
 

 

 

    

 

 

    

 

 

      

Total Mortgage Notes Payable and Line of Credit

   96    $ 510,348    $ 502,599   
 

 

 

    

 

 

    

 

 

      

 

(1) Interest rates on our fixed rate mortgage notes payable vary from 3.86% to 6.80%.
(2) We have 42 mortgage notes payable with maturity dates ranging from 9/1/2015 through 1/6/2039.
(3) At March 31, 2015, one month LIBOR was approximately 0.18%.
(4) The weighted average interest rate on all debt outstanding at March 31, 2015, was approximately 5.07%.
(5) Does not include mortgage notes payable related to assets held for sale of $2.5 million.
Summary of Long-Term Mortgage

During the three months ended March 31, 2015, we issued one long-term mortgage, collateralized by a single property, which is summarized below (dollars in thousands):

 

Date of Issuance

   

Issuing Bank

   

Debt Issued

   

Interest Rate

   

Maturity Date

3/6/2015

    PNC Bank, NA    $ 14,573    3.86%    4/1/2025
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):

 

Year

    Scheduled Principal
Payments		  

Nine Months ending December 31, 2015

    $ 40,343 (1) 

2016

      96,812 (2) 

2017

      67,924   

2018

      20,543   

2019

      35,235   

2020

      7,307   

Thereafter

      200,254   
  

 

 

  
$ 468,418 (3) 
  

 

 

  

 

(1) We plan to refinance the 3 balloon principal payments that mature in the second half of 2015 with a combination of new mortgage debt and equity.
(2) Does not include mortgage notes payable related to assets held for sale of $2.5 million.
(3) This figure is exclusive of premiums of premiums and discounts (net) on assumed debt, which were $630 as of March 31, 2015.
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,
2015		      As of December 31,
2014		  
     Notional
Amount		      LIBOR Cap     Maturity Date      Cost      Fair Value      Cost      Fair Value  

Interest Rate Cap

                    

November 26, 2013

    $ 8,200         3.00 %      Dec-16       $ 31       $ 1       $ 31       $ 4