Borrowings (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
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| Debt Instrument [Line Items] |
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| Summary of Borrowings |
Our borrowings as of June 30, 2017, and December 31, 2016 are summarized below (dollars in thousands):
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Carrying Value as of |
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As of June 30, 2017 |
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June 30, 2017 |
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December 31, 2016 |
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Stated Interest
Rates(1)
(Range; Wtd Avg)
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Maturity Dates
(Range; Wtd Avg)
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Mortgage notes and bonds payable: |
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Fixed-rate mortgage notes payable |
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$ |
157,121 |
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|
$ |
142,861 |
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2.90%–4.41%; 3.32% |
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5/1/2020–11/1/2041; October 2029 |
Fixed-rate bonds payable |
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81,521 |
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|
49,348 |
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2.38%–3.63%; 3.10% |
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7/30/2018–1/12/2024; May 2021 |
Total mortgage notes and bonds payable |
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238,642 |
|
|
192,209 |
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|
|
|
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Deferred financing costs – mortgage notes and bonds payable |
|
(1,701 |
) |
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(1,412 |
) |
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N/A |
|
N/A |
Mortgage notes and bonds payable, net |
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$ |
236,941 |
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|
$ |
190,797 |
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Variable-rate revolving lines of credit |
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$ |
35,050 |
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|
$ |
16,550 |
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3.40% |
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4/5/2024 |
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Total borrowings, net |
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$ |
271,991 |
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$ |
207,347 |
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(1) |
Where applicable, stated interest rates are before interest patronage (as described below). |
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| Schedule of Aggregate Maturities |
Scheduled principal payments of our aggregate mortgage notes and bonds payable as of June 30, 2017, for the succeeding years are as follows (dollars in thousands):
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Period |
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Scheduled
Principal Payments
|
For the remaining six months ending December 31: |
2017 |
|
$ |
2,751 |
|
For the fiscal years ending December 31: |
2018 |
|
21,867 |
|
|
2019 |
|
9,471 |
|
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2020 |
|
27,243 |
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|
2021 |
|
5,596 |
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|
2022 |
|
19,042 |
|
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Thereafter |
|
152,672 |
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|
$ |
238,642 |
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|
| Metlife Term Loans |
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| Debt Instrument [Line Items] |
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| Schedule of Borrowings by Type |
we also entered into two new loan agreements with MetLife (collectively, the "Individual MetLife Notes"), the terms of which are summarized in aggregate in the table below (dollars in thousands):
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Date of Issuance |
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Amount |
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Maturity Date |
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Principal Amortization |
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Interest Rate Terms |
5/31/2017 |
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$15,300 |
(1) |
2/14/2022 & 2/14/2025 |
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28.6 years |
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3.55% & 3.85%, fixed throughout their respective terms |
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|
(1) |
Proceeds from these notes were used for the acquisition of a new property. |
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| MetLife Facility |
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| Debt Instrument [Line Items] |
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| Schedule of Borrowings by Type |
The following table summarizes the pertinent terms of the MetLife Facility as of June 30, 2017 (dollars in thousands):
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Issuance |
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Aggregate
Commitment
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Maturity
Dates
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Principal
Outstanding
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|
Interest Rate Terms |
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Undrawn
Commitment
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|
MetLife Term Notes |
|
$ |
150,000 |
|
(1) |
1/5/2029 |
|
$ |
105,608 |
|
|
3.16%, fixed for 10 years |
(2) |
$ |
40,980 |
|
(3) |
MetLife Lines of Credit |
|
50,000 |
|
|
4/5/2024 |
|
35,050 |
|
|
3-month LIBOR + 2.25% |
(4) |
14,950 |
|
(3) |
Total principal outstanding |
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$ |
140,658 |
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(1) |
If the aggregate commitment under the MetLife Facility is not fully utilized by December 31, 2018, MetLife has the option to be relieved of its obligations to disburse the additional funds under the MetLife Term Notes.
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(2) |
Represents the blended interest rate as of June 30, 2017. Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027. Through December 31, 2018, the MetLife Term Notes are also subject to an unused fee of 0.20% on undrawn amounts.
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(3) |
Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2017, the maximum additional amount we could draw under the facility was approximately $8.6 million.
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(4) |
The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee of 0.20% on undrawn amounts. The interest rate spread will be subject to adjustment on October 5, 2019. As of June 30, 2017, the interest rate on the MetLife Lines of Credit was 3.40%.
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| Farm Credit Central Florida Notes Payable |
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| Debt Instrument [Line Items] |
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| Schedule of Borrowings by Type |
The following table summarizes, in the aggregate, the pertinent terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of June 30, 2017 (dollars in thousands):
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Dates of Issuance |
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Maturity Dates |
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Principal
Outstanding
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Stated Interest Rate(1)
|
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9/19/2014 – 7/1/2016 |
|
5/1/2020 – 10/1/2040 |
|
$ |
22,019 |
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|
3.47% |
(2) |
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|
(1) |
Represents the weighted-average, blended rate (before interest patronage) on the respective borrowings as of June 30, 2017.
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(2) |
Rate is before interest patronage, as discussed below. |
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| Farm Credit West Notes Payable |
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| Debt Instrument [Line Items] |
|
| Schedule of Borrowings by Type |
The following table summarizes, in the aggregate, the pertinent terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of June 30, 2017 (dollars in thousands):
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Dates of Issuance |
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Maturity Dates |
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Principal Outstanding |
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Stated Interest Rate(1)
|
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4/4/2016 – 10/13/2016 |
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11/1/2040 – 11/1/2041 |
|
$ |
12,892 |
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|
3.66% |
(2) |
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|
(1) |
Represents the weighted-average, blended rate (before interest patronage) on the respective borrowings as of June 30, 2017.
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(2) |
Rate is before interest patronage, as discussed below. |
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| Cape Fear Farm Credit Notes Payable |
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| Debt Instrument [Line Items] |
|
| Schedule of Borrowings by Type |
we, through a certain subsidiary of our Operating Partnership, entered into a loan agreement (the "CF Farm Credit Note Payable") with Cape Fear Farm Credit, ACA ("CF Farm Credit"), the terms of which are summarized in the table below (dollars in thousands):
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Date of Issuance |
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Amount |
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Maturity Date |
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Principal Amortization |
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Interest Rate Terms(1)
|
6/14/2017 |
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$1,301 |
(2) |
7/1/2022 |
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40.2 years |
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4.41%, fixed throughout its term |
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|
(1) |
Stated rate is before interest patronage. |
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(2) |
Proceeds from this note were used for the acquisition of a new property. |
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| Farmer Mac Bonds Payable |
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| Debt Instrument [Line Items] |
|
| Schedule of Borrowings by Type |
During the six months ended June 30, 2017, we issued four bonds for gross proceeds of approximately $32.4 million, the terms of which are summarized, in the aggregate, in the table below (dollars in thousands):
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Date of Issuance |
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Gross Proceeds |
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Maturity Dates |
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Principal Amortization |
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Interest Rate Terms |
1/12/2017 |
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$ |
32,400 |
|
(1) |
1/10/2020 – 1/12/2024 |
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None |
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2.80% – 3.63%, fixed throughout their respective terms |
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|
(1) |
Proceeds from these bonds were used for the acquisition of a new property. |
The following table summarizes, in the aggregate, the terms of the 13 bonds outstanding under the Farmer Mac Facility as of June 30, 2017 (dollars in thousands):
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Dates of Issuance |
|
Initial Commitment |
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Maturity Dates |
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Principal Outstanding |
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Stated
Interest
Rate(1)
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Undrawn Commitment |
|
12/11/2014–1/12/2017 |
|
$ |
125,000 |
|
(2) |
7/30/2018–1/12/2024 |
|
$ |
81,521 |
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|
3.10% |
|
$ |
42,343 |
|
(3) |
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|
(1) |
Represents the weighted-average interest rate as of June 30, 2017.
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(2) |
If the Farmer Mac Facility is not fully utilized by December 11, 2018, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
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(3) |
As of June 30, 2017, there was no additional availability to draw under the Farmer Mac Facility, as no additional properties had been pledged as collateral.
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