Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.19.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Instrument [Line Items]  
Summary of Borrowings
Our borrowings as of March 31, 2019, and December 31, 2018, are summarized below (dollars in thousands):
 
Carrying Value as of
 
As of March 31, 2019
 
March 31, 2019
 
December 31, 2018
 
Stated Interest
Rates(1)
(Range; Wtd Avg)
 
Maturity Dates
(Range; Wtd Avg)
Notes and bonds payable:
 
 
 
 
 
 
 
Fixed-rate notes payable
$
245,488

 
$
247,249

 
3.16%–5.70%; 3.97%
 
6/1/2020–12/1/2043; January 2032
Fixed-rate bonds payable
90,629

 
90,877

 
2.80%–4.57%; 3.55%
 
12/11/2019–9/13/2028; November 2022
Total notes and bonds payable
336,117

 
338,126

 
 
 
 
Debt issuance costs – notes and bonds payable
(2,282
)
 
(2,338
)
 
N/A
 
N/A
Notes and bonds payable, net
$
333,835

 
$
335,788

 
 
 
 
 
 
 
 
 
 
 
 
Variable-rate revolving lines of credit
$
100

 
$
100

 
5.05%
 
4/5/2024
 
 
 
 
 
 
 
 
Total borrowings, net
$
333,935

 
$
335,888

 
 
 
 
 
(1) 
Where applicable, stated interest rates are before interest patronage (as described below).
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate notes and bonds payable as of March 31, 2019, for the succeeding years are as follows (dollars in thousands):
Period
 
Scheduled
Principal Payments
For the remaining nine months ending December 31:
2019
 
$
8,953

For the fiscal years ending December 31:
2020
 
28,181

 
2021
 
16,205

 
2022
 
38,645

 
2023
 
32,420

 
2024
 
23,508

 
Thereafter
 
188,205

 
 
 
$
336,117


MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2019 (dollars in thousands, except for footnotes):
Issuance
 
Aggregate
Commitment
 
Maturity
Dates
 
Principal
Outstanding
 
Interest Rate Terms
 
Undrawn
Commitment
 
MetLife Term Notes
 
$
200,000

(1) 
1/5/2029
 
$
124,283

 
3.30%, fixed through 1/4/2027
(2) 
$
64,374

(3) 
MetLife Lines of Credit
 
75,000

 
4/5/2024
 
100

 
3-month LIBOR + 2.25%
(4) 
74,900

(3) 
Total principal outstanding
 
 
 
$
124,383

 
 
 
 
  
 
(1) 
If the aggregate commitment under this facility is not fully utilized by December 31, 2019, MetLife has the option to be relieved of its obligation to disburse the additional funds under the MetLife Term Notes.
(2) 
Represents the blended interest rate as of March 31, 2019. 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, 2019, the MetLife Term Notes are also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the MetLife Term Notes).
(3) 
Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2019, the maximum additional amount we could draw under the facility was approximately $20.4 million.
(4) 
The interest rate on the MetLife Lines of Credit is subject to a minimum annualized rate of 2.50%, plus an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under each line of credit). The interest rate spread will be subject to adjustment on October 5, 2019. As of March 31, 2019, the interest rate on the MetLife Lines of Credit was 5.05%.
Farm Credit Notes Payable  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
During the three months ended March 31, 2019, we entered into the following loan agreement with Farm Credit (dollars in thousands):
Issuer
 
Date of
Issuance
 
Amount
 
Maturity
Date
 
Principal
Amortization
 
Interest Rate Terms(1)
Premier Farm Credit, FLCA
 
2/7/2019
 
$
1,440

 
11/1/2043
 
25.0 years
 
5.45%, fixed through October 31, 2023 (variable thereafter)
 
(1) 
Stated rate is before interest patronage, as described below.