| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of September 30, 2014, and December 31,
2013, are summarized below:
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As of September 30,
2014 |
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As of December 31,
2013 |
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Issuer
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Type of
Issuance
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Date of
Issuance
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Initial
Commitment
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Maturity
Date
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Principal
Outstanding
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Stated
Interest Rate
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Undrawn
Commitment
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Principal
Outstanding
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Stated
Interest Rate
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Undrawn
Commitment
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MetLife
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Mortgage Note Payable |
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12/30/2010 |
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$ |
45,200,000 |
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1/5/2026 |
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$ |
— |
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N/A |
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$ |
— |
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$ |
43,054,165 |
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3.50 |
% |
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$ |
— |
(1) |
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MetLife
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Line of Credit |
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5/23/2012 |
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4,785,000 |
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4/5/2017 |
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— |
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N/A |
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— |
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100,000 |
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3.25 |
% |
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4,685,000 |
(1) |
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MetLife
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Mortgage Note Payable |
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5/9/2014 |
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100,000,000 |
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1/5/2029 |
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41,331,998 |
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3.50 |
% |
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58,668,002 |
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— |
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N/A |
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— |
(2) |
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MetLife
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Line of Credit |
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5/9/2014 |
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25,000,000 |
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4/5/2024 |
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3,500,000 |
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2.75 |
% |
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21,500,000 |
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— |
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N/A |
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— |
(2) |
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Farm Credit
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Mortgage Note Payable |
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9/19/2014 |
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2,655,000 |
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8/1/2034 |
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2,655,000 |
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3.52 |
% |
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— |
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— |
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N/A |
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— |
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Farm Credit
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Mortgage Note Payable |
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9/19/2014 |
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1,599,600 |
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8/1/2034 |
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1,599,600 |
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3.52 |
% |
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— |
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— |
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N/A |
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— |
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Farm Credit
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Mortgage Note Payable |
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9/29/2014 |
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8,259,000 |
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8/1/2034 |
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8,259,000 |
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3.54 |
% |
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— |
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— |
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N/A |
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— |
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Totals: |
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$ |
57,345,598 |
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$ |
80,168,002 |
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$ |
43,154,165 |
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$ |
4,685,000 |
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(1) |
Indebtedness was fully repaid with
the proceeds from the New MetLife Credit Facility and was
terminated on May 9, 2014. |
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(2) |
Based on the properties that were
pledged as collateral as of September 30, 2014, approximately
$24.8 million of the remaining availability was available for us to
draw. |
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| Principal Payments of Mortgage Notes Payable |
Scheduled principal payments of the mortgage notes payable under
the New MetLife Note Payable and the Farm Credit Notes Payable for
the remainder of 2014 and each of the five succeeding fiscal years
and thereafter are as follows:
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Period
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Scheduled
Principal Payments
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For the remaining three months ending December 31:
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2014 |
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$ |
103,237 |
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For the fiscal years ending December 31:
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2015 |
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2,072,300 |
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2016 |
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2,021,668 |
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2017 |
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1,972,809 |
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2018 |
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1,925,659 |
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2019 |
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1,880,160 |
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Thereafter |
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43,869,765 |
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$ |
53,845,598 |
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