| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of December 31, 2014 and 2013 are summarized
below:
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As of December 31, 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 |
(1) |
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3.50 |
% |
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$ |
— |
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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 |
(1) |
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3.25 |
% |
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4,685,000 |
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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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66,331,998 |
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3.61 |
%(2) |
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33,668,002 |
(3) |
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— |
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N/A |
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— |
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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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4,000,000 |
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2.75 |
% |
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21,000,000 |
(3) |
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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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2,655,000 |
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8/1/2034 |
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2,655,000 |
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3.52 |
%(4) |
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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 |
%(4) |
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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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8,155,763 |
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3.54 |
%(4) |
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— |
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— |
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N/A |
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— |
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Farmer Mac
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Bond Payable |
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12/11/2014 |
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75,000,000 |
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12/11/2019 |
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3,675,000 |
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3.25 |
%(5) |
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71,325,000 |
(6) |
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— |
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N/A |
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— |
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Totals: |
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$ |
86,417,361 |
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$ |
125,993,002 |
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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, as defined
below, and was terminated on May 9, 2014. |
| (2) |
Represents the blended rate on the
borrowings as of December 31, 2014. |
| (3) |
Based on the properties that were
pledged as collateral as of December 31, 2014, approximately $13.8
million of the remaining availability was available for us to
draw. |
| (4) |
Rate is before interest repatriation
and is fixed through July 2017. |
| (5) |
Rate is fixed through December
2019. |
| (6) |
As of December 31, 2014, there was no
additional availability to draw under this facility, as no
additional properties had been pledged as collateral. |
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| Principal Payments of Aggregate Borrowings |
Scheduled principal payments of our aggregate borrowings as of
December 31, 2014, for each of the five succeeding fiscal
years and thereafter are as follows:
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Period
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Scheduled
Principal Payments |
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For the fiscal years ending December 31:
2015
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$ |
625,680 |
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2016
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2,947,300 |
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2017
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2,866,043 |
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2018
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2,787,631 |
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2019
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6,386,962 |
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Thereafter
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70,803,745 |
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$ |
86,417,361 |
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