| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of March 31, 2016, and December 31,
2015, are summarized below:
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As of March 31, 2016 |
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As of December 31,
2015 |
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Issuer
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Type of
Issuance |
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Date(s) of
Issuance
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Initial
Commitment |
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Maturity
Date(1) |
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Principal
Outstanding |
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Stated
Interest
Rate(2) |
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Undrawn
Commitment |
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Principal
Outstanding |
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Stated
Interest
Rate(2) |
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Undrawn
Commitment |
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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(3)
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$ |
87,470,194 |
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3.35 |
% |
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12,529,806 |
(4) |
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$ |
87,470,194 |
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3.35 |
% |
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12,529,806 |
(4) |
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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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2,800,000 |
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2.86 |
% |
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22,200,000 |
(4) |
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100,000 |
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2.58 |
% |
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24,900,000 |
(4) |
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Farm Credit CFL
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Mortgage
Notes
Payable |
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9/19/2014–11/2/2015 |
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22,185,880 |
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4/4/2031 |
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21,353,725 |
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3.42 |
%(5) |
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— |
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21,456,963 |
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3.42 |
%(5) |
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— |
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Farmer Mac
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Bonds
Payable |
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12/11/2014 |
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75,000,000 |
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9/12/2020(6)
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49,153,000 |
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2.93 |
% |
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25,847,000 |
(7) |
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33,706,000 |
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2.87 |
% |
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41,294,000 |
(7) |
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Totals:
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$ |
160,776,919
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(8) |
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$ |
60,576,806
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$ |
142,733,157
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(8) |
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$ |
78,723,806
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| (1) |
Where applicable, represents the
weighted-average maturity date. |
| (2) |
Where applicable, represents the
weighted-average, blended rate on the respective borrowing
facilities as of each March 31, 2016, and December 31,
2015. |
| (3) |
If facility not fully utilized by
December 31, 2017, MetLife has the option to be relieved of
its obligations to disburse the additional funds under the
loan. |
| (4) |
Based on the properties that were
pledged as collateral under the MetLife Facility as of each
March 31, 2016, and December 31, 2015, approximately
$18.7 million and $8.9 million, respectively, of the aggregate
undrawn commitment under the facility was available for us to
draw. |
| (5) |
Rate is before interest patronage.
2015 interest patronage (as described below) received resulted in a
16.1% reduction to the stated interest rate on such
borrowings. |
| (6) |
If facility is not fully utilized by
December 11, 2016, Farmer Mac has the option to be relieved of
its obligations to purchase additional bonds under the
facility. |
| (7) |
At each of March 31, 2016, and
December 31, 2015, there was no additional availability to
draw under this facility, as no additional properties had been
pledged as collateral. |
| (8) |
Excludes approximately $1.0 million
and $1.1 million as of March 31, 2016, and December 31,
2015, respectively, of deferred financing costs related to mortgage
notes and bonds payable included in Mortgage notes and bonds
payable, net on the accompanying Condensed Consolidated
Balance Sheets . |
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