| Summary of Mortgage Note Payable and Line of Credit |
Our borrowings as of June 30, 2016, and December 31, 2015, are summarized below:
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As of June 30, 2016 |
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As of December 31, 2015 |
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(s)
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Principal
Outstanding
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Stated
Interest
Rate(1)
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Undrawn
Commitment
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Principal
Outstanding
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Stated
Interest
Rate(1)
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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 |
(2) |
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$ |
87,470,194 |
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3.35% |
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12,529,806 |
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(3) |
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$ |
87,470,194 |
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3.35% |
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12,529,806 |
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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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14,500,000 |
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2.88% |
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10,500,000 |
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(3) |
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100,000 |
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2.58% |
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24,900,000 |
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Farm Credit(4)
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Mortgage Notes Payable |
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9/19/2014
– 4/4/2016 |
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31,467,880 |
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10/1/2016 –
11/1/2040 |
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30,487,368 |
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3.45% |
(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
– 3/3/2016 |
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125,000,000 |
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12/22/2016
– 2/24/2023 |
(6) |
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49,069,000 |
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2.93% |
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75,763,000 |
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(7) |
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33,706,000 |
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2.87% |
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41,294,000 |
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Total outstanding principal |
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181,526,562 |
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142,733,157 |
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Debt issuance costs |
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(1,052,886 |
) |
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(1,054,222 |
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Total mortgage notes and bonds payable, net |
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$ |
180,473,676 |
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$ |
141,678,935 |
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(1) |
Where applicable, represents the weighted-average, blended rate on the respective borrowing facilities as of each June 30, 2016, and December 31, 2015.
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(2) |
If facility is 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. |
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(3) |
Based on the properties that were pledged as collateral under the MetLife Facility, as of June 30, 2016, the maximum additional amount we could draw under the facility was approximately $7.1 million.
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(4) |
Includes borrowings from Farm Credit CFL and Farm Credit West, each as defined below. |
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(5) |
Rate is before interest patronage. 2015 interest patronage (as described below) received resulted in a 16.1% reduction to the stated interest rate on such borrowings.
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(6) |
If facility is not fully utilized by December 11, 2018, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility. |
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(7) |
At each of June 30, 2016, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
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| Schedule of Aggregate Maturities |
Scheduled principal payments of our aggregate mortgage notes and bonds payable as of June 30, 2016, for the succeeding years are as follows:
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Scheduled |
Period |
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Principal Payments |
For the remaining six months ending December 31: |
2016 |
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$ |
4,360,136 |
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For the fiscal years ending December 31: |
2017 |
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4,399,175 |
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2018 |
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20,399,431 |
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2019 |
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8,021,734 |
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2020 |
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17,710,108 |
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Thereafter |
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112,135,978 |
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$ |
167,026,562 |
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