Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.20.1
Borrowings (Tables)
3 Months Ended
Mar. 31, 2020
Debt Instrument [Line Items]  
Summary of Borrowings
Our borrowings as of March 31, 2020, and December 31, 2019, are summarized below (dollars in thousands):
 
Carrying Value as of
 
As of March 31, 2020
 
March 31, 2020
 
December 31, 2019
 
Stated Interest
Rates(1)
(Range; Wtd. Avg)
 
Maturity Dates
(Range; Wtd. Avg)
Notes and bonds payable:
 
 
 
 
 
 
 
Fixed-rate notes payable
$
390,431

 
$
394,569

 
3.16%–5.70%; 4.05%
 
6/1/2020–8/1/2044; March 2032
Fixed-rate bonds payable
90,131

 
90,380

 
2.61%–4.57%; 3.44%
 
12/11/2020–9/13/2028; May 2023
Total notes and bonds payable
480,562

 
484,949

 
 
 
 
Debt issuance costs – notes and bonds payable
(3,136
)
 
(3,120
)
 
N/A
 
N/A
Notes and bonds payable, net
$
477,426

 
$
481,829

 
 
 
 
 
 
 
 
 
 
 
 
Variable-rate revolving lines of credit
$
100

 
$
100

 
3.87%
 
4/5/2024
 
 
 
 
 
 
 
 
Total borrowings, net
$
477,526

 
$
481,929

 
 
 
 
 
(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, 2020, for the succeeding years are as follows (dollars in thousands):
Period
 
Scheduled
Principal Payments
For the remaining nine months ending December 31:
2020
 
$
21,561

For the fiscal years ending December 31:
2021
 
18,833

 
2022
 
41,707

 
2023
 
35,974

 
2024
 
35,260

 
2025
 
32,256

 
Thereafter
 
294,971

 
 
 
$
480,562


MetLife Facility  
Debt Instrument [Line Items]  
Summary of Borrowings
The following table summarizes the pertinent terms of the New MetLife Facility as of March 31, 2020 (dollars in thousands, except for footnotes):
Issuance
 
Aggregate
Commitment
 
Maturity
Dates
 
Principal
Outstanding
 
Interest Rate Terms
 
Undrawn
Commitment
 
New MetLife Term Note
 
$
75,000

(1) 
1/5/2030
 
$

 
N/A
(2) 
75,000

(3) 
MetLife Lines of Credit
 
75,000

 
4/5/2024
 
100

 
3-month LIBOR + 2.00%
(4) 
74,900

(3) 
Total principal outstanding
 
 
 
$
100

 
 
 
 
  
 
(1) 
If the aggregate commitment under the New MetLife Term Note is not fully utilized by December 31, 2022, MetLife has the option to be relieved of its obligation to disburse the additional funds under the New MetLife Term Note.
(2) 
Interest rates on any disbursements under the New MetLife Term Note will be based on prevailing market rates at the time of such disbursements. In addition, through December 31, 2022, the New MetLife Term Note is also subject to an unused fee ranging from 0.10% to 0.20% on undrawn amounts (based on the balance drawn under the New MetLife Term Note).
(3) 
Based on the properties that were pledged as collateral under the New MetLife Facility, as of March 31, 2020, the maximum additional amount we could draw under the facility was approximately $24.2 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).
Farmer Mac Bonds Payable  
Debt Instrument [Line Items]  
Summary of Borrowings
The pertinent terms of the amended and restated bond are summarized in the table below (dollars in thousands):
Date of Issuance
 
Amount
 
Maturity Dates
 
Principal Amortization
 
Interest Rate Terms
1/10/2020
 
$
8,100

 
1/12/2024
 
None
(interest only)
 
2.66%
Interest Rate Swap  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
The following table summarizes our interest rate swap as of March 31, 2020, and December 31, 2019 (dollars in thousands):
March 31, 2020
 
December 31, 2019
Aggregate Notional Amount
 
Aggregate Fair Value Asset
 
Aggregate Fair Value Liability
 
Aggregate Notional Amount
 
Aggregate Fair Value Asset
 
Aggregate Fair Value Liability
$
14,077

 
$

 
$
1,647

 
$
14,298

 
$

 
$
390


The following table presents the amount of loss recognized in comprehensive income within our condensed consolidated financial statements for the three months ended March 31, 2020 (dollars in thousands):
 
 
Three Months Ended March 31, 2020
Derivative in cash flow hedging relationship:
 
 
Interest rate swaps
 
$
1,257

Total
 
$
1,257

We were not party to any interest rate swap agreements during the three months ended March 31, 2019.
The following table summarizes certain information regarding our derivative instruments as of March 31, 2020, and December 31, 2019 (dollars in thousands):
 
 
 
 
Derivative Liability Fair Value
Derivative Type
 
Balance Sheet Location
 
March 31, 2020
 
December 31, 2019
Derivatives Designated as Hedging Instruments:
 
 
 
 
 
 
Interest rate swaps
 
Other liabilities, net
 
$
1,647

 
$
390

Total
 
 
 
$
1,647

 
$
390