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):
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Carrying Value as of |
|
As of March 31, 2020 |
|
March 31, 2020 |
|
December 31, 2019 |
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Stated Interest
Rates(1)
(Range; Wtd. Avg)
|
|
Maturity Dates
(Range; Wtd. Avg)
|
Notes and bonds payable: |
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|
|
|
|
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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 |
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|
|
|
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|
|
|
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Variable-rate revolving lines of credit |
$ |
100 |
|
|
$ |
100 |
|
|
3.87% |
|
4/5/2024 |
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|
|
|
|
|
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Total borrowings, net |
$ |
477,526 |
|
|
$ |
481,929 |
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|
(1) |
Where applicable, stated interest rates are before interest patronage (as described below). |
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| 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):
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Period |
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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):
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|
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. |
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(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).
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(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.
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|
(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).
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|
| 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):
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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):
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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):
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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):
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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 |
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|