Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.7.0.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Instrument [Line Items]  
Summary of Borrowings
Our borrowings as of March 31, 2017, and December 31, 2016 are summarized below (dollars in thousands):
 
 
Carrying Value as of
 
As of March 31, 2017
 
 
March 31, 2017
 
December 31, 2016
 
Stated Interest
Rates(1)
(Range; Wtd Avg)
 
Maturity Dates
(Range; Wtd Avg)
Mortgage notes and bonds payable:
 
 
 
 
 
 
 
 
Fixed-rate mortgage notes payable
 
$
140,857

 
$
142,861

 
2.90%–3.94%; 3.26%
 
5/1/2020–11/1/2041; Jun 2030
Fixed-rate bonds payable
 
81,521

 
49,348

 
2.38%–3.63%; 3.10%
 
7/30/2018–1/12/2024; May 2021
Total mortgage notes and bonds payable
 
222,378

 
192,209

 
 
 
 
Deferred financing costs – mortgage notes and bonds payable
 
(1,658
)
 
(1,412
)
 
N/A
 
N/A
Mortgage notes and bonds payable, net
 
$
220,720

 
$
190,797

 
 
 
 
 
 
 
 
 
 
 
 
 
Variable-rate revolving lines of credit
 
$
20,050

 
$
16,550

 
3.26%
 
4/5/2024
 
 
 
 
 
 
 
 
 
Total borrowings, net
 
$
240,770

 
$
207,347

 
 
 
 
 
(1) 
Where applicable, stated interest rates are before interest patronage (as described below).
Schedule of Aggregate Maturities
Scheduled principal payments of our aggregate mortgage notes and bonds payable as of March 31, 2017, for the succeeding years are as follows (dollars in thousands):
Period
 
Scheduled
Principal Payments
For the remaining nine months ending December 31:
2017
 
$
3,088

For the fiscal years ending December 31:
2018
 
21,300

 
2019
 
8,904

 
2020
 
26,675

 
2021
 
5,026

 
2022
 
11,310

 
Thereafter
 
146,075

 
 
 
$
222,378

MetLife Facility  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
The following table summarizes the pertinent terms of the MetLife Facility as of March 31, 2017 (dollars in thousands):
Issuance
 
Aggregate
Commitment
 
Maturity
Dates
 
Principal
Outstanding
 
Interest Rate Terms
 
Undrawn
Commitment
 
MetLife Term Notes
 
$
150,000

(1) 
1/5/2029
 
$
105,608

 
3.16%, fixed for 10 years
(2) 
$
40,980

(3) 
MetLife Lines of Credit
 
50,000

 
4/5/2024
 
20,050

 
3-month LIBOR + 2.25%
(4) 
29,950

(3) 
Total principal outstanding
 
 
 
$
125,658

 
 
 
 
  
 
(1) 
If the aggregate commitment under this facility is not fully utilized by December 31, 2018, MetLife has the option to be relieved of its obligations to disburse the additional funds under the MetLife Term Notes.
(2) 
Represents the blended interest rate as of March 31, 2017. Interest rates for subsequent disbursements will be based on then-prevailing market rates. The interest rate on all then-outstanding disbursements will be subject to adjustment on January 5, 2027. Through December 31, 2018, the MetLife Term Notes are also subject to an unused fee of 0.20% on undrawn amounts.
(3) 
Based on the properties that were pledged as collateral under the MetLife Facility, as of March 31, 2017, the maximum additional amount we could draw under the facility was approximately $21.8 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 of 0.20% on undrawn amounts. The interest rate spread will be subject to adjustment on October 5, 2019. As of March 31, 2017, the interest rate on the MetLife Lines of Credit was 3.26%.
Farm Credit Central Florida Notes Payable  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
The following table summarizes, in the aggregate, the pertinent terms of the eight loans outstanding from Farm Credit CFL (collectively, the "Farm Credit CFL Notes Payable") as of March 31, 2017 (dollars in thousands):
Dates of Issuance
 
Maturity Dates
 
Principal
Outstanding
 
Stated Interest Rate(1)
 
9/19/2014 – 7/1/2016
 
5/1/2020–10/1/2040
 
$
22,187

 
3.47%
(2) 
 
(1) 
Represents the weighted-average, blended rate on the respective borrowings as of March 31, 2017.
(2) 
Rate is before interest patronage, as discussed below.
Farm Credit West Note Payable  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
The following table summarizes, in the aggregate, the pertinent terms of the two loans outstanding from Farm Credit West (collectively, the "Farm Credit West Notes Payable") as of March 31, 2017 (dollars in thousands):
Dates of Issuance
 
Maturity Dates
 
Principal Outstanding
 
Stated Interest Rate(1)
 
4/4/2016 – 10/13/2016
 
11/1/2040-11/1/2041
 
$
13,061

 
3.66%
(2) 
 
(1) 
Represents the weighted-average, blended rate on the respective borrowings as of March 31, 2017.
(2) 
Rate is before interest patronage, as discussed below.
Farmer Mac Bonds Payable  
Debt Instrument [Line Items]  
Schedule of Borrowings by Type
During the three months ended March 31, 2017, we issued four bonds for gross proceeds of approximately $32.4 million, the terms of which are summarized, in the aggregate, in the table below (dollars in thousands):
Dates of Issuance
 
Gross Proceeds
 
Maturity Dates
 
Principal Amortization
 
Interest Rate Terms
1/12/2017
 
$
32,400

(1) 
1/10/2020-1/12/2024
 
None
 
2.80%–3.63%, fixed throughout respective terms
(1) 
Proceeds from these bonds were used for the acquisition of a new property.
The following table summarizes, in the aggregate, the terms of the 13 bonds outstanding under the Farmer Mac Facility as of March 31, 2017 (dollars in thousands):
Dates of Issuance
 
Initial Commitment
 
Maturity Dates
 
Principal Outstanding
 
Stated
Interest
Rate(1)
 
Undrawn Commitment
 
12/11/2014–1/12/2017
 
$
125,000

(2) 
7/30/2018–1/12/2024
 
$
81,521

 
3.10%
 
$
42,343

(3) 
(1) 
Represents the weighted-average interest rate as of March 31, 2017.
(2) 
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.
(3) 
As of March 31, 2017, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.