Mortgages Payable and Debt Maturities (Tables)

3 Months Ended

Mar. 31, 2023

Mortgages payable at March 31, 2023 and December 31, 2022 consist of the following:


(dollars in thousands)	March 31, 2023		December 31, 2022
4.065% mortgage note due April 1, 2023, secured by one self- storage facility	$	—	$	3,620
5.26% mortgage note due November 1, 2023, secured by one self-storage facility with an aggregate net book value of $7.7 million, principal and interest paid monthly (effective interest rate 8.50%)		3,544		3,566
4.4625% mortgage notes due December 6, 2024, secured by three self-storage facilities with an aggregate net book value of $53.2 million, principal and interest paid monthly (effective interest rate 3.20%)		22,105		22,169
4.44% mortgage note due July 6, 2025, secured by one self-storage facility with an aggregate net book value of $13.0 million, principal and interest paid monthly (effective interest rate 4.44%)		6,075		6,108
5.99% mortgage note due May 1, 2026, secured by one self- storage facility with an aggregate net book value of $6.2 million, principal and interest paid monthly (effective interest rate 6.66%)		742		795
Total mortgages payable	$	32,466	$	36,258

Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company would realize in a current market exchange.


			Expected Maturity Date Including Discount
(dollars in thousands)	2023		2024		2025		2026		2027		Thereafter		Total		Fair Value
Line of credit - variable rate SOFR + 0.775% (5.68% at March 31, 2023)	$	—	$	—	$	—	$	—	$	619,000	$	—	$	619,000	$	619,000
Notes Payable:
Term note - fixed rate 4.533%		—		175,000		—		—		—		—		175,000		170,785
Term note - fixed rate 3.50%		—		—		—		600,000		—		—		600,000		567,557
Term note - fixed rate 3.875%		—		—		—		—		450,000		—		450,000		423,097
Term note - fixed rate 3.67%		—		—		—		—		—		200,000		200,000		183,277
Term note - fixed rate 4.00%		—		—		—		—		—		350,000		350,000		322,533
Term note - fixed rate 2.20%		—		—		—		—		—		400,000		400,000		316,610
Term note - fixed rate 2.40%		—		—		—		—		—		600,000		600,000		462,816
Mortgage note - fixed rate 5.26%		3,544		—		—		—		—		—		3,544		3,502
Mortgage notes - fixed rate 4.4625%		—		22,105		—		—		—		—		22,105		20,943
Mortgage note - fixed rate 4.44%		94		131		5,850		—		—		—		6,075		5,798
Mortgage note - fixed rate 5.99%		163		229		243		107		—		—		742		741
Total	$	3,801	$	197,465	$	6,093	$	600,107	$	1,069,000	$	1,550,000	$	3,426,466

LIFE STORAGE, INC. 10-Q