| Summary of Company's Outstanding Interest-rate Swap Agreement |
The following is a summary of the Company’s outstanding interest rate swap agreements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except interest rates) |
|
|
|
|
September 30, 2021 |
|
|
December 31, 2020 |
|
|
Counterparty |
|
Maturity Date |
|
Fixed
Rate |
|
|
Notional
Amount |
|
|
Fair
Value |
|
|
Notional
Amount |
|
|
Fair
Value |
|
|
Wells Fargo Bank, N.A. |
|
February 2021 |
|
|
2.39 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,000 |
|
|
$ |
(70 |
) |
|
M&T Bank |
|
August 2021 |
|
|
1.02 |
% |
|
|
— |
|
|
|
— |
|
|
|
4,768 |
|
|
|
(25 |
) |
(a) |
Capital One, National Association |
|
December 2021 |
|
|
1.05 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
15,000 |
|
|
|
(141 |
) |
|
M&T Bank |
|
September 2022 |
|
|
2.83 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
25,000 |
|
|
|
(1,139 |
) |
|
Bank of America, N.A. |
|
November 2023 |
|
|
2.80 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
25,000 |
|
|
|
(1,848 |
) |
|
M&T Bank |
|
November 2023 |
|
|
2.65 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
25,000 |
|
|
|
(1,785 |
) |
|
Regions Bank |
|
December 2023 |
|
|
1.18 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
25,000 |
|
|
|
(763 |
) |
|
Truist Financial Corporation |
|
April 2024 |
|
|
1.99 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
25,000 |
|
|
|
(1,487 |
) |
|
Bank of Montreal |
|
July 2024 |
|
|
1.16 |
% |
|
|
— |
|
|
|
— |
|
(b) |
|
40,000 |
|
|
|
(1,380 |
) |
|
Wells Fargo Bank, N.A. |
|
October 2024 |
|
|
2.72 |
% |
|
|
15,000 |
|
|
|
(964 |
) |
|
|
15,000 |
|
|
|
(1,422 |
) |
|
Capital One, National Association |
|
December 2024 |
|
|
1.58 |
% |
|
|
15,000 |
|
|
|
(463 |
) |
|
|
15,000 |
|
|
|
(799 |
) |
|
Bank of Montreal |
|
January 2025 |
|
|
1.91 |
% |
|
|
25,000 |
|
|
|
(1,044 |
) |
|
|
25,000 |
|
|
|
(1,725 |
) |
|
Truist Financial Corporation |
|
April 2025 |
|
|
2.20 |
% |
|
|
25,000 |
|
|
|
(1,324 |
) |
|
|
25,000 |
|
|
|
(2,084 |
) |
|
Bank of Montreal |
|
July 2025 |
|
|
2.32 |
% |
|
|
25,000 |
|
|
|
(1,478 |
) |
|
|
25,000 |
|
|
|
(2,351 |
) |
|
Truist Financial Corporation |
|
July 2025 |
|
|
1.99 |
% |
|
|
25,000 |
|
|
|
(1,174 |
) |
|
|
25,000 |
|
|
|
(1,941 |
) |
|
Truist Financial Corporation |
|
December 2025 |
|
|
2.30 |
% |
|
|
25,000 |
|
|
|
(1,546 |
) |
|
|
25,000 |
|
|
|
(2,481 |
) |
|
Bank of Montreal |
|
January 2026 |
|
|
1.92 |
% |
|
|
25,000 |
|
|
|
(1,156 |
) |
|
|
25,000 |
|
|
|
(2,039 |
) |
|
Bank of Montreal |
|
January 2026 |
|
|
2.05 |
% |
|
|
40,000 |
|
|
|
(2,062 |
) |
|
|
40,000 |
|
|
|
(3,523 |
) |
|
Capital One, National Association |
|
January 2026 |
|
|
2.08 |
% |
|
|
35,000 |
|
|
|
(1,842 |
) |
|
|
35,000 |
|
|
|
(3,078 |
) |
|
Truist Financial Corporation |
|
January 2026 |
|
|
1.93 |
% |
|
|
25,000 |
|
|
|
(1,164 |
) |
|
|
25,000 |
|
|
|
(2,019 |
) |
|
Capital One, National Association |
|
April 2026 |
|
|
2.68 |
% |
|
|
15,000 |
|
|
|
(1,204 |
) |
|
|
15,000 |
|
|
|
(1,843 |
) |
|
Capital One, National Association |
|
July 2026 |
|
|
1.32 |
% |
|
|
35,000 |
|
|
|
(682 |
) |
|
|
35,000 |
|
|
|
(1,806 |
) |
|
Bank of Montreal |
|
December 2026 |
|
|
2.33 |
% |
|
|
10,000 |
|
|
|
(692 |
) |
|
|
10,000 |
|
|
|
(1,156 |
) |
|
Bank of Montreal |
|
December 2026 |
|
|
1.99 |
% |
|
|
25,000 |
|
|
|
(1,300 |
) |
|
|
25,000 |
|
|
|
(2,372 |
) |
|
Wells Fargo Bank, N.A. |
|
April 2027 |
|
|
2.72 |
% |
|
|
25,000 |
|
|
|
(2,287 |
) |
|
|
25,000 |
|
|
|
(3,555 |
) |
|
Bank of Montreal |
|
December 2027 |
|
|
2.37 |
% |
|
|
25,000 |
|
|
|
(1,904 |
) |
|
|
25,000 |
|
|
|
(3,234 |
) |
|
Capital One, National Association |
|
December 2027 |
|
|
2.37 |
% |
|
|
25,000 |
|
|
|
(1,909 |
) |
|
|
25,000 |
|
|
|
(3,199 |
) |
|
Wells Fargo Bank, N.A. |
|
January 2028 |
|
|
2.37 |
% |
|
|
75,000 |
|
|
|
(5,743 |
) |
|
|
75,000 |
|
|
|
(9,650 |
) |
|
Bank of Montreal |
|
May 2029 |
|
|
2.09 |
% |
|
|
25,000 |
|
|
|
(1,557 |
) |
|
|
25,000 |
|
|
|
(2,994 |
) |
|
Regions Bank |
|
May 2029 |
|
|
2.11 |
% |
|
|
25,000 |
|
|
|
(1,599 |
) |
|
|
25,000 |
|
|
|
(3,004 |
) |
|
Regions Bank |
|
June 2029 |
|
|
2.03 |
% |
|
|
25,000 |
|
|
|
(1,459 |
) |
|
|
25,000 |
|
|
|
(2,843 |
) |
|
U.S. Bank National Association |
|
June 2029 |
|
|
2.03 |
% |
|
|
25,000 |
|
|
|
(1,456 |
) |
|
|
25,000 |
|
|
|
(2,902 |
) |
|
U.S. Bank National Association |
|
August 2029 |
|
|
1.35 |
% |
|
|
25,000 |
|
|
|
(187 |
) |
|
|
25,000 |
|
|
|
(1,445 |
) |
|
|
|
|
|
|
|
|
$ |
640,000 |
|
|
$ |
(36,196 |
) |
|
$ |
859,768 |
|
|
$ |
(72,103 |
) |
|
(a)Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. (b)Interest rate swap was terminated in September 2021.
|