Annual report pursuant to Section 13 and 15(d)

Mortgage Note Payable

v3.19.3.a.u2
Mortgage Note Payable
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Mortgage Note Payable MORTGAGE NOTE PAYABLE

As of December 31, 2019 and 2018, we had outstanding mortgage notes payable, collateralized by a building and related land from our portfolio, as follows (in thousands):
 
 
 
 
 
 
December 31,
 
 
Properties
 
Assumption/Issuance Date (1)
 
Effective Interest Rate (2)
 
2019
 
2018
 
Payoff Date
Yale West (3)
 
2/21/2014
 
3.75
%
 
$
45,654

 
$
46,155

 
1/31/2020
Premiums and discounts, net
 
 
 
 
 
1,470

 
2,187

 
 
Debt issuance costs, net
 
 
 
(50
)
 
(65
)
 
 
 
 
 
 
 
 
$
47,074

 
$
48,277

 
 
______________________________ 
(1) 
This mortgage was assumed with the acquisition of the collateralized property. We record mortgages assumed in an acquisition at fair value.
(2) 
Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes.
(3)
The maturity date of the mortgage note was January 1, 2052, but was prepaid in January 2020. We incurred a gain on extinguishment of debt of $0.5 million in association with this prepayment.

Except as noted above, principal and interest are payable monthly until the maturity date, at which time all unpaid principal and interest are payable in full.

Total cost basis of the above mortgaged properties was $77.4 million and $76.9 million at December 31, 2019 and 2018, respectively.