Annual report pursuant to Section 13 and 15(d)

Mortgage Notes Payable (Tables)

v2.4.0.6
Mortgage Notes Payable (Tables)
12 Months Ended
Dec. 31, 2012
Notes Payable, Noncurrent [Abstract]  
Schedule of Debt
As of December 31, 2012 and 2011, we had outstanding mortgage notes payable, each collateralized by one or more buildings and related land from our portfolio, as follows (in thousands):
 
 
 
 
 
 
December 31,
 
 
Properties
 
Assumption/Issuance Date (1)
 
Effective Interest Rate (2)
 
2012
 
2011
 
Payoff Date/Maturity Date
John Marshall II
 
9/15/2011
 
5.79
%
 
$
53,274

 
$
53,936

 
5/6/2016
Olney Village Center
 
8/30/2011
 
4.94
%
 
22,343

 
23,873

 
10/1/2023
Kenmore Apartments
 
2/2/2009
 
5.37
%
 
35,535

 
36,097

 
3/1/2019
2445 M Street (3)
 
12/2/2008
 
7.25
%
 
96,848

 
95,593

 
1/6/2017
3801 Connecticut Avenue, Walker House and Bethesda Hill (4)
 
5/29/2008
 
5.71
%
 
81,029

 
81,029

 
6/1/2017
Ashburn Farm Office Park
 
6/1/2007
 
5.56
%
 
2,313

 
2,438

 
5/31/2025
Ashburn Farm III Office Park
 
6/1/2007
 
5.69
%
 
2,024

 
2,159

 
7/31/2023
Woodholme Medical Office Center
 
6/1/2007
 
5.29
%
 
19,608

 
19,954

 
11/1/2015
West Gude Drive
 
8/25/2006
 
5.86
%
 
29,996

 
30,761

 
1/11/2013
15005 Shady Grove Road (5)
 
7/12/2006
 
5.73
%
 

 
7,974

 
10/11/2012
Plumtree Medical Center (6)
 
6/22/2006
 
5.68
%
 

 
4,419

 
12/11/2012
9707 Medical Center Drive (7)
 
4/13/2006
 
5.32
%
 

 
4,780

 
11/1/2012
Frederick Crossing (8)
 
3/23/2005
 
5.95
%
 

 
21,700

 
8/1/2012
Prosperity Medical Center (9)
 
10/9/2003
 
5.36
%
 

 
31,169

 
11/30/2012
Prosperity Medical Center (9)
 
10/9/2003
 
5.34
%
 

 
11,828

 
11/30/2012
 
 
 
 
 
 
$
342,970

 
$
427,710

 
 
(1) Each of these mortgages was assumed with the acquisition of the collateralized properties, except for the mortgage notes secured by 3801 Connecticut Avenue, Walker House, Bethesda Hill and Kenmore Apartments, which were originally executed by WRIT. We record mortgages assumed in an acquisition at fair value, and balances presented include any recorded premiums or discounts.
(2) Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes.
(3) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full.
(4) Interest only is payable monthly until the maturity date, which can be extended for one year upon which the interest rate is reset on June 1, 2016. At maturity on June 1, 2017, all unpaid principal and interest are payable in full.

(5) On October 11, 2012, we repaid without penalty the remaining $7.8 million of principal on the mortgage note secured by 15005 Shady Grove Road.

(6) On December 11, 2012, we repaid without penalty the remaining $4.3 million of principal on the mortgage note secured by Plumtree Medical Center. Because Plumtree Medical Center was sold during 2012 (see Note 3 to the consolidated financial statements), the mortgage note is included in "Other liabilities related to properties sold or held for sale" on our consolidated balance sheets as of December 31, 2011.

(7) On November 1, 2012, we repaid without penalty the remaining $4.6 million of principal on the mortgage note secured by 9707 Medical Center Drive.

(8) On August 1, 2012, we repaid without penalty the remaining $21.3 million of principal on the mortgage note secured by Frederick Crossing.

(9) On November 30, 2012, we repaid without penalty the remaining $42.1 million of principal on the mortgage notes secured by Prosperity Medical Centers.

Schedule of Maturities of Long-term Debt
Scheduled principal payments subsequent to December 31, 2012 are as follows (in thousands):
2013
$
33,313

2014
3,519

2015
22,174

2016
134,715

2017
104,712

Thereafter
48,086

 
346,519

Net discounts/premiums
(3,549
)
Total
$
342,970

The required principal payments excluding the effects of note discounts or premium for the remaining years subsequent to December 31, 2012 are as follows (in thousands):
2013
$
60,000

2014
100,000

2015
150,000

2016

2017

Thereafter
600,000

 
$
910,000