Mortgage Notes Payable
|12 Months Ended|
Dec. 31, 2014
|Notes Payable, Noncurrent [Abstract]|
|Mortgage Notes Payable||
NOTE 4: MORTGAGE NOTES PAYABLE
As of December 31, 2014 and 2013, we had outstanding mortgage notes payable, each collateralized by one or more buildings and related land from our portfolio, as follows (in thousands):
(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, Kenmore Apartments, and the construction loan secured by the development project at The Maxwell, which were originally executed by Washington REIT. 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) The maturity date of the mortgage note is January 1, 2052, but can be prepaid, without penalty, beginning on January 31, 2022.
(4) Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018.
(5) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full.
(6) 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.
Except as noted above, principal and interest are payable monthly until the maturity date, upon which all unpaid principal and interest are payable in full.
Total carrying amount of the above mortgaged properties was $607.8 million and $433.7 million at December 31, 2014 and 2013, respectively.
Scheduled principal payments subsequent to December 31, 2014 are as follows (in thousands):