Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

Notes Payable, Noncurrent [Abstract]

As of December 31, 2015 and 2014, 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⁾		2015			2014			Payoff Date/Maturity Date
Army Navy Club Building	3/26/2014	3.18	%	$	50,750		$	51,844		5/1/2017
Yale West ⁽³⁾	2/21/2014	3.75	%	47,502			47,903			1/31/2022
The Maxwell ⁽⁴⁾	2/21/2013	2.27	%	32,248			27,690			1/27/2016
John Marshall II ⁽⁵⁾	9/15/2011	5.79	%	51,011			51,810			2/8/2016
Olney Village Center	8/30/2011	4.94	%	16,503			18,053			10/1/2023
Kenmore Apartments	2/2/2009	5.37	%	33,637			34,305			3/1/2019
2445 M Street ⁽⁶⁾	12/2/2008	7.25	%	101,866			101,866			1/6/2017
3801 Connecticut Avenue, Walker House and Bethesda Hill ⁽⁷⁾	5/29/2008	5.71	%	81,029			81,029			6/1/2016
				414,546			414,500
Premiums and discounts, net				4,175			4,025
Debt issuance costs, net				(669		)	(1,331		)
				$	418,052		$	417,194

⁽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.

⁽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 construction loan was variable, based on LIBOR plus 2.0%. Interest and principal was payable monthly starting March 2016 until the extended maturity date of February 20, 2017, upon which all unpaid principal and interest were payable in full. In January 2016, Washington REIT exercised its right to purchase the construction loan without penalty from the lender (see note 3, under "Variable Interest Entities").

⁽⁵⁾The note was prepaid without penalty in February 2016.

⁽⁶⁾Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. The maturity date of the mortgage note is January 6, 2017, but can be prepaid, without penalty, beginning on October 6, 2016.

⁽⁷⁾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.

Schedule of Maturities of Long-term Debt

Scheduled principal payments subsequent to December 31, 2015 are as follows (in thousands):



2016	$	168,195
2017	154,436
2018	3,135
2019	33,909
2020	2,659
Thereafter	52,212
	$	414,546

The required principal payments for the remaining years subsequent to December 31, 2015 are as follows (in thousands):



2016	$	—
2017	—
2018	—
2019	—
2020	250,000
Thereafter	500,000
	$	750,000