NOTES AND BOND PAYABLE (Tables)

9 Months Ended

Sep. 30, 2019

As of September 30, 2019 and December 31, 2018, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):


	Book Value as of September 30, 2019		Book Value as of December 31, 2018		Contractual Interest Rate as of September 30, 2019 ⁽¹⁾	Effective Interest Rate at September 30, 2019 ⁽¹⁾	Payment Type	Maturity Date ⁽²⁾
Richardson Portfolio Mortgage Loan	$	36,000	$	36,000	One-Month LIBOR + 2.50%	4.60%	Interest Only ⁽³⁾	11/01/2021
Park Centre Mortgage Loan ⁽⁴⁾	21,970		8,404		One-Month LIBOR + 1.75%	3.85%	Interest Only	06/27/2022
Burbank Collection Mortgage Loan ⁽⁵⁾	—		10,716		⁽⁵⁾	⁽⁵⁾	⁽⁵⁾	⁽⁵⁾
1180 Raymond Mortgage Loan	30,349		30,637		One-Month LIBOR + 2.25%	4.34%	Principal & Interest	12/01/2019
1180 Raymond Bond Payable	6,130		6,280		6.50%	6.50%	Principal & Interest	09/01/2036
424 Bedford Mortgage Loan ⁽⁶⁾	—		23,710		⁽⁶⁾	⁽⁶⁾	⁽⁶⁾	⁽⁶⁾
Pacific Oak SOR (BVI) Holdings, Ltd. Series A Debentures ⁽⁷⁾	223,278		259,516		4.25%	4.25%	⁽⁷⁾	03/01/2023
Crown Pointe Mortgage Loan	51,171		51,171		One-Month LIBOR + 2.60%	4.70%	Interest Only	02/13/2020
125 John Carpenter Mortgage Loan ⁽⁸⁾	53,204		53,204		One-Month LIBOR + 1.75%	3.86%	Interest Only	10/01/2022
City Tower Mortgage Loan	89,000		89,000		One-Month LIBOR + 1.55%	3.65%	Interest Only	03/05/2021
The Marq Mortgage Loan	53,408		50,800		One-Month LIBOR + 1.55%	3.65%	Interest Only	06/06/2021
Eight & Nine Corporate Centre Mortgage Loan	43,880		43,880		One-Month LIBOR + 1.60%	3.70%	Interest Only	06/08/2021
Georgia 400 Center Mortgage Loan	59,690		—		One-Month LIBOR + 1.55%	3.65%	Interest Only	05/22/2023
Total Notes and Bonds Payable principal outstanding	668,080		663,318
Net Premium/(Discount) on Notes and Bonds Payable ⁽⁹⁾	808		198
Deferred financing costs, net	(6,348)		(8,044)
Total Notes and Bonds Payable, net	$	662,540	$	655,472

_____________________

⁽¹⁾ Contractual interest rate represents the interest rate in effect under the loan as of September 30, 2019. Effective interest rate is calculated as the actual interest rate in effect as of September 30, 2019 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at September 30, 2019, where applicable.

⁽²⁾ Represents the initial maturity date or the maturity date as extended as of September 30, 2019; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.

⁽³⁾Represents the payment type required under the loan as of September 30, 2019. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below.

⁽⁴⁾ On June 27, 2019, the Company closed on the refinancing of the Park Centre Mortgage Loan.

⁽⁵⁾ On July 19, 2019, in connection with the disposition of the Burbank Collection, the Burbank Collection Joint Venture repaid the $10.6 million outstanding principal balance due under the Burbank Collection Mortgage Loan.

⁽⁶⁾ On January 11, 2019, in connection with the disposition of 424 Bedford, the buyer assumed the mortgage loan secured by 424 Bedford with an outstanding principal balance of $23.7 million at the time of the sale.

⁽⁷⁾ See “ – Israeli Bond Financing” below.

⁽⁸⁾ On November 1, 2019, in connection with the disposition of 125 John Carpenter, the Company repaid the $53.2 million outstanding principal balance due under the 125 John Carpenter Mortgage Loan.

⁽⁹⁾Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.

Schedule of Maturities of Long-term Debt

The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of September 30, 2019 (in thousands):


October 1, 2019 through December 31, 2019	$	30,399
2020	107,367
2021	278,162
2022	131,233
2023	115,764
Thereafter	5,155
	$	668,080

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details