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Mortgage Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2015
Notes Payable, Noncurrent [Abstract] |
Schedule of Debt | 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 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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