Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary schedule of mortgages payable

The following is a summary of mortgages payable as of June 30, 2017 and December 31, 2016:

	Interest Rate	Balance as of
	June 30, 2017	June 30, 2017			December 31, 2016
		(In thousands)
Variable rate (1)	2.77%	$	767,291		$	547,291
Fixed rate	5.52%	613,637			620,327
Mortgages payable		1,380,928			1,167,618
Unamortized deferred financing costs and premium/discount, net		(4,851		)	(2,604		)
Mortgages payable, net		$	1,376,077		$	1,165,014
Payable to Vornado Realty Trust (2)	3.70%	$	289,904		$	283,232

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⁽¹⁾  On June 20, 2017, we completed a $220.0 million financing of The Bartlett, a 699-unit residential building in Arlington, Virginia. The five-year interest-only mortgage loan bears interest at LIBOR plus 1.70% per annum and matures in June 2022. We realized net proceeds of approximately $217.2 million.

⁽²⁾  In June 2016, the mortgage loan for the Bowen Building was repaid with proceeds of a $115.6 million draw on Vornado’s revolving credit facility collateralized by an interest in the property, and, accordingly, has been reflected as a component of “Payable to Vornado Realty Trust” on the combined balance sheets as of June 30, 2017 and December 31, 2016. The mortgage was assigned to JBG SMITH at Separation, and the note was repaid with amounts drawn under the revolving credit facility (see Note 12 for further discussion).