Mortgage Loan Receivable

3 Months Ended

Mar. 31, 2016

Receivables [Abstract]

Mortgage Loan Receivable

Mortgage Loan Receivable

On June 3, 2013, the Company issued a $13.9 million first mortgage loan to the US Airways Building Tenancy in Common, which is secured by the US Airways Building, an office building located in Phoenix, Arizona in which the Company owns a 74.6% interest, with US Airways owning the remaining 25.4% interest in the building. The mortgage loan has a fixed interest rate of 3.0% and matures on December 31, 2016. As of March 31, 2016 and December 31, 2015, the balance of the mortgage loan was $13.0 million and $13.1 million, respectively. Because the Company acts as both the lender and the borrower for this mortgage loan, its share of the mortgage loan is not reflected on the Company's consolidated balance sheets. As of March 31, 2016 and December 31, 2015, the balance of the Company's mortgage loan receivable was $3.3 million.