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Mortgage Note Payable
12 Months Ended
Dec. 31, 2015
Mortgage Note Payable [Abstract]  
Mortgage Note Payable

7. Mortgage note payable

 

The Company has a  $250.0 million mortgage note payable with a fixed interest rate of 5.45%, secured by 4.8 million square feet of commercial properties with a net book value of $417.7 million at December 31, 2015. The interest is payable monthly with a maturity date of December 1, 2016, prepayable without penalty on June 1, 2016.

 

In January, 2013, the Company repaid two mortgage notes payable totaling $18.1 million with a combined stated interest rate of 5.60%.