Mortgage Notes Payable

3 Months Ended

Mar. 31, 2014

6. Mortgage notes payable

Mortgage notes payable consist of the following (in thousands):



	March 31,		December 31,
	2014		2013

5.45% mortgage note, secured by 4.8 million square feet of
commercial properties with a net book value of $435.6 million,
interest payable monthly, due December, 2016	$	250,000	$	250,000
Total	$	250,000	$	250,000

The 5.45% mortgage note of $250.0 million is payable in full in December, 2016.

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

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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