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Mortgage Note Payable
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11 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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| Mortgage Notes Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Notes Payable | Mortgage Note Payable On December 23, 2013, the Company assumed a $8.8 million mortgage note payable in connection with its acquisition of the SAAB Sensis property. The mortgage note bears interest at a fixed effective interest rate of 6.01% and requires monthly payments of principal and interest with the remaining principal due at maturity in April 2025. The following table summarizes the scheduled aggregate principal payments for the Company's mortgage note payable subsequent to December 31, 2013:
The Company's mortgage note payable agreement requires the compliance of certain property-level financial covenants including debt service coverage ratios. As of December 31, 2013, the Company was in compliance with the financial covenants under the mortgage note payable agreement. |
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