Annual report pursuant to Section 13 and 15(d)

Schedule IV - Mortgage Loans On Real Estate

v2.4.1.9
Schedule IV - Mortgage Loans On Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans On Real Estate

GLADSTONE COMMERCIAL CORPORATION

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2014

(Dollars in Thousands)

 

Location and Type of Real

Estate

   Type of Loan   Interest Rate   Final
Maturity
Date 		   

Periodic Payment Term

   Prior Lien     Face Amount of
Mortgage		     Carrying
Amount of
Mortgage		     Principal Amount of Loans
Subject to Delinquent
Principal or Interest 		 
Phoenix, Arizona; Build-to-Suit Healthcare Facility   Second Mortgage   9% Current Interest,
22% internal rate of
return on exit		     7/31/2016      9.0% interest, paid currently in cash on the loan during construction and through maturity. Exit fee upon maturity of the loan in an amount sufficient to earn a 22% internal rate of return.     —        $ 5,600      $ 5,600      $ —     
           

 

 

    

 

 

    
$ 5,600    $ 5,600   
           

 

 

    

 

 

    

The following table reconciles the change in the balance of mortgage loans on real estate during the years ended December 31, 2014, 2013 and 2012, respectively:

 

     2014      2013      2012  

Balance at beginning of period

    $ —         $ —         $ —     

New mortgage loans

      5,600         —           —     

Collections of principal

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Balance at end of period

 $ 5,600    $ —      $ —