Rexford Industrial Realty Inc
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
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Schedule IV Mortgage Loans on Real Estate
(Dollars in thousands)
| Description · Contractual Interest Rate · Maturity Date · Periodic Payment Terms · Prior Liens · Face Amount of Mortgages · Carrying Amount of Mortgages(1) · Principal Amount of Loans Subject to Delinquent Principal or Interest | ||||||||
|---|---|---|---|---|---|---|---|---|
| First Mortgage Loan: | ||||||||
| Industrial development site in California | 7.50% | (2) | 10/26/2028 | (3) | None | $125,000 | $122,784 | $— |
| $125,000 | $122,784 | $— | ||||||
(1)The cost for federal income tax purposes was $125.0 million as of December 31, 2023.
(2)The loan has an effective interest rate of 8.0% including the impact of loan origination costs and fees.
(3)Interest is due monthly and principal is due at the maturity date.
The following table reconciles the carrying value of mortgage loans on real estate from January 1, 2023 to December 31, 2023 (in thousands):
| Year Ended December 31, | |
|---|---|
| Balance, beginning of year | $— |
| Additions during period: | |
| New loan originated | 125,000 |
| Amortization of net deferred origination fees | 84 |
| Deductions during period: | |
| Deferred loan origination fees, net | (2,300) |
| Balance, end of year | $122,784 |
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