| Schedule Of Purchase Price Allocation |
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Total
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Alterra 1A
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Alterra 1B
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Acquisitions
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Land
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$
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9,042
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$
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12,055
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$
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21,097
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Buildings and improvements
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50,671
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71,409
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122,080
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Furniture, fixtures and equipment
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801
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1,474
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2,275
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In-place lease values
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931
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(1)
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3,148
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(1)
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4,079
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61,445
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88,086
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149,531
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Less: Below market lease values
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195
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(1)
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136
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(1)
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331
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195
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136
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331
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Net cash paid at acquisition
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$
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61,250
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$
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87,950
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$
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149,200
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(1) In-place lease values and below market lease values will be amortized over one year or less.
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| Schedule Of Properties Which Commenced Initial Operations |
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Garage
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Development
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Development
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# of
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Rentable
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Parking
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Costs Incurred
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Costs Per
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Date
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Property/Address
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Location
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Type
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Bldgs.
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Square Feet
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Spaces
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by Company
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Square Foot
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06/05/13
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14 Sylvan Way
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Parsippany, New Jersey
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Office
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1
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203,506
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-
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$
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51,484
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(a)
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$
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253
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08/01/13
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Port Imperial South 4/5
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Weehawken, New Jersey
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Parking/Retail
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1
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16,736
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850
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71,107
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(b)
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N/A
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Totals
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2
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220,242
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850
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$
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122,591
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(a)Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013.
(b)Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013.
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| Schedule Of Property Sales |
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Rentable
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Net
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Net
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Sale
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# of
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Square
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Sales
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Book
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Realized
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Date
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Property/Address
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Location
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Bldgs.
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Feet
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Proceeds
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Value
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Gain (loss)
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04/10/13
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19 Skyline Drive (a)
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Hawthorne, New York
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1
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248,400
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$
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16,131
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$
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16,005
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$
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126
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04/26/13
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55 Corporate Drive
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Bridgewater, New Jersey
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1
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204,057
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70,967
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51,308
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19,659
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05/02/13
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200 Riser Road
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Little Ferry, New Jersey
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1
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286,628
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31,775
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14,852
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16,923
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05/13/13
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777 Passaic Avenue
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Clifton, New Jersey
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1
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75,000
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5,640
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3,713
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1,927
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05/30/13
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16 and 18 Sentry Parkway West (b)
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Blue Bell, Pennsylvania
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2
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188,103
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19,041
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19,721
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(680)
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05/31/13
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51 Imclone Drive (c)
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Branchburg, New Jersey
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1
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63,213
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6,101
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5,278
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823
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06/28/13
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40 Richards Avenue
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Norwalk, Connecticut
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1
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145,487
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15,858
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17,027
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(1,169)
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07/10/13
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106 Allen Road
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Bernards Township, New Jersey
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1
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132,010
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17,677
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13,522
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4,155
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08/27/13
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Pennsylvania office portfolio (d) (e)
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Suburban Philadelphia, Pennsylvania
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15
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1,663,511
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207,425
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164,259
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43,166
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Totals:
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24
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3,006,409
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$
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390,615
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$
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305,685
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$
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84,930
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(a)
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The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.6 million at September 30, 2013) which matures in ten years and requires monthly payments of principal. See Note 5: Deferred charges, goodwill and other assets.
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(b)
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The Company recorded an $8.4 million impairment charge on these properties at December 31, 2012. The Company has retained a subordinated interest in these properties.
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(c)
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The property was encumbered by a mortgage loan which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013.
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(d)
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In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold.
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(e)
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The portfolio sale also included three developable land parcels.
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