Quarterly report pursuant to Section 13 or 15(d)

Mortgages, Loans Payable And Other Obligations

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Mortgages, Loans Payable And Other Obligations
 9 Months Ended
Sep. 30, 2011
Mortgages, Loans Payable And Other Obligations [Abstract]  
Mortgages, Loans Payable And Other Obligations
9.      MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company's rental properties.  As of September 30, 2011, 32 of the Company's properties, with a total book value of approximately $957,498,000 are encumbered by the Company's mortgages and loans payable.  Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only.

A summary of the Company's mortgages, loans payable and other obligations as of September 30, 2011 and December 31, 2010 is as follows: (dollars in thousands)

                 
   
Effective
    
   
Interest
September 30,
December 31,
  
Property Name
Lender
Rate (a)
2011
2010
    Maturity
One Grande Commons (b)
Capital One Bank
LIBOR +2.00%
$  11,000
$  11,000
12/31/11
2200 Renaissance Boulevard (c)
Wachovia CMBS
5.888%
16,171
16,171
12/01/12
Soundview Plaza
Morgan Stanley Mortgage Capital
6.015%
15,674
16,089
01/01/13
9200 Edmonston Road
Principal Commercial Funding L.L.C.
5.534%
4,522
4,646
05/01/13
6305 Ivy Lane
John Hancock Life Insurance Co.
5.525%
6,304
6,475
01/01/14
395 West Passaic
State Farm Life Insurance Co.
6.004%
10,905
11,270
05/01/14
6301 Ivy Lane
John Hancock Life Insurance Co.
5.520%
5,951
6,103
07/01/14
35 Waterview Boulevard
Wachovia CMBS
6.348%
19,126
19,341
08/11/14
6 Becker, 85 Livingston,
  75 Livingston &
  20 Waterview
Wachovia CMBS
10.220%
61,893
61,224
08/11/14
4 Sylvan
Wachovia CMBS
10.190%
14,427
14,395
08/11/14
10 Independence
Wachovia CMBS
12.440%
15,829
15,606
08/11/14
4 Becker
Wachovia CMBS
9.550%
37,655
37,096
05/11/16
5 Becker
Wachovia CMBS
12.830%
11,954
11,599
05/11/16
210 Clay
Wachovia CMBS
13.420%
11,745
11,467
05/11/16
51 Imclone
Wachovia CMBS
8.390%
3,888
3,893
05/11/16
Various (d)
Prudential Insurance
6.332%
150,000
150,000
01/15/17
23 Main Street
JPMorgan CMBS
5.587%
31,139
31,537
09/01/18
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
232,351
234,521
11/01/18
100 Walnut Avenue
Guardian Life Insurance Co.
7.311%
19,293
19,443
02/01/19
One River Center (e)
Guardian Life Insurance Co.
7.311%
44,197
44,540
02/01/19
581 Main Street
Valley National Bank
6.935% (f)
16,413
16,627
07/01/34
           
Total mortgages, loans payable and other obligations
  
$ 740,437
$743,043
  

(a)  Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
(b)  The mortgage loan has three one-year extension options subject to certain conditions and the payment of a fee.
(c)  The property does not generate sufficient cash flow to meet debt service requirements.  As a result, beginning January 2011, debt service has not been made and a modification of the loan terms has been requested from the lender.
(d)  Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(e)  Mortgage is collateralized by the three properties comprising One River Center.
(f)  The coupon interest rate will be reset at the end of year 10 (2019) and year 20 (2029) at 225 basis points over the 10-year treasury yield 45 days prior to the reset dates with a minimum rate of 6.875 percent.

CASH PAID FOR INTEREST AND INTEREST CAPITALIZED
Cash paid for interest for the nine months ended September 30, 2011 and 2010 was $99,089,000 and $127,257,000, respectively.  Interest capitalized by the Company for the nine months ended September 30, 2011 and 2010 was $875,400 and $1,327,000, respectively.

SUMMARY OF INDEBTEDNESS
As of September 30, 2011, the Company's total indebtedness of $1,886,500,000 (weighted average interest rate of 6.52 percent) was comprised of $38,000,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 1.38 percent) and fixed rate debt and other obligations of $1,848,500,000 (weighted average rate of 6.63 percent).

As of December 31, 2010, the Company's total indebtedness of $2,089,494,000 (weighted average interest rate of 5.97 percent) was comprised of $239,000,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 0.90 percent) and fixed rate debt and other obligations of $1,850,494,000 (weighted average rate of 6.62 percent).