Annual report pursuant to Section 13 and 15(d)

Mortgages, Loans Payable And Other Obligations (Tables)

v2.4.0.6
Mortgages, Loans Payable And Other Obligations (Tables)
 12 Months Ended
Dec. 31, 2011
Mortgages, Loans Payable And Other Obligations [Abstract]  
Summary Of Mortgages, Loans Payable And Other Obligations

   
Effective
    
   
Interest
December 31,
  
Property Name
Lender
Rate (a)
2011
2010
    Maturity
2200 Renaissance Boulevard (b)
Wachovia CMBS
5.888%
$  16,171
$  16,171
12/01/12
One Grande Commons (c)
Capital One Bank
LIBOR +2.00%
11,000
11,000
12/31/12
Soundview Plaza
Morgan Stanley Mortgage Capital
6.015%
15,531
16,089
01/01/13
9200 Edmonston Road
Principal Commercial Funding L.L.C.
5.534%
4,479
4,646
05/01/13
6305 Ivy Lane
John Hancock Life Insurance Co.
5.525%
6,245
6,475
01/01/14
395 West Passaic
State Farm Life Insurance Co.
6.004%
10,781
11,270
05/01/14
6301 Ivy Lane
John Hancock Life Insurance Co.
5.520%
5,899
6,103
07/01/14
35 Waterview Boulevard
Wachovia CMBS
6.348%
19,051
19,341
08/11/14
6 Becker, 85 Livingston,
  75 Livingston &
  20 Waterview
Wachovia CMBS
10.220%
62,127
61,224
08/11/14
4 Sylvan
Wachovia CMBS
10.190%
14,438
14,395
08/11/14
10 Independence
Wachovia CMBS
12.440%
15,908
15,606
08/11/14
4 Becker
Wachovia CMBS
9.550%
37,769
37,096
05/11/16
5 Becker
Wachovia CMBS
12.830%
12,056
11,599
05/11/16
210 Clay
Wachovia CMBS
13.420%
11,844
11,467
05/11/16
51 Imclone
Wachovia CMBS
8.390%
3,886
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%
31,002
31,537
09/01/18
Harborside Plaza 5
The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.
6.842%
231,603
234,521
11/01/18
100 Walnut Avenue
Guardian Life Insurance Co.
7.311%
19,241
19,443
02/01/19
One River Center (e)
Guardian Life Insurance Co.
7.311%
44,079
44,540
02/01/19
581 Main Street (f)
Valley National Bank
6.935% (g)
16,338
16,627
07/01/34
           
Total mortgages, loans payable and other obligations
  
$739,448
$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 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 the Company is currently in discussion with the lender regarding a deed in lieu of foreclosure.  As of December 31, 2010, the Company estimated that the carrying value of the property may not be recoverable over its anticipated holding period. In order to reduce the carrying value of the property to its estimated fair market value, the Company recorded an impairment charge of approximately $9.5 million in 2010.
(c)   The mortgage loan has two one-year extension options subject to certain conditions and the payment of a fee.
(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 Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
(g)   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.
Schedule Of Long Term Debt Principal Payment
   
Scheduled
    
Principal
          
Weighted Avg.
    
   
Amortization
    
Maturities
    
Total
    
Interest Rate of
    
Period
  
($000's)
    
($000's)
    
($000's)
    
Future Repayments (a)
    
2012
   $ 11,159     $ 221,148     $ 232,307       6.05 %  
2013
     11,315       145,223       156,538       5.39 %  
2014
     10,468       335,257       345,725       6.82 %  
2015
     8,941       205,500       214,441       4.41 %
(b)
2016
     8,753       273,120       281,873       7.16 %  
Thereafter
     26,992       679,562       706,554       7.15 %  
Sub-total
     77,628       1,859,810       1,937,438            
Adjustment for unamortized debt
                                  
  discount/premium and
                                  
  mark-to-market, net, as of
                                  
  December 31, 2011
     (23,223 )     --       (23,223 )          
                                   
Totals/Weighted Average
   $ 54,405     $ 1,859,810     $ 1,914,215       6.46 %  
                                   
(a)   The actual weighted average LIBOR rate for the Company's outstanding variable rate debt was 0.29 percent as of December 31, 2011.
    
(b)   Excludes amortized deferred financing costs pertaining to the Company's unsecured revolving credit facility which amounted to $2.6 million for the year ended December 31, 2011.