Quarterly report pursuant to Section 13 or 15(d)

Mortgages, Loans Payable And Other Obligations

 v2.3.0.11
Mortgages, Loans Payable And Other Obligations
 6 Months Ended
Jun. 30, 2011
Mortgages, Loans Payable And Other Obligations  
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 June 30, 2011, 32 of the Company's properties, with a total book value of approximately $964,384,000 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 June 30, 2011 and December 31, 2010 is as follows: (dollars in thousands)

 

                 

 

 

Effective

 

 

 

 

Interest

June 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%

15,814

16,089

  01/01/13

9200 Edmonston Road

Principal Commercial Funding L.L.C.

5.534%

4,564

4,646

  05/01/13

6305 Ivy Lane

John Hancock Life Insurance Co.

5.525%

6,361

6,475

  01/01/14

395 West Passaic

State Farm Life Insurance Co.

6.004%

11,029

11,270

  05/01/14

6301 Ivy Lane

John Hancock Life Insurance Co.

5.520%

6,002

6,103

  07/01/14

35 Waterview Boulevard

Wachovia CMBS

6.348%

19,197

19,341

  08/11/14

6 Becker, 85 Livingston,

  75 Livingston &

  20 Waterview

Wachovia CMBS

10.220%

61,664

61,224

  08/11/14

4 Sylvan

Wachovia CMBS

10.190%

14,416

14,395

  08/11/14

10 Independence

Wachovia CMBS

12.440%

15,753

15,606

  08/11/14

4 Becker

Wachovia CMBS

9.550%

37,534

37,096

  05/11/16

5 Becker

Wachovia CMBS

12.830%

11,851

11,599

  05/11/16

210 Clay

Wachovia CMBS

13.420%

11,650

11,467

  05/11/16

51 Imclone

Wachovia CMBS

8.390%

3,889

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%

31,270

31,537

  09/01/18

Harborside Plaza 5

The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co.

6.842%

233,087

234,521

  11/01/18

100 Walnut Avenue

Guardian Life Insurance Co.

7.311%

19,344

19,443

  02/01/19

One River Center (e)

Guardian Life Insurance Co.

7.311%

44,314

44,540

  02/01/19

581 Main Street

Valley National Bank

6.935% (f)

16,483

16,627

  07/01/34

 

 

 

 

 

 

Total mortgages, loans payable and other obligations

 

$741,393

$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 option 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.

(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 six months ended June 30, 2011 and 2010 was $58,664,000 and $74,973,000, respectively.  Interest capitalized by the Company for the six months ended June 30, 2011 and 2010 was $753,000 and $775,000, respectively.

 

SUMMARY OF INDEBTEDNESS
As of June 30, 2011, the Company's total indebtedness of $1,869,252,000 (weighted average interest rate of 6.57 percent) was comprised of $20,000,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 1.89 percent) and fixed rate debt and other obligations of $1,849,252,000 (weighted average rate of 6.62 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).