| Mortgages, Loans Payable And Other Obligations |
10. 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 March 31, 2013, 31 of the Company’s properties, with a total book value of approximately $1.0 billion, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only.
A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2013 and December 31, 2012 is as follows: (dollars in thousands)
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Effective
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March 31,
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December 31,
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Property Name
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Lender
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Rate (a)
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2013
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2012
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Maturity
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9200 Edmonston Road
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Principal Commercial Funding L.L.C.
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5.534
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%
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$
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4,258
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$
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4,305
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05/01/13
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Port Imperial South
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Wells Fargo Bank N.A.
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LIBOR+2.75
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%
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42,474
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42,168
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06/24/13
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Port Imperial South 4/5
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Wells Fargo Bank N.A.
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LIBOR+3.50
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%
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35,947
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34,889
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09/30/13
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6305 Ivy Lane
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RGA Reinsurance Company
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5.525
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%
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5,939
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5,984
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01/01/14
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395 West Passaic
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State Farm Life Insurance Co.
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6.004
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%
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10,131
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10,231
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05/01/14
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6301 Ivy Lane
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RGA Reinsurance Company
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5.520
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%
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5,628
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5,667
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07/01/14
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35 Waterview Boulevard
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Wachovia CMBS
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6.348
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%
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18,662
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18,746
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08/11/14
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6 Becker, 85 Livingston,
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Wachovia CMBS
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10.220
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%
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63,392
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63,126
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08/11/14
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75 Livingston &
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20 Waterview
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4 Sylvan
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Wachovia CMBS
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10.190
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%
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14,498
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14,485
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08/11/14
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10 Independence
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Wachovia CMBS
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12.440
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%
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16,343
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16,251
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08/11/14
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4 Becker
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Wachovia CMBS
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9.550
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%
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38,393
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38,274
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05/11/16
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5 Becker
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Wachovia CMBS
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12.830
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%
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12,623
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12,507
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05/11/16
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210 Clay
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Wachovia CMBS
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13.420
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%
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12,392
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12,275
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05/11/16
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51 Imclone
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Wachovia CMBS
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8.390
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%
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3,876
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3,878
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05/11/16
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Various (b)
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Prudential Insurance
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6.332
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%
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148,840
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149,281
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01/15/17
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23 Main Street
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JPMorgan CMBS
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5.587
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%
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30,289
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30,395
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09/01/18
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Harborside Plaza 5
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The Northwestern Mutual Life
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6.842
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%
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227,666
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228,481
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11/01/18
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Insurance Co. & New York Life
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Insurance Co.
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223 Canoe Brook Road
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The Provident Bank
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4.375
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%
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3,928
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3,945
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02/01/19
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100 Walnut Avenue
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Guardian Life Insurance Co.
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7.311
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%
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18,968
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19,025
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02/01/19
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One River Center (c)
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Guardian Life Insurance Co.
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7.311
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%
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43,453
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43,582
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02/01/19
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Total mortgages, loans payable and other obligations
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$
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757,700
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$
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757,495
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(a)
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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.
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(b)
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Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan.
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(c)
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Mortgage is collateralized by the three properties comprising One River Center.
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CASH PAID FOR INTEREST AND INTEREST CAPITALIZED
Cash paid for interest for the three months ended March 31, 2013 and 2012 was $36,200,000 and $43,144,000, respectively. Interest capitalized by the Company for the three months ended March 31, 2013 and 2012 was $3,467,000 and $230,000, respectively.
SUMMARY OF INDEBTEDNESS
As of March 31, 2013, the Company’s total indebtedness of $2,296,687,000 (weighted average interest rate of 5.68 percent) was comprised of $1,538,987,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 4.98 percent) and fixed rate debt and other obligations of $757,700,000 (weighted average rate of 7.12 percent).
As of December 31, 2012, the Company’s total indebtedness of $2,204,389,000 (weighted average interest rate of 5.86 percent) was comprised of $77,057,000 of variable rate mortgage debt (weighted average rate of 3.32 percent) and fixed rate debt and other obligations of $2,127,332,000 (weighted average rate of 5.95 percent).
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