| 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 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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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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Totals:
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8
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1,210,888
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$
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165,513
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$
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127,904
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37,609
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(a) 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 $3.7 million at June 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) 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) 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 retirement of debt for the three and six months ended June 30, 2013.
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