EX-99.2 12 dex992.htm 2009 ANNUAL REPORT ITEM 2 - PROPERTIES 2009 Annual Report Item 2 - Properties

 

Exhibit 99.2

 

Item 2. Properties

Our principal executive office is located in Philadelphia, Pennsylvania. We lease office space pursuant to a lease agreement that expires on March 31, 2011. As of December 31, 2009 the future minimum cash payments due under this lease are $0.5 million for 2010 and $0.1 million for 2011.

We lease office space in New York, New York pursuant to a lease agreement that has a ten year term. This lease expires in March 2016. As of December 31, 2009, the future minimum cash payments due under this lease are as follows by fiscal year: 2010—$0.8 million, 2011 through 2014—$0.9 million per year and $1.1 million for the remaining term of the lease.

For our investments in real estate, the leases for our multi-family properties are generally one-year or less and leases for our office and retail properties are operating leases. The following table represents a ten-year lease expiration schedule for our non-residential properties as of December 31, 2009.

 

Year of Lease

Expiration

(December 31,)

   Number of Leases
Expiring during
the Year		     Rentable Square
Feet Subject
to Expiring Leases		     Final Annualized
Rent under
Expiring Leases
(in 000’s) (a)		     Final Annualized
Rent per Square
Foot under
Expiring Leases		     Percentage of
Total Final
Annualized Base
Rent Under
Expiring Leases		     Cumulative Total  

2010

     86        374,754      $ 3,469      $ 9.26        20.3 %      20.3 % 

2011

     22        93,356        1,301        13.94        7.6 %      27.9 % 

2012

     24        220,868        3,832        17.35        22.3 %      50.2 % 

2013

     18        239,184        3,612        15.10        21.1 %      71.3 % 

2014

     13        70,604        972        13.77        5.7 %      77.0 % 

2015

     7        150,295        1,223        8.14        7.1 %      84.1 % 

2016

     2        12,867        308        23.94        1.8 %      85.9 % 

2017

     1        42,386        791        18.65        4.6 %      90.5 % 

2018

     2        56,947        1,433        25.17        8.4 %      98.9 % 

2019

     1        4,038        80        19.81        0.5 %      99.4 % 

2020 and thereafter

     2        5,314        102        19.28        0.6 %      100.0 % 
                                         

Total

     178        1,270,613      $ 17,123      $ 13.48        100.0 %   
                                         

 

 

(1) “Final Annualized Rent” for each lease scheduled to expire represents the cash rental rates of the respective tenants for the final month prior to expiration multiplied by 12. For a description of our investments in real estate, see Item 1—“Business—Our Investment Portfolio—Investments in real estate” and Item 8—“Financial Statements and Supplementary Data—Schedule III.”

 

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