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Note 3 - Real Estate
3 Months Ended
Mar. 31, 2012
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
3.    Real Estate

Property Acquisition

On February 1, 2012, the Company acquired three vacant R&D buildings consisting of approximately 202,500 rentable square feet located at 5901, 5921 and 5961 Optical Court in San Jose, California, from the Berg Group for a total purchase price of $18,000. The Company also acquired approximately ten acres of raw land at Hellyer Avenue and Embedded Way for approximately $5,313 and nine acres of raw land at Hellyer Avenue and Piercy Road for approximately $4,877 from the Berg Group. The combined purchase price for the three R&D buildings and raw land totaled approximately $28,190. The Company acquired these properties by offsetting the purchase price with approximately $9,217, the amount the Berg Group owed to the Company from the outcome of the Hellyer Avenue Limited Partnership litigation and approximately $7,494, the amount the Berg Group was obligated to pay toward the construction of an R&D building in connection with the Company’s 2001 acquisition of 245 Caspian Drive in Sunnyvale, California. The Company issued an unsecured short-term note payable for the remaining amount of approximately $11,479 with an interest rate of LIBOR plus 1.75%, which is due July 15, 2012, with an option to extend another six months. As of March 31, 2012, the note payable and accrued interest had been fully repaid.

The purchase price allocation for this acquisition was determined in accordance with the principles under the Business Combinations Topic of the FASB ASC 805.

Property Disposition

On January 9, 2012, the Company disposed of three vacant R&D buildings consisting of approximately 165,000 rentable square feet located at 1680-1690 McCandless Drive, 1740-1768 McCandless Drive and 1810-1830 McCandless Drive in Milpitas, California. A total net gain of approximately $7,479 will be recognized in installments and classified as discontinued operations on the total sales price of $21,780. For the quarter ended March 31, 2012, approximately $1,629 was recognized as gain and classified as discontinued operations on sale of real estate under the installment method. The buyer issued an unsecured promissory note to the Company for the principal amount of $18,780 with an interest rate of 0% per annum. The total sales price encompasses the sum of the following amounts: a) The down payment price of $3,000; b) Yearly payments of $3,000 on the anniversary of the effective date for four years; and c) On the fifth year anniversary of the effective date, the buyer will pay the remaining balance of the total sales price, contingent that the buyer receives the park in lieu fees. If the buyer has not received park in lieu fees by the fifth year anniversary of the effective date, both buyer and seller can negotiate to extend the term of the note.

On February 14, 2012, the Company completed the sale of three R&D buildings consisting of approximately 112,000 rentable square feet located at 1625-1657 McCandless Drive, 1725-1745 McCandless Drive and 1815-1845 McCandless Drive in Milpitas, California. The property at 1815-1845 McCandless Drive represented approximately 36.04% of all of the R&D properties at this address. The remaining 63.96% will be sold in the second phase at a later date to the same buyer. On the total cash sales price of approximately $13,613, the Company recognized a gain of approximately $3,890 and classified it as a gain from disposal of discontinued operations.