Schedule of Long-term Debt Instruments |
The following table sets forth information as of March 31, 2013 with respect to our outstanding indebtedness. | | | | | | | | | | | | | | Outstanding | | | | | Debt | March 31, 2013 | | December 31, 2012 | | Interest Rate(1) | | Maturity Date | Unsecured Revolving Credit Facility | $ | — |
| | $ | 55,000 |
| | LIBOR+1.55% to 2.20% | | 8/3/2016 | Mortgage loan secured by 625 Second Street(2) | 33,700 |
| | 33,700 |
| | 5.85% | | 2/1/2014 | Mortgage loan secured by 6922 Hollywood Boulevard(3) | 41,081 |
| | 41,243 |
| | 5.58% | | 1/1/2015 | Mortgage loan secured by 275 Brannan(4) | 3,830 |
| | 138 |
| | LIBOR+2.00% | | 10/5/2015 | Mortgage loan secured by Sunset Gower/Sunset Bronson(5) | 92,000 |
| | 92,000 |
| | LIBOR+3.50% | | 2/11/2016 | Mortgage loan secured by 901 Market(6) | 49,600 |
| | 49,600 |
| | LIBOR+2.25% | | 10/31/2016 | Mortgage loan secured by Rincon Center(7) | 107,197 |
| | 107,492 |
| | 5.134% | | 5/1/2018 | Mortgage loan secured by First Financial(8) | 43,000 |
| | 43,000 |
| | 4.58% | | 2/1/2022 | Mortgage loan secured by 10950 Washington(9) | 29,605 |
| | 29,711 |
| | 5.316% | | 3/11/2022 | Mortgage loan secured by Pinnacle I | 129,000 |
| | 129,000 |
| | 3.954% | | 11/7/2022 | Subtotal | $ | 529,013 |
| | $ | 580,884 |
| | | | | Unamortized loan premium, net(10) | 1,010 |
| | 1,201 |
| | | | | Total | $ | 530,023 |
| | $ | 582,085 |
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__________________ | | (1) | Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed, excluding the amortization of loan fees and costs. |
| | (2) | This loan was assumed on September 1, 2011 in connection with the closing of our acquisition of the 625 Second Street property. |
| | (3) | This loan was assumed on November 22, 2011 in connection with the closing of our acquisition of the 6922 Hollywood Boulevard property. |
| | (4) | On October 5, 2012, we obtained a loan for our 275 Brannan property pursuant to which we have the ability to draw up to $15,000 for budgeted base building, tenant improvements, and other costs associated with the renovation and lease-up of that property. |
| | (5) | On February 11, 2011, we closed a five-year term loan totaling $92 million with Wells Fargo Bank, N.A., secured by our Sunset Gower and Sunset Bronson media and entertainment properties. The loan bears interest at a rate equal to one-month LIBOR plus 3.50%. $37.0 million of the loan was subject to an interest rate contract, which swaps one-month LIBOR to a fixed rate of 0.75% through April 30, 2011. On March 16, 2011, we purchased an interest rate cap in order to cap one-month LIBOR at 3.715% with respect to $50.0 million of the loan through its maturity on February 11, 2016. On January 11, 2012 we purchased an interest rate cap in order to cap one-month LIBOR at 2.00% with respect to $42.0 million of the loan through its maturity on February 11, 2016. Beginning with the payment due February 1, 2014, monthly debt service will include principal payments based on a 30-year amortization schedule, for total annual debt amortization of $1,113. |
| | (6) | On October 29, 2012, we obtained a loan for our 901 Market property pursuant to which we borrowed $49,600 upon closing, with the ability to draw up to an additional $11,900 for budgeted base building, tenant improvements, and other costs associated with the renovation and lease-up of that property. |
| | (7) | On April 29, 2011, we closed a seven-year term loan totaling $110.0 million with JPMorgan Chase Bank, National Association, secured by our Rincon Center property. The loan bears interest at a fixed annual rate of 5.134%. |
| | (8) | The loan bears interest only for the first two years. Beginning with the payment due March 1, 2014, monthly debt service will include principal payments based on a 30-year amortization schedule, for total annual debt service of $2,639. |
| | (9) | On February 11, 2012, we closed a 10-year term loan totaling $30.0 million with Cantor Commercial Real Estate Lending, L.P., secured by our 10950 Washington property. The loan bears interest at a fixed annual rate of 5.316% and will mature on March 11, 2022. |
| | (10) | Represents unamortized amount of the non-cash mark-to-market adjustment on debt associated with 625 Second Street and 6922 Hollywood Boulevard. |
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Schedule of Maturities of Long-term Debt |
The minimum future annual principal payments due on our secured and unsecured notes payable at March 31, 2013, excluding the non-cash loan premium amortization, were as follows (in thousands):
| | | | | 2013 (nine months ending December 31, 2013) | $ | 2,236 |
| 2014 | 38,787 |
| 2015 | 47,400 |
| 2016 | 142,081 |
| 2017 | 3,456 |
| 2018 | 102,107 |
| Thereafter | 192,946 |
| Total | $ | 529,013 |
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