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Mortgages Payable (Tables)
12 Months Ended
Dec. 31, 2011
Mortgages Payable [Abstract]  
Mortgages payable summary

 

 

Tenant Name

 

Stated
Interest
Rate
(1)

 

Effective
Interest
Rate

 

Maturity
Date
(2)

 

Remaining
Principal
Balance
(2)

 

Amortized
Premium
(Discount)
Balance

 

Mortgage
Payable
Balance

T-Mobile USA, Inc. (3)

 

5.89%

 

5.19%

 

5/6/12

 

$ 10,664

 

$        26

 

$ 10,690

Aviall Services, Inc. (4)

 

6.25%

 

4.63%

 

12/1/13

 

12,410

 

314

 

12,724

Aviall Services, Inc. (4)

 

6.25%

 

5.09%

 

9/1/14

 

11,671

 

359

 

12,030

MeadWestvaco Corporation

 

4.73%

 

4.84%

 

6/10/15

 

23,625

 

(68

)

23,557

Solae, LLC(4)(5)

 

8.26%

 

8.26%

 

12/28/13

 

4,510

 

--

 

4,510

Solae, LLC(4)(5)

 

8.26%

 

8.26%

 

12/28/13

 

4,270

 

--

 

4,270

 

 

 

 

 

 

 

 

$ 67,150

 

$      631

 

$ 67,781

 

(1) With the exception of the MeadWestvaco Corporation mortgage, the mortgages are at fixed interest rates.  The MeadWestvaco Corporation mortgage is at a floating variable interest rate calculated as the sum of the current 1 month LIBOR plus 4.50%, not to exceed an all-in interest rate of 5.5%.

(2) The mortgages require monthly payments, with a principal payment due at maturity.

(3) We have notified the lender that the mortgage will be paid off on March 6, 2012, as allowed for in the agreement.

(4) These are mortgages associated with one property occupied by the applicable tenant.

(5) As part of the assumption of these mortgages payable related to our acquisition of Solae, LLC, we also assumed an $8.8 million note receivable, upon which we will receive interest income at a stated rate of 8.14% through December 28, 2013.