0001171520-11-000827.txt : 20111110 0001171520-11-000827.hdr.sgml : 20111110 20111110155524 ACCESSION NUMBER: 0001171520-11-000827 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111110 DATE AS OF CHANGE: 20111110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FSP 50 South Tenth Street Corp CENTRAL INDEX KEY: 0001379075 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52551 FILM NUMBER: 111195310 BUSINESS ADDRESS: STREET 1: 401 EDGEWATER PLACE CITY: WAKEFIELD STATE: MA ZIP: 01880 BUSINESS PHONE: 781-557-1300 MAIL ADDRESS: STREET 1: 401 EDGEWATER PLACE CITY: WAKEFIELD STATE: MA ZIP: 01880 10-Q 1 eps4424.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10 - Q

 

(Mark One)

[ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

 

OR

 

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________.

 

Commission File Number: 000-52551

FSP 50 South Tenth Street Corp.

(Exact name of registrant as specified in its charter)

 

Delaware 20-5530367
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

401 Edgewater Place

Wakefield, MA 01880

(Address of principal executive offices)(Zip Code)

 

(781) 557-1300

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES  [X] NO  [_]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

YES   [X] NO  [_]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [_] Accelerated filer [_]
Non-accelerated filer  [_]  (Do not check if a smaller reporting company) Smaller reporting company  [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

YES  [_] NO  [X]

 

The number of shares of common stock outstanding was 1 and the number of shares of preferred stock outstanding was 700, each as of October 31, 2011.

  
 

 

FSP 50 South Tenth Street Corp.

 

Form 10-Q

 

Quarterly Report

September 30, 2011

 

Table of Contents

      Page
Part I. Financial Information  
       
  Item 1. Financial Statements  
       
    Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010 2
       
    Consolidated Statements of Operations for the three and nine months ended September 30, 2011 and 2010 3
       
    Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 4
       
    Notes to Consolidated Financial Statements 5-7
       
  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 8-12
       
  Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
       
  Item 4. Controls and Procedures 13
       
       
Part II. Other Information  
       
  Item 1. Legal Proceedings 14
       
  Item 1A. Risk Factors 14
       
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14
       
  Item 3. Defaults Upon Senior Securities 14
       
  Item 4. Removed and Reserved 14
       
  Item 5. Other Information 14
       
  Item 6. Exhibits 14
       
Signatures   15

 

 

1
 

PART I – FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

FSP 50 South Tenth Street Corp.
Consolidated Balance Sheets
(Unaudited)

 

(in thousands, except share and par value amounts)  September 30,
2011		  December 31,
2010
           
Assets:          
Real estate investments, at cost:          
    Land  $21,974   $21,974 
    Building and improvements   98,144    97,938 
    120,118    119,912 
    Less accumulated depreciation   12,461    10,514 
Real estate investments, net   107,657    109,398 
           
Acquired real estate leases, net of accumulated
     amortization of $3,483 and $3,034, respectively		   1,859    2,397 
Acquired favorable real estate leases, net of accumulated
      amortization of $2,009 and $1,705, respectively		   919    1,226 
Cash and cash equivalents   8,176    8,864 
Cash - held in escrow   2,294    1,388 
Tenant rent receivable, less allowance          
     for doubtful accounts of $52 and $13, respectively   81    59 
Step rent receivable   799    665 
Deferred leasing costs, net of accumulated
     amortization of $106 and $51, respectively		   310    354 
Deferred financing costs, net of accumulated
    amortization of $281 and $237, respectively		   15    59 
Prepaid expenses and other assets   88    51 
     Total assets  $122,198   $124,461 
           
Liabilities and Stockholders’ Equity:          
           
Liabilities:          
Accounts payable and accrued expenses  $2,468   $1,749 
Tenant security deposits   96    96 
Loan payable   76,200    76,200 
Acquired unfavorable real estate leases, net of accumulated
      amortization of $730 and $777, respectively		   527    666 
    Total liabilities   79,291    78,711 
           
Commitments and Contingencies   —      —   
           
Stockholders’ Equity:          
    Preferred Stock, $.01 par value, 1,540 shares          
      authorized, 700 issued and outstanding at September 30, 2011          
      and December 31, 2010, aggregate liquidation preference $70,000   —      —   
           
    Common Stock, $.01 par value, 1 share          
      authorized, issued and outstanding   —      —   
    Additional paid-in capital   64,224    64,224 
    Retained earnings and distributions in excess of earnings   (21,317)   (18,474)
    Total Stockholders’ Equity   42,907    45,750 
           
    Total Liabilities and Stockholders’ Equity  $122,198   $124,461 

See accompanying notes to consolidated financial statements

2
 

 

FSP 50 South Tenth Street Corp.
Consolidated Statements of Operations
(Unaudited)

 

   For the
Three Months Ended
September 30,		  For the
Nine Months Ended
September 30,
(in thousands, except share and per share amounts)  2011  2010  2011  2010
             
             
Revenues:                    
    Rental  $4,051   $4,027   $11,844   $11,917 
                     
       Total revenue   4,051    4,027    11,844    11,917 
                     
Expenses:                    
                     
    Rental operating expenses   1,184    1,109    3,267    3,234 
    Real estate taxes and insurance   695    748    2,090    2,247 
    Depreciation and amortization   854    848    2,565    2,538 
    Interest expense   1,044    1,045    3,099    3,100 
                     
      Total expenses   3,777    3,750    11,021    11,119 
                     
Income before interest income   274    277    823    798 
                     
Interest income   4    8    9    25 
                     
Net income attributable to preferred stockholders  $278   $285   $832   $823 
                     
Weighted average number of preferred shares outstanding,                    
    basic and diluted   700    700    700    700 
                     
Net income per preferred share, basic and diluted  $397   $407   $1,189   $1,176 

See accompanying notes to consolidated financial statements.

 

3
 

 

FSP 50 South Tenth Street Corp.
Consolidated Statements of Cash Flows
(Unaudited)

 

   For the
Nine Months Ended
September 30,
(in thousands)  2011  2010
       
Cash flows from operating activities:          
    Net income  $832   $823 
    Adjustments to reconcile net income to net cash          
           provided by operating activities:          
                    Depreciation and amortization   2,609    2,583 
                    Amortization of favorable real estate leases   307    321 
                    Amortization of unfavorable real estate leases   (139)   (140)
                    Increase in bad debt reserve   39    —   
             Changes in operating assets and liabilities:          
                    Cash - held in escrow   (906)   (972)
                    Tenant rent receivable   (61)   (32)
                    Step rent receivable   (134)   (52)
                    Prepaid expenses and other assets   (37)   (44)
                    Accounts payable and accrued expenses   720    (109)
    Payment of deferred leasing costs   (11)   (150)
           
                       Net cash provided by operating activities   3,219    2,228 
Cash flows from investing activities:          
    Purchase of real estate assets   (232)   (411)
           
                       Net cash used for investing activities   (232)   (411)
Cash flows from financing activities:          
    Distributions to stockholders   (3,675)   (3,675)
           
                      Net cash used for financing activities   (3,675)   (3,675)
           
Net decrease in cash and cash equivalents   (688)   (1,858)
           
Cash and cash equivalents, beginning of period   8,864    9,888 
           
Cash and cash equivalents, end of period  $8,176   $8,030 
           
Supplemental disclosure of cash flow information:          
    Cash paid for interest  $3,055   $3,055 
           
Disclosure of non-cash investing activities:          
    Accrued costs for purchase of real estate assets  $8   $9 

See accompanying notes to consolidated financial statements.

 

4
 

FSP 50 South Tenth Street Corp.

Notes to Consolidated Financial Statements

(Unaudited)

 

1.  Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments

 

Organization

 

FSP 50 South Tenth Street Corp. (the “Company”) was organized on September 12, 2006 as a corporation under the laws of the State of Delaware to purchase, own and operate a twelve-story multi-tenant office and retail building containing approximately 498,768 rentable square feet of space located in downtown Minneapolis, Minnesota (the “Property”). The Company acquired the Property on November 8, 2006. Franklin Street Properties Corp. (“Franklin Street”) (NYSE Amex: FSP) holds the sole share of the Company’s common stock, $.01 par value per share (the “Common Stock”). Between November 2006 and January 2007, FSP Investments LLC (member, FINRA and SIPC), a wholly-owned subsidiary of Franklin Street, completed the sale on a best efforts basis of 700 shares of preferred stock, $.01 par value per share (the “Preferred Stock”) in the Company. FSP Investments LLC sold the Preferred Stock in a private placement offering to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933.

 

All references to the Company refer to FSP 50 South Tenth Street Corp. and its consolidated subsidiary, collectively, unless the context otherwise requires.

 

Basis of Presentation

 

The unaudited consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiary. These financial statements should be read in conjunction with the Company's financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission (the “SEC”).

 

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and in conjunction with the rules and regulations of the SEC. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011 or for any other period.

Real Estate and Depreciation

Real estate assets are stated at the lower of cost or fair value, as appropriate, less accumulated depreciation.

Costs related to property acquisition and improvements are capitalized. Typical capital items include new roofs, site improvements, various exterior building improvements and major interior renovations. Funding for capital improvements typically is provided by cash set aside at the time the Property was purchased.

Routine replacements and ordinary maintenance and repairs that do not extend the life of the asset are expensed as incurred. Funding for repairs and maintenance items typically is provided by cash flows from operating activities.

Depreciation is computed using the straight-line method over the assets’ estimated useful lives as follows:

  Category Years
  Building - Commercial 39
  Building Improvements 15-39
  Furniture and Fixtures 5-7

 

The Company reviews the Property to determine if the carrying amount will be recovered from future cash flows if certain indicators of impairment are identified at the Property. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. When indicators of impairment are present and the sum of the undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its fair value based on discounting its estimated future cash flows. At September 30, 2011 and December 31, 2010, no impairment charges were recorded.

 

5
 

FSP 50 South Tenth Street Corp.

Notes to Consolidated Financial Statements

(Unaudited)

 

1.  Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments (continued)

 

Financial Instruments

 

The Company estimates that the carrying value of cash and cash equivalents, cash-held in escrow, and loan payable approximate their fair values based on their short-term maturity and prevailing interest rates.

 

2.  Income Taxes

 

The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the "Code"). As a REIT, the Company generally is entitled to a tax deduction for dividends paid to its stockholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only. The Company must comply with a variety of restrictions to maintain its status as a REIT. These restrictions include the type of income it can earn, the type of assets it can hold, the number of stockholders it can have and the concentration of their ownership, and the amount of the Company’s income that must be distributed annually.

 

Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future. The Company files income tax returns in the U.S. federal jurisdiction and State of Minnesota jurisdiction. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2008 and thereafter.

 

3.  Loan Payable

 

The Company has a loan (the “Loan”) outstanding with Bank of America, N.A. in the amount of $76,200,000. Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum. The Loan is secured by a mortgage on the Property. The Loan was entered into on December 21, 2006 and matures on January 1, 2012, with the entire principal balance due on that date. Interest expense paid for the nine months ended September 30, 2011 and 2010 was $3,055,000.

 

The Loan includes restrictions on property liens and requires compliance with various financial covenants. Financial covenants include the requirement that the Company deposit all rents or other revenue from the Property to a lockbox account with the lender and provide periodic reporting. The Loan has certain restrictions on the Company’s ability to incur debt. The Company was in compliance with the loan covenants as of September 30, 2011 and December 31, 2010.

 

4.  Related Party Transactions

 

The Company has in the past engaged in and currently engages in transactions with a related party, Franklin Street, and its subsidiaries FSP Investments LLC and FSP Property Management LLC (collectively “FSP”). The Company expects to continue to have related party transactions with FSP in the form of management fees paid to FSP to manage the Company on behalf of its stockholders. FSP Property Management LLC currently provides the Company with asset management and financial reporting services. The asset management agreement between the Company and FSP Property Management LLC requires the Company to pay FSP Property Management LLC a monthly fee equal to one percent (1%) of the gross revenues of the Property. The asset management agreement between the Company and FSP Property Management LLC may be terminated by either party without cause at any time, upon at least thirty (30) days written notice, effective at the end of the notice period. For the nine months ended September 30, 2011 and 2010, management fees paid were $117,000 and $120,000, respectively.

 

Franklin Street is the sole holder of the Company’s one share of Common Stock that is issued and outstanding. Subsequent to the completion of the placement of the Preferred Stock in January 2007, Franklin Street has not been entitled to share in earnings or any dividend related to the Common Stock.

6
 

FSP 50 South Tenth Street Corp.

Notes to Consolidated Financial Statements

(Unaudited)

 

5.  Net Income Per Share

 

Basic net income per share is computed by dividing net income by the weighted average number of shares of Preferred Stock outstanding during the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares. There were no potential dilutive shares outstanding at September 30, 2011 and 2010.

 

6.  Segment Reporting

 

The Company operates in one industry segment, which is real estate ownership of commercial property. The Company owned and operated the Property for all periods presented.

 

7.  Cash Distributions

 

The Company’s board of directors declared and paid cash distributions as follows:

 

Quarter Paid  Distributions
Per Preferred
Share		  Total Distributions
First quarter of 2011  $1,750  $1,225,000
Second quarter of 2011  $1,750  $1,225,000
Third quarter of 2011  $1,750  $1,225,000
    
First quarter of 2010  $1,750  $1,225,000
Second quarter of 2010  $1,750  $1,225,000
Third quarter of 2010  $1,750  $1,225,000

 

 

7
 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report and in our Annual Report on Form 10-K for the year ended December 31, 2010. Historical results and percentage relationships set forth in the consolidated financial statements, including trends which might appear, should not be taken as necessarily indicative of future operations. The following discussion and other parts of this Quarterly Report on Form 10-Q may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, geopolitical events, economic conditions globally, in the United States and in the market where we own the Property, disruptions in the debt markets, the Company’s ability to refinance the Loan, risks of a lessening of demand for the type of real estate owned by us, changes in government regulations, and expenditures that cannot be anticipated such as utility rate and usage increases, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We may not update any of the forward-looking statements after the date this Quarterly Report on Form 10-Q is filed to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

 

Overview

 

FSP 50 South Tenth Street Corp., which we refer to as the Company, is a Delaware corporation formed to purchase, own and operate a twelve-story multi-tenant office and retail building containing approximately 498,768 square feet of rentable space located in downtown Minneapolis, Minnesota, which we refer to as the Property.

 

Franklin Street Properties Corp., which we refer to as Franklin Street, is the sole holder of our one share of common stock, $.01 par value per share, which we refer to as the Common Stock, that is issued and outstanding. Between November 2006 and January 2007, FSP Investments LLC (member, FINRA and SIPC), a wholly-owned subsidiary of Franklin Street, completed the sale on a best efforts basis of 700 shares of our preferred stock, $.01 par value per share, which we refer to as the Preferred Stock. FSP Investments LLC sold the Preferred Stock in a private placement offering to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933. Since the completion of the placement of the Preferred Stock in January 2007, Franklin Street has not been entitled to share in any earnings or dividend related to the Common Stock.

 

We operate in one business segment, which is real estate operations, and own a single property. Our real estate operations involve real estate rental operations, leasing services and property management services. The main factor that affects our real estate operations is the broad economic market conditions in the United States and, more specifically, the economic conditions in Minneapolis, Minnesota. These market conditions affect the occupancy levels and the rent levels on both a national and local level. We have no influence on national or local market conditions.

 

Trends and Uncertainties

 

Economic Conditions

 

The economy in the United States is continuing to experience a period of limited economic growth, including historically high levels of unemployment, the lingering effect from the failure and near failure of a number of large financial institutions and increased credit risk premiums for a number of market participants. The broad economic conditions in the United States are affected by numerous factors, including but not limited to, inflation and employment levels, energy prices, slow growth and/or recessionary concerns, changes in currency exchange rates, geopolitical events, the regulatory environment, the availability of debt and interest rate fluctuations. Management does not believe that this period of limited economic growth has negatively impacted our business at this time. However, management does believe that this period of limited economic growth has negatively impacted real estate values, occupancy levels and property income levels in the United States and, as a consequence, is closely monitoring the situation. During the three months ended September 30, 2011, we believe that vacancy rates decreased slightly and that asking rental rates held steady for Class A office and retail buildings in downtown Minneapolis. These local and national trends may continue, worsen or improve in the future. At this time, we cannot predict the extent or duration of any negative impact on our business.

 

8
 

Real Estate Operations

 

We own and operate a twelve-story multi-tenant office and retail building containing approximately 498,768 rentable square feet located in downtown Minneapolis, Minnesota. The Property was completed in 2001 and is leased to a diverse group of office and retail tenants with staggered lease expirations. The Property is located directly across the street from the designated world headquarters of Target Corporation (NYSE:TGT), which we refer to as Target, and is connected to a corporately-owned two-level Target retail store and sits above an approximately 850-stall, three-level parking garage that is owned and managed by the City of Minneapolis. The Property also has lower level retail space and is part of a larger development that we refer to as the Project that covers a full city block in Minneapolis, Minnesota. The Project is comprised of our Property, the Target retail store and the parking garage. The three owners of the Project, our Company, Target and the City of Minneapolis, share expenses and responsibilities for maintenance of the Project under the terms of a Reciprocal Easement and Operation Agreement (REOA), which is administered by Ryan Companies US, Inc., which we refer to as Ryan. The three owners of the Project also share certain common areas and access to four skyway bridges that connect the Project to other buildings, including Target’s world headquarters across the street, and the greater Minneapolis skyway system.

 

The Property primarily has office and retail space, which collectively was approximately 98.6% occupied as of September 30, 2011. There is approximately 449,233 square feet of rentable office space, which was 100% occupied as of September 30, 2011 and approximately 36,415 square feet of rentable retail space, which was approximately 81.6% occupied as of September 30, 2011 and approximately 13,120 square feet of storage space, which was approximately 97.6% occupied as of September 30, 2011. Target and Ryan currently occupy 10% or more of the Property’s space. Oracle America, Inc., which we refer to as Oracle America, leases approximately 242,107 square feet of space (approximately 50% of the Property’s rentable space) through March 2014. Oracle America subleases its space to Target (approximately 215,838 square feet) and the balance (approximately 26,269 square feet) to another tenant. Oracle America was previously known as Oracle USA, Inc., which we refer to as Oracle USA. Effective February 15, 2010, Oracle USA merged with and into Oracle America, with Oracle America surviving the merger. In connection with this merger, Oracle USA assigned its lease at the Property to Oracle America. Oracle America is and Oracle USA was a wholly-owned subsidiary of Oracle Corporation (NASDAQ: ORCL). Ryan leases approximately 86,381 square feet through July 2015, subject to Ryan’s right to terminate the lease, beginning on December 31, 2011, prior to its scheduled expiration. Target directly leases approximately 43,506 square feet through June 2015 and approximately 1,024 square feet through October 2011. Including subleased space, Target occupies approximately 54% of the Property's rentable space. Ryan occupies approximately 18% of the Property’s rentable space. Except for Oracle America and Ryan, none of the Property’s additional office and retail tenants with direct leases currently occupies 10% or more of the Property’s space.

 

Management is in discussions with Target regarding an extension of its lease at the Property.

 

Management believes that the position of the Property within Minneapolis’ office and retail markets is strong. In order to further improve the Property’s position in Minneapolis’ office and retail markets, management will continue to evaluate the Property’s operations for both greater efficiency and for more active and proactive sustainability practices. The Property is Energy Star® certified and since November 1, 2010, is LEED® Gold certified from the U.S. Green Building Council in the Leadership in Energy and Environmental Design for Existing Buildings: Operations and Maintenance.

 

It is difficult for management to predict what will happen to occupancy or rents after the expiration or earlier termination of existing leases at our Property because the need for space and the price tenants are willing to pay are tied to both the local economy and to the larger trends in the national economy, such as job growth, interest rates, the availability of credit and corporate earnings, which in turn are tied to even larger macroeconomic and political factors, such as recessionary concerns, volatility in energy pricing and the risk of terrorism. In addition to the difficulty of predicting macroeconomic factors, it is difficult to predict how our local market or tenants will suffer or benefit from changes in the larger economy. In addition, because the Property is in a single geographical market, these macroeconomic trends may have a different effect on the Property and on its tenants, many of which operate on a national level. Although we cannot predict how long it would take to lease vacant space at the Property or what the terms and conditions of any new leases would be, we would expect to sign new leases at then current market rates which may be below the expiring rates.

9
 

The potential for any of our tenants to default on its lease or to seek the protection of bankruptcy laws exists. If any of our tenants defaults on its lease, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment. In addition, at any time, a tenant may seek the protection of bankruptcy laws, which could result in the rejection and termination of such tenant’s lease and thereby cause a reduction in cash available for distribution to our stockholders. Bankruptcy or a material adverse change in the financial condition of a material tenant would likely have a material adverse effect on our results of operations.

 

Secured Debt

 

As of September 30, 2011, we have a loan, which we refer to as the Loan, outstanding with Bank of America, N.A. in the amount of $76.2 million. Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum. The Loan is secured by the Property and matures on January 1, 2012. Management has been actively working on a number of potential options and anticipates that we will replace or refinance the Loan on or before its maturity date. However, there can be no assurance that we will be able to replace or refinance the Loan on favorable terms, or at all. Management believes that Target’s relatively near-term sublease (March 2014) and lease (June 2015) expirations may limit our options for a potentially longer-term refinancing of the Loan.

 

Dividends

 

In light of the imminent maturity of the Loan and our ongoing lease extension discussions with Target, we believe that it is prudent for the Company to build reserves for refinancing and for potential future leasing costs. Accordingly, the Company’s board of directors has recently decided to suspend dividend distributions until such time that the Property’s long-term financial future becomes clearer. However, the Company will distribute the minimum that it believes is required to maintain its qualification as a REIT.

 

Critical Accounting Policies

 

We have certain critical accounting policies that are subject to judgments and estimates by our management and uncertainties of outcome that affect the application of these policies. We base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. On an on-going basis, we evaluate our estimates. In the event estimates or assumptions prove to be different from actual results, adjustments are made in subsequent periods to reflect more current information. The accounting policies that we believe are most critical to the understanding of our financial position and results of operations, and that require significant management estimates and judgments, are discussed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2010.

 

Critical accounting policies are those that have the most impact on the reporting of our financial condition and results of operations and those requiring significant judgments and estimates. We believe that our judgments and assessments are consistently applied and produce financial information that fairly presents our results of operations.

 

No changes to our critical accounting policies have occurred since the filing of our Annual Report on Form 10-K for the year ended December 31, 2010.

 

Results of Operations

 

Comparison of the three months ended September 30, 2011 to the three months ended September 30, 2010.

 

Revenue

 

Total revenue increased by $0.1 million to $4.1 million for the three months ended September 30, 2011, as compared to $4.0 million for the three months ended September 30, 2010. This increase was primarily attributable to increase in recoverable rent revenue. The majority of the operating expenses, real estate taxes and insurance expenses represent amounts recoverable by the Company.

 

Expenses

 

Total expenses remained relatively unchanged at $3.8 million for the three months ended September 30, 2011, and ended September 30, 2010.

10
 

Comparison of the nine months ended September 30, 2011 to the nine months ended September 30, 2010.

 

Revenue

 

Total revenue decreased by $0.1 million to $11.8 million for the nine months ended September 30, 2011, as compared to $11.9 million for the nine months ended September 30, 2010. This decrease was primarily attributable to decrease in recoverable rent revenue. The majority of the operating expenses, real estate taxes and insurance expenses represent amounts recoverable by the Company.

 

Expenses

 

Total expenses decreased $0.1 million to $11.0 million for the nine months ended September 30, 2011, as compared to $11.1 million for the nine months ended September 30, 2010. This decrease was primarily attributable to a decrease of $0.1 million in real estate taxes and insurance.

 

Liquidity and Capital Resources

 

Cash and cash equivalents were approximately $8.2 million and $8.9 million at September 30, 2011 and December 31, 2010, respectively. The $0.7 million decrease for the nine months ended September 30, 2011 is primarily attributable to $0.2 million used for investing activities and $3.7 million used for financing activities and is partially offset by $3.2 million provided by operating activities.

 

As of September 30, 2011, we have a loan, which we refer to as the Loan, outstanding with Bank of America, N.A. in the amount of $76.2 million. Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum. The Loan is secured by the Property and matures on January 1, 2012. Management has been actively working on a number of potential options and anticipates that we will replace or refinance the Loan on or before its maturity date. However, there can be no assurance that we will be able to replace or refinance the Loan on favorable terms, or at all. Management believes that Target’s relatively near-term sublease (March 2014) and lease (June 2015) expirations may limit our options for a potentially longer-term refinancing of the Loan.

 

Management believes that existing cash and cash anticipated to be generated internally by operations will be sufficient to meet working capital requirements, distributions and anticipated capital expenditures for at least the next 12 months.

 

Operating Activities

 

The cash provided by operating activities of $3.2 million for the nine months ended September 30, 2011 is primarily attributable to net income of approximately $0.8 million plus the add-back of $2.8 million of depreciation and amortization, which was partially offset by uses arising from other current accounts of approximately $0.4 million.

 

Investing Activities

 

Cash used for investing activities of approximately $0.2 million for the nine months ended September 30, 2011 was for capital expenditures.

 

Financing Activities

 

The cash used for financing activities of $3.7 million for the nine months ended September 30, 2011 is attributable to distributions to stockholders.

 

Sources and Uses of Funds

 

Our principal demands on liquidity are cash for operations, interest on debt payments and distributions to equity holders. As of September 30, 2011, we had approximately $2.5 million in accrued liabilities, and $76.2 million in long-term debt. In the near term, liquidity is generated by cash from operations.

 

Cash Held in Escrow

 

We also have cash held in escrow of $2.3 million as of September 30, 2011. We are required under our loan documents with Bank of America, N.A. to make monthly deposits into a pledge account for real estate taxes, which is used to make periodic payments of those taxes. Increases and decreases to the cash held in escrow are a result of the timing of monthly deposits and payment of periodic real estate tax assessments.

11
 

Secured Debt

 

We have a loan, which we refer to as the Loan, outstanding with Bank of America, N.A. in the amount of $76,200,000. Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum. The Loan is secured by a mortgage on the Property. The Loan was entered into on December 21, 2006 and matures on January 1, 2012, with the entire principal balance due on that date. Interest expense paid for the nine months ended September 30, 2011 and 2010 was $3,055,000.

 

The Loan includes restrictions on property liens and requires compliance with various financial covenants. Financial covenants include the requirement that we deposit all rents or other revenue from the Property to a lockbox account with the lender and provide periodic reporting. The Loan has certain restrictions on our ability to incur debt. We were in compliance with the loan covenants as of September 30, 2011 and December 31, 2010.

 

Contingencies

 

We may be subject to various legal proceedings and claims that arise in the ordinary course of our business. Although occasional adverse decisions or settlements may occur, we believe that the final disposition of such matters will not have a material adverse effect on our financial position or results of operations.

 

Related Party Transactions

 

We have in the past engaged in and currently engage in transactions with a related party, Franklin Street Properties Corp., which we refer to as Franklin Street, and its subsidiaries FSP Investments LLC and FSP Property Management LLC, which we collectively refer to as FSP. We expect to continue to have related party transactions with FSP in the form of management fees paid to FSP to manage the Company on behalf of our stockholders. FSP Property Management LLC currently provides the Company with asset management and financial reporting services. The asset management agreement between the Company and FSP Property Management LLC requires the Company to pay FSP Property Management LLC a monthly fee equal to one percent (1%) of the gross revenues of the Property. The asset management agreement between the Company and FSP Property Management LLC may be terminated by either party without cause at any time, upon at least thirty (30) days written notice, effective at the end of the notice period. For the nine months ended September 30, 2011 and 2010, management fees paid were $117,000 and $120,000, respectively.

 

Franklin Street is the sole holder of our one share of Common Stock that is issued and outstanding. Subsequent to the completion of the placement of our Preferred Stock in January 2007, Franklin Street has not been entitled to share in our earnings or any dividend related to our Common Stock.

12
 

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

 

Not Applicable

 

Item 4.  Controls and Procedures.

 

Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2011. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2011 our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

 

Changes in Internal Control Over Financial Reporting

 

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended September 30, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

13
 

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings.

 

From time to time, we may be subject to legal proceedings and claims that arise in the ordinary course of our business. Although occasional adverse decisions (or settlements) may occur, we believe that the final disposition of such matters will not have a material adverse effect on our financial position, cash flows or results of operations.

 

Item 1A.  Risk Factors.

 

If we are unable to refinance the Loan at maturity or meet our payment obligations, such events would constitute a default under the Loan and would have a material adverse affect on the Company and its stockholders.

 

There can be no assurance that we will be able to refinance the Loan upon its maturity on January 1, 2012, that any such refinancing would be on terms as favorable as the terms of the Loan, or that we will be able to otherwise obtain funds by selling assets or raising equity to make required payments on the Loan. If we are unable to refinance the Loan at maturity or meet our payment obligations, such events would constitute a default under the Loan and would have a material adverse affect on the Company and its stockholders.

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

 

None

 

Item 3.  Defaults Upon Senior Securities.

 

None

 

Item 4.  Removed and Reserved.

 

 

Item 5.  Other Information.

 

None

 

Item 6.  Exhibits.

 

See Exhibit Index attached hereto, which is incorporated herein by reference.

 

14
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

            FSP 50 SOUTH TENTH STREET CORP.

 

 

Date Signature Title
     

Date: November 10, 2011

 

 

/s/ George J. Carter

George J. Carter

 

President

(Principal Executive Officer)

     

Date: November 10, 2011

 

 

/s/ Barbara J. Fournier

Barbara J. Fournier

 

Chief Operating Officer

(Principal Financial Officer)

 

 

15
 

EXHIBIT INDEX

 

Exhibit No. Description
   
31.1* Certification of FSP 50 South Tenth Street Corp.'s principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
31.2* Certification of FSP 50 South Tenth Street Corp.'s principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
   
32.1* Certification of FSP 50 South Tenth Street Corp.'s principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
32.2* Certification of FSP 50 South Tenth Street Corp.'s principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101** The following materials from FSP 50 South Tenth Street Corp.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Cash Flows; and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text.
   
* Filed herewith.
   
** XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these Sections.

 

16

 EX-31 2 ex31-1.htm

Exhibit 31.1

 

CERTIFICATIONS

 

I, George J. Carter, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of FSP 50 South Tenth Street Corp.;  
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and  
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):   
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.  

 

Date: November 10, 2011

 

/s/ George J. Carter

George J. Carter

President (Principal Executive Officer)

 

 EX-31 3 ex31-2.htm

Exhibit 31.2

 

CERTIFICATIONS

 

I, Barbara J. Fournier, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of FSP 50 South Tenth Street Corp.;  
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;  
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;  
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;  
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;  
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and  
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and  
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):   
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and  
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.  

 

Date: November 10, 2011

 

 

/s/ Barbara J. Fournier

Barbara J. Fournier

Chief Operating Officer (Principal Financial Officer)

 

 EX-32 4 ex32-1.htm

Exhibit 32.1

 

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report on Form 10-Q of FSP 50 South Tenth Street Corp. (the “Company”) for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, George J. Carter, President and principal executive officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

 

 

 

Date: November 10, 2011

 

 

/s/ George J. Carter

George J. Carter

President
(Principal Executive Officer)

 

 

 

 EX-32 5 ex32-2.htm

Exhibit 32.2

 

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report on Form 10-Q of FSP 50 South Tenth Street Corp. (the “Company”) for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Barbara J. Fournier, Chief Operating Officer and principal financial officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to her knowledge:

 

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

 

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

 

 

 

Date: November 10, 2011

 

 

/s/ Barbara J. Fournier

Barbara J. Fournier

Chief Operating Officer

(Principal Financial Officer)

 

 

 

 

 

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FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company&#146;s board of directors declared and paid cash distributions as follows:</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <table style="MARGIN-LEFT: 1.25in; WIDTH: 68.16%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" border="0"> <tr style="HEIGHT: 0px"> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 53.78%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" valign="bottom" width="53%"> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Quarter&nbsp;Paid</font></b></p></td> <td style="PADDING-RIGHT: 0in; 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PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 53.78%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="53%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">First quarter of 2011</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.34%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="16%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.26%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 17.5%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="17%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="top" width="53%"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Second quarter of 2011</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.34%; PADDING-TOP: 0in" valign="bottom" width="16%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 17.5%; PADDING-TOP: 0in" valign="bottom" width="17%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="top" width="53%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Third quarter of 2011</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 16.34%; PADDING-TOP: 0in" valign="bottom" width="16%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 17.5%; PADDING-TOP: 0in" valign="bottom" width="17%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="bottom" width="53%"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 17.6%; PADDING-TOP: 0in" valign="bottom" width="17%" colspan="2"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18.78%; PADDING-TOP: 0in" valign="bottom" width="18%" colspan="2"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="top" width="53%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">First quarter of 2010</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 16.34%; PADDING-TOP: 0in" valign="bottom" width="16%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 17.5%; PADDING-TOP: 0in" valign="bottom" width="17%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="top" width="53%"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Second quarter of 2010</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.34%; PADDING-TOP: 0in" valign="bottom" width="16%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 17.5%; PADDING-TOP: 0in" valign="bottom" width="17%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 53.78%; PADDING-TOP: 0in" valign="top" width="53%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Third quarter of 2010</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.7%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 16.34%; PADDING-TOP: 0in" valign="bottom" width="16%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,750</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.68%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.26%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 17.5%; PADDING-TOP: 0in" valign="bottom" width="17%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,225,000</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 2.46%; PADDING-TOP: 0in" valign="bottom" width="2%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6.</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 3pt" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" size="2">Segment Reporting</font></b></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company operates in one industry segment, which is real estate ownership of commercial property.&nbsp; The Company owned and operated the Property for all periods presented.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> 1 1 397 4000 274000 3777000 1044000 854000 695000 1184000 4051000 4051000 407 8000 277000 3750000 1045000 848000 748000 1109000 4027000 4027000 1189 9000 823000 11021000 3099000 2565000 2090000 3267000 11844000 11844000 1176 25000 798000 11119000 3100000 2538000 2247000 <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5.&nbsp;&nbsp;&nbsp;&nbsp; Net Income Per Share</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic net income per share is computed by dividing net income by the weighted average number of shares of Preferred Stock outstanding during the period.&nbsp; Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares.&nbsp; There were no potential dilutive shares outstanding at September&nbsp;30, 2011 and 2010.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.&nbsp;&nbsp;&nbsp;&nbsp; Related Party Transactions</font></b></p> <p style="MARGIN: 0in 0in 0pt 2.25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company has in the past engaged in and currently engages in transactions with a related party, Franklin Street, and its subsidiaries FSP Investments LLC and FSP Property</font> <font style="FONT-SIZE: 10pt" size="2">Management</font><font style="FONT-SIZE: 10pt" size="2"> LLC (collectively &#147;FSP&#148;).&nbsp; The Company expects to continue to have related party transactions with FSP in the form of management fees paid to FSP to manage the Company on behalf of its stockholders.&nbsp; FSP Property Management LLC currently provides the Company with asset management and financial reporting services.&nbsp; The asset management agreement between the Company and FSP Property Management LLC requires the Company to pay FSP Property Management LLC a monthly fee equal to one percent (1%) of the gross revenues of the Property.&nbsp; The asset management agreement between the Company and FSP Property Management LLC may be terminated by either party without cause at any time, upon at least thirty (30) days written notice, effective at the end of the notice period.&nbsp; For the nine months ended September&nbsp;30, 2011 and 2010, management fees paid were $117,000 and $120,000, respectively.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Franklin Street is the sole holder of the Company&#146;s one share of Common Stock that is issued and outstanding.&nbsp; Subsequent to the completion of the placement of the Preferred Stock in January&nbsp;2007, Franklin Street has not been entitled to share in earnings or any dividend related to the Common Stock.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3.</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 3pt" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b> <b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" size="2">Loan Payable</font></b></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company has a loan (the &#147;Loan&#148;) outstanding with Bank of America, N.A. in the amount of $76,200,000.&nbsp;&nbsp; Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum.&nbsp; The Loan is secured by a mortgage on the Property.&nbsp; The Loan was entered into on December&nbsp;21, 2006 and matures on January&nbsp;1, 2012, with the entire principal balance due on that date.&nbsp; Interest expense paid for the nine months ended September&nbsp;30, 2011 and 2010 was $3,055,000.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Loan includes restrictions on property liens and requires compliance with various financial covenants.&nbsp; Financial covenants include the requirement that the Company deposit all rents or other revenue from the Property to a lockbox account with the lender and provide periodic reporting.&nbsp; The Loan has certain restrictions on the Company&#146;s ability to incur debt.&nbsp; The Company was in compliance with the loan covenants as of September&nbsp;30, 2011 and December&nbsp;31, 2010.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2.&nbsp;&nbsp;&nbsp;&nbsp; Income Taxes</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company has elected to be taxed as a real estate investment trust (&#147;REIT&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;).&nbsp; As a REIT, the Company generally is entitled to a tax deduction for dividends paid to its stockholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only.&nbsp; The Company must comply with a variety of restrictions to maintain its status as a REIT.&nbsp; These restrictions include the type of income it can earn, the type of assets it can hold, the number of stockholders it can have and the concentration of their ownership, and the amount of the Company&#146;s income that must be distributed annually.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.&nbsp; The Company files income tax returns in the U.S. federal jurisdiction and State of Minnesota jurisdiction.&nbsp; The statute of limitations for the Company&#146;s income tax returns is generally three years and as such, the Company&#146;s returns that remain subject to examination would be primarily from 2008 and thereafter<b>.</b></font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.&nbsp;&nbsp;&nbsp;&nbsp; Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Organization</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">FSP 50 South Tenth Street Corp. (the &#147;Company&#148;) was organized on September&nbsp;12, 2006 as a corporation under the laws of the State of Delaware to purchase, own and operate a twelve-story multi-tenant office and retail building containing approximately 498,768 rentable square feet of space located in downtown Minneapolis, Minnesota (the &#147;Property&#148;).&nbsp; The Company acquired the Property on November&nbsp;8, 2006.&nbsp; Franklin Street Properties Corp. (&#147;Franklin Street&#148;) (NYSE Amex: FSP) holds the sole share of the Company&#146;s common stock, $.01 par value per share (the &#147;Common Stock&#148;).&nbsp; Between November&nbsp;2006 and January&nbsp;2007, FSP Investments LLC (member, FINRA and SIPC), a wholly-owned subsidiary of Franklin Street, completed the sale on a best efforts basis of 700 shares of preferred stock, $.01 par value per share (the &#147;Preferred Stock&#148;) in the Company.&nbsp; FSP Investments LLC sold the Preferred Stock in a private placement offering to &#147;accredited investors&#148; within the meaning of Regulation D under the Securities Act of 1933.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">All references to the Company refer to FSP 50 South Tenth Street Corp. and its consolidated subsidiary, collectively, unless the context otherwise requires.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basis of Presentation</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The unaudited consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiary.&nbsp; These financial statements should be read in conjunction with the Company&#146;s financial statements and notes thereto contained in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2010, as filed with the Securities and Exchange Commission (the &#147;SEC&#148;).</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (&#147;GAAP&#148;) in the United States of America for interim financial information and in conjunction with the rules&nbsp;and regulations of the SEC.&nbsp; Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements.&nbsp; In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included.&nbsp; Operating results for the nine months ended September&nbsp;30, 2011 are not necessarily indicative of the results that may be expected for the year ending December&nbsp;31, 2011 or for any other period.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Real Estate and Depreciation</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Real estate assets are stated at the lower of cost or fair value, as appropriate, less accumulated depreciation.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Costs related to property acquisition and improvements are capitalized.&nbsp; Typical capital items include new roofs, site improvements, various exterior building improvements and major interior renovations.&nbsp; Funding for capital improvements typically is provided by cash set aside at the time the Property was purchased.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Routine replacements and ordinary maintenance and repairs that do not extend the life of the asset are expensed as incurred.&nbsp; Funding for repairs and maintenance items typically is provided by cash flows from operating activities.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Depreciation is computed using the straight-line method over the assets&#146; estimated useful lives as follows:</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <table style="MARGIN-LEFT: 1.25in; WIDTH: 66.66%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="66%" border="0"> <tr style="HEIGHT: 0px"> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 76.74%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" valign="bottom" width="76%"> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Category</font></b></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.76%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="1">&nbsp;</font></b></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid" valign="bottom" width="18%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Years</font></b></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.48%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="1">&nbsp;</font></b></p></td></tr> <tr style="HEIGHT: 0px"> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 76.74%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="76%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Building - Commercial</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.76%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="bottom" width="18%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">39</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.48%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.74%; PADDING-TOP: 0in" valign="top" width="76%"> <p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Building Improvements</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.76%; PADDING-TOP: 0in" valign="bottom" width="3%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in" valign="bottom" width="18%"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">15-39</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.48%; PADDING-TOP: 0in" valign="bottom" width="1%"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr> <tr style="HEIGHT: 0px"> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.74%; PADDING-TOP: 0in" valign="top" width="76%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Furniture and Fixtures</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.76%; PADDING-TOP: 0in" valign="bottom" width="3%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in" valign="bottom" width="18%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5-7</font></p></td> <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.48%; PADDING-TOP: 0in" valign="bottom" width="1%" bgcolor="#CCEEFF"> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 1pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> <p style="MARGIN: 0in 0in 0pt 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company reviews the Property to determine if the carrying amount will be recovered from future cash flows if certain indicators of impairment are identified at the Property.&nbsp; The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.&nbsp; When indicators of impairment are present and the sum of the undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset&#146;s current carrying value and its fair value based on discounting its estimated future cash flows.&nbsp; At September&nbsp;30, 2011 and December&nbsp;31, 2010, no impairment charges were recorded.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Financial Instruments</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company estimates that the carrying value of cash and cash equivalents, cash-held in escrow, and loan payable approximate their fair values based on their short-term maturity and prevailing interest rates.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&nbsp;</font></p></td></tr></table> 1 Q3 2011 Smaller Reporting Company Yes --12-31 false 2011-09-30 10-Q 0001379075 FSP 50 South Tenth Street Corp 1 1 1 1 70000000 70000000 700 700 700 700 1540 1540 0.01 0.01 0.01 0.01 777000 237000 51000 13000 1705000 3034000 730000 281000 106000 52000 2009000 3483000 124461000 18474000 64224000 78711000 666000 76200000 96000 1749000 124461000 51000 59000 354000 665000 59000 1388000 1226000 2397000 109398000 10514000 119912000 97938000 21974000 122198000 21317000 64224000 79291000 527000 76200000 96000 2468000 122198000 88000 15000 310000 799000 81000 2294000 919000 1859000 107657000 12461000 120118000 98144000 21974000 700 700 42907000 45750000 278000 285000 832000 823000 3219000 2228000 -232000 -411000 -3675000 -3675000 -688000 -1858000 EX-101.SCH 7 fso-20110930.xsd XBRL SCHEMA FILE 0010 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 0020 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 0030 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 0015 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1010 - Disclosure - Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments link:presentationLink link:calculationLink link:definitionLink 1020 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 1030 - Disclosure - Loan Payable link:presentationLink link:calculationLink link:definitionLink 1040 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 1050 - Disclosure - Net Income Per Share link:presentationLink link:calculationLink link:definitionLink 1060 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 1070 - Disclosure - Cash Distributions link:presentationLink link:calculationLink link:definitionLink 8000 - Disclosure - Subsequent Event link:presentationLink link:calculationLink link:definitionLink 9999 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 fso-20110930_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 fso-20110930_def.xml XBRL DEFINITION FILE EX-101.LAB 10 fso-20110930_lab.xml XBRL LABEL FILE Acquired favorable real estate leases, net of accumulated amortization of $2,009 and $1,705, respectively Off Market Lease, Favorable Net Acquired favorable real estate leases, net This element represents the identifiable intangible asset established upon acquisition, based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date, less accumulated amortization and any impairment charges. Liabilities and Equity Total Liabilities and Stockholders' Equity Accumulated Distributions in Excess of Net Income Retained earnings and distributions in excess of earnings Additional Paid in Capital Additional paid-in capital Liabilities Total liabilities Off-market Lease, Unfavorable Acquired unfavorable real estate leases, net of accumulated amortization of $730 and $777, respectively Secured Debt Loan payable Security Deposit Liability Tenant security deposits Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Assets Total assets Prepaid Expense and Other Assets Prepaid expenses and other assets Deferred Finance Costs, Net Deferred financing costs, net of accumulated amortization of $281 and $237, respectively Deferred Costs, Leasing, Net Deferred leasing costs, net of accumulated amortization of $106 and $51, respectively Deferred Rent Receivables, Net Step rent receivable Accounts Receivable, Net Tenant rent receivable, less allowance for doubtful accounts of $52 and $13, respectively Restricted Cash and Cash Equivalents Cash - held in escrow Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Finite-Lived Intangible Assets, Net Acquired real estate leases, net of accumulated amortization of $3,483 and $3,034, respectively Real Estate Investment Property, Net Real estate investments, net Real Estate Revenue, Net Rental Amortization Favorable Real Estate Leases Amortization of favorable real estate leases The aggregate expense charged against earnings to allocate the asset associated with the acquisition of an above-market lease when the terms of the lease are favorable to the market terms for the lease at the date of acquisition in a systematic and rational manner to the periods expected to be impacted from such asset. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method. The aggregate expense charged against earnings to allocate the liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition in a systematic and rational manner to the periods expected to be impacted from such liability. As a noncash expense, this element is deducted from net income when calculating cash provided by (used in) operations using the indirect method. Amortization Unfavorable Real Estate Leases Amortization of unfavorable real estate leases Off Market Lease Favorable Accumulated Amortization The accumulated amount of amortization of the identifiable intangible asset established upon acquisition, based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date. Acquired favorable real estate leases, accumulated amortization Acquired unfavorable real estate leases, accumulated amortization Unfavorable Real Estate Leases Accumulated Amortization The amount of accumulated amortization related to unfavorable real estate leases. Preferred Stock, aggregate liquidation preference Aggregate Liquidation Preference Stock Value This element represents the carrying value of liquidation preference, which is the amount that must be paid to the preferred stock holders before distributions may be made to common stock holders. Document and Entity Information Statement [Table] Statement, Scenario [Axis] Scenario, Unspecified [Domain] Statement [Line Items] Statement Real Estate Investment Property, Accumulated Depreciation Less accumulated depreciation Real Estate Investment Property, at Cost Real estate investments, gross Investment Building and Building Improvements Building and improvements Land Land Weighted Average Number of Preferred Shares Outstanding, Basic and Diluted Weighted average number of preferred shares outstanding, basic and diluted (in shares) The average number of preferred shares or units issued and outstanding that are used in calculating basic and diluted EPS. Net income per preferred share, basic and diluted (in dollars per share) Earnings Per Preferred Share, Basic and Diluted The amount of net income or loss per each share of the preferred stock outstanding, during the reporting period. Investment Income, Interest Interest income Operating Income (Loss) Income before interest income Costs and Expenses Total expenses Interest Expense Interest expense Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Real Estate Taxes and Insurance Real estate taxes and insurance Cost of Real Estate Revenue Rental operating expenses Revenues Total revenue Increase (Decrease) in Deferred Leasing Fees Payment of deferred leasing costs Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Provision for Doubtful Accounts Increase in bad debt reserve Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Restricted Cash for Operating Activities Cash - held in escrow Cash - held in escrow Increase (Decrease) in Accounts Receivable Tenant rent receivable Increase (Decrease) in Deferred Rent Receivables Step rent receivable Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other assets Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and accrued expenses Increase (Decrease) in Security Deposits Tenant security deposits Payments to Acquire Real Estate Purchase of real estate assets Payments of Dividends, Preferred Stock and Preference Stock Distributions to stockholders Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Interest Paid Cash paid for interest Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Disclosure of non-cash investing activities: Capital Expenditures Incurred but Not yet Paid Accrued costs for purchase of real estate assets Consolidated Statements of Cash Flows Consolidated Balance Sheets Allowance for Doubtful Accounts Receivable Tenant rent receivable, allowance for doubtful accounts Deferred Costs, Leasing, Accumulated Amortization Deferred leasing costs, accumulated amortization Accumulated Amortization, Deferred Finance Costs Deferred financing costs, accumulated amortization Preferred Stock, Par or Stated Value Per Share Preferred Stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred Stock, shares authorized (in shares) Preferred Stock, Shares Issued Preferred Stock, shares issued (in shares) Preferred Stock, Shares Outstanding Preferred Stock, shares outstanding (in shares) Common Stock, Par or Stated Value Per Share Common Stock, par value (in dollars per share) Common Stock, Shares Authorized Common Stock, share authorized (in shares) Common Stock, Shares, Issued Common Stock, share issued (in shares) Common Stock, Shares, Outstanding Common Stock, share outstanding (in shares) Acquired real estate leases, accumulated amortization Finite-Lived Intangible Assets, Accumulated Amortization Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments Income Taxes Income Tax Disclosure [Text Block] Income Taxes Loan Payable Debt Disclosure [Text Block] Loan Payable Related Party Transactions Related Party Transactions Disclosure [Text Block] Related Party Transactions Net Income Per Share Earnings Per Share [Text Block] Net Income Per Share Segment Reporting Segment Reporting Segment Reporting Disclosure [Text Block] Cash Distributions Stockholders' Equity Note Disclosure [Text Block] Cash Distributions Subsequent Event Subsequent Event Subsequent Events [Text Block] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Amendment Description Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Year Focus Document Fiscal Period Focus Assets [Abstract] Assets: Real Estate Investment Property, Net [Abstract] Real estate investments, at cost: Liabilities and Equity [Abstract] Liabilities and Stockholders' Equity: Liabilities [Abstract] Liabilities: Preferred Stock, Value, Issued Preferred Stock, $.01 par value, 1,540 shares authorized, 700 issued and outstanding at September 30, 2011 and December 31, 2010, aggregate liquidation preference $70,000 Common Stock, Value, Issued Common Stock, $.01 par value, 1 share authorized, issued and outstanding Commitments and Contingencies Commitments and Contingencies Revenues [Abstract] Revenues: Costs and Expenses [Abstract] Expenses: Consolidated Statements of Operations Loans Payable Weighted Average Number of Shares Outstanding, Basic and Diluted Stockholders' Equity Attributable to Parent [Abstract] Stockholders' Equity: Stockholders' Equity Attributable to Parent Total Stockholders' Equity Net Income (Loss) Attributable to Parent Net income attributable to preferred stockholders Net income Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used for investing activities Net Cash Provided by (Used in) Financing Activities, Continuing 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Consolidated Statements of Operations (USD $)
In Thousands, except Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues:    
Rental$ 4,051$ 4,027$ 11,844$ 11,917
Total revenue4,0514,02711,84411,917
Expenses:    
Rental operating expenses1,1841,1093,2673,234
Real estate taxes and insurance6957482,0902,247
Depreciation and amortization8548482,5652,538
Interest expense1,0441,0453,0993,100
Total expenses3,7773,75011,02111,119
Income before interest income274277823798
Interest income48925
Net income attributable to preferred stockholders$ 278$ 285$ 832$ 823
Weighted average number of preferred shares outstanding, basic and diluted (in shares)700700700700
Net income per preferred share, basic and diluted (in dollars per share)$ 397$ 407$ 1,189$ 1,176
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Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 832$ 823
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization2,6092,583
Amortization of favorable real estate leases307321
Amortization of unfavorable real estate leases(139)(140)
Increase in bad debt reserve39 
Changes in operating assets and liabilities:  
Cash - held in escrow(906)(972)
Tenant rent receivable(61)(32)
Step rent receivable(134)(52)
Prepaid expenses and other assets(37)(44)
Accounts payable and accrued expenses720(109)
Payment of deferred leasing costs(11)(150)
Net cash provided by operating activities3,2192,228
Cash flows from investing activities:  
Purchase of real estate assets(232)(411)
Net cash used for investing activities(232)(411)
Cash flows from financing activities:  
Distributions to stockholders(3,675)(3,675)
Net cash used for financing activities(3,675)(3,675)
Net decrease in cash and cash equivalents(688)(1,858)
Cash and cash equivalents, beginning of period8,8649,888
Cash and cash equivalents, end of period8,1768,030
Supplemental disclosure of cash flow information:  
Cash paid for interest3,0553,055
Disclosure of non-cash investing activities:  
Accrued costs for purchase of real estate assets$ 8$ 9
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Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Real estate investments, at cost:  
Land$ 21,974$ 21,974
Building and improvements98,14497,938
Real estate investments, gross120,118119,912
Less accumulated depreciation12,46110,514
Real estate investments, net107,657109,398
Acquired real estate leases, net of accumulated amortization of $3,483 and $3,034, respectively1,8592,397
Acquired favorable real estate leases, net of accumulated amortization of $2,009 and $1,705, respectively9191,226
Cash and cash equivalents8,1768,864
Cash - held in escrow2,2941,388
Tenant rent receivable, less allowance for doubtful accounts of $52 and $13, respectively8159
Step rent receivable799665
Deferred leasing costs, net of accumulated amortization of $106 and $51, respectively310354
Deferred financing costs, net of accumulated amortization of $281 and $237, respectively1559
Prepaid expenses and other assets8851
Total assets122,198124,461
Liabilities:  
Accounts payable and accrued expenses2,4681,749
Tenant security deposits9696
Loan payable76,20076,200
Acquired unfavorable real estate leases, net of accumulated amortization of $730 and $777, respectively527666
Total liabilities79,29178,711
Commitments and Contingencies  
Stockholders' Equity:  
Preferred Stock, $.01 par value, 1,540 shares authorized, 700 issued and outstanding at September 30, 2011 and December 31, 2010, aggregate liquidation preference $70,000  
Common Stock, $.01 par value, 1 share authorized, issued and outstanding  
Additional paid-in capital64,22464,224
Retained earnings and distributions in excess of earnings(21,317)(18,474)
Total Stockholders' Equity42,90745,750
Total Liabilities and Stockholders' Equity$ 122,198$ 124,461
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Document and Entity Information
9 Months Ended
Sep. 30, 2011
Oct. 31, 2011
Document and Entity Information  
Entity Registrant NameFSP 50 South Tenth Street Corp 
Entity Central Index Key0001379075 
Document Type10-Q 
Document Period End DateSep. 30, 2011
Amendment Flagfalse 
Current Fiscal Year End Date--12-31 
Entity Current Reporting StatusYes 
Entity Filer CategorySmaller Reporting Company 
Entity Common Stock, Shares Outstanding 1
Document Fiscal Year Focus2011 
Document Fiscal Period FocusQ3 
 XML 18 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Related Party Transactions
9 Months Ended
Sep. 30, 2011
Related Party Transactions 
Related Party Transactions

 

 

4.     Related Party Transactions

 

The Company has in the past engaged in and currently engages in transactions with a related party, Franklin Street, and its subsidiaries FSP Investments LLC and FSP Property Management LLC (collectively “FSP”).  The Company expects to continue to have related party transactions with FSP in the form of management fees paid to FSP to manage the Company on behalf of its stockholders.  FSP Property Management LLC currently provides the Company with asset management and financial reporting services.  The asset management agreement between the Company and FSP Property Management LLC requires the Company to pay FSP Property Management LLC a monthly fee equal to one percent (1%) of the gross revenues of the Property.  The asset management agreement between the Company and FSP Property Management LLC may be terminated by either party without cause at any time, upon at least thirty (30) days written notice, effective at the end of the notice period.  For the nine months ended September 30, 2011 and 2010, management fees paid were $117,000 and $120,000, respectively.

 

Franklin Street is the sole holder of the Company’s one share of Common Stock that is issued and outstanding.  Subsequent to the completion of the placement of the Preferred Stock in January 2007, Franklin Street has not been entitled to share in earnings or any dividend related to the Common Stock.

 

 XML 19 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Income Taxes
9 Months Ended
Sep. 30, 2011
Income Taxes 
Income Taxes

 

 

2.     Income Taxes

 

The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”).  As a REIT, the Company generally is entitled to a tax deduction for dividends paid to its stockholders, thereby effectively subjecting the distributed net income of the Company to taxation at the shareholder level only.  The Company must comply with a variety of restrictions to maintain its status as a REIT.  These restrictions include the type of income it can earn, the type of assets it can hold, the number of stockholders it can have and the concentration of their ownership, and the amount of the Company’s income that must be distributed annually.

 

Accrued interest and penalties will be recorded as income tax expense, if the Company records a liability in the future.  The Company files income tax returns in the U.S. federal jurisdiction and State of Minnesota jurisdiction.  The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2008 and thereafter.

 

 XML 20 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Net Income Per Share
9 Months Ended
Sep. 30, 2011
Net Income Per Share 
Net Income Per Share

 

 

5.     Net Income Per Share

 

Basic net income per share is computed by dividing net income by the weighted average number of shares of Preferred Stock outstanding during the period.  Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares.  There were no potential dilutive shares outstanding at September 30, 2011 and 2010.

 

 XML 21 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Segment Reporting
9 Months Ended
Sep. 30, 2011
Segment Reporting 
Segment Reporting

 

 

6.              Segment Reporting

 

The Company operates in one industry segment, which is real estate ownership of commercial property.  The Company owned and operated the Property for all periods presented.

 

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Cash Distributions
9 Months Ended
Sep. 30, 2011
Cash Distributions 
Cash Distributions

 

 

7.     Cash Distributions

 

The Company’s board of directors declared and paid cash distributions as follows:

 

Quarter Paid

 

Distributions
Per Preferred
Share

 

Total Distributions

 

First quarter of 2011

 

$

1,750

 

$

1,225,000

 

Second quarter of 2011

 

$

1,750

 

$

1,225,000

 

Third quarter of 2011

 

$

1,750

 

$

1,225,000

 

 

 

 

 

 

 

First quarter of 2010

 

$

1,750

 

$

1,225,000

 

Second quarter of 2010

 

$

1,750

 

$

1,225,000

 

Third quarter of 2010

 

$

1,750

 

$

1,225,000

 

 

 XML 24 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments
9 Months Ended
Sep. 30, 2011
Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments 
Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments

 

 

1.     Organization, Basis of Presentation, Real Estate and Depreciation, and Financial Instruments

 

Organization

 

FSP 50 South Tenth Street Corp. (the “Company”) was organized on September 12, 2006 as a corporation under the laws of the State of Delaware to purchase, own and operate a twelve-story multi-tenant office and retail building containing approximately 498,768 rentable square feet of space located in downtown Minneapolis, Minnesota (the “Property”).  The Company acquired the Property on November 8, 2006.  Franklin Street Properties Corp. (“Franklin Street”) (NYSE Amex: FSP) holds the sole share of the Company’s common stock, $.01 par value per share (the “Common Stock”).  Between November 2006 and January 2007, FSP Investments LLC (member, FINRA and SIPC), a wholly-owned subsidiary of Franklin Street, completed the sale on a best efforts basis of 700 shares of preferred stock, $.01 par value per share (the “Preferred Stock”) in the Company.  FSP Investments LLC sold the Preferred Stock in a private placement offering to “accredited investors” within the meaning of Regulation D under the Securities Act of 1933.

 

All references to the Company refer to FSP 50 South Tenth Street Corp. and its consolidated subsidiary, collectively, unless the context otherwise requires.

 

Basis of Presentation

 

The unaudited consolidated financial statements of the Company include all the accounts of the Company and its wholly-owned subsidiary.  These financial statements should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the Securities and Exchange Commission (the “SEC”).

 

The accompanying interim financial statements are unaudited; however, the financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and in conjunction with the rules and regulations of the SEC.  Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included.  Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011 or for any other period.

 

Real Estate and Depreciation

 

Real estate assets are stated at the lower of cost or fair value, as appropriate, less accumulated depreciation.

 

Costs related to property acquisition and improvements are capitalized.  Typical capital items include new roofs, site improvements, various exterior building improvements and major interior renovations.  Funding for capital improvements typically is provided by cash set aside at the time the Property was purchased.

 

Routine replacements and ordinary maintenance and repairs that do not extend the life of the asset are expensed as incurred.  Funding for repairs and maintenance items typically is provided by cash flows from operating activities.

 

Depreciation is computed using the straight-line method over the assets’ estimated useful lives as follows:

 

Category

 

Years

 

Building - Commercial

 

39

 

Building Improvements

 

15-39

 

Furniture and Fixtures

 

5-7

 

 

The Company reviews the Property to determine if the carrying amount will be recovered from future cash flows if certain indicators of impairment are identified at the Property.  The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.  When indicators of impairment are present and the sum of the undiscounted future cash flows is less than the carrying value of such asset, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its fair value based on discounting its estimated future cash flows.  At September 30, 2011 and December 31, 2010, no impairment charges were recorded.

 

Financial Instruments

 

The Company estimates that the carrying value of cash and cash equivalents, cash-held in escrow, and loan payable approximate their fair values based on their short-term maturity and prevailing interest rates.

 

 XML 25 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
Loan Payable
9 Months Ended
Sep. 30, 2011
Loan Payable 
Loan Payable

 

3.              Loan Payable

 

The Company has a loan (the “Loan”) outstanding with Bank of America, N.A. in the amount of $76,200,000.   Loan payments are interest-only until the Loan matures and bear interest at the fixed rate of 5.287% per annum.  The Loan is secured by a mortgage on the Property.  The Loan was entered into on December 21, 2006 and matures on January 1, 2012, with the entire principal balance due on that date.  Interest expense paid for the nine months ended September 30, 2011 and 2010 was $3,055,000.

 

The Loan includes restrictions on property liens and requires compliance with various financial covenants.  Financial covenants include the requirement that the Company deposit all rents or other revenue from the Property to a lockbox account with the lender and provide periodic reporting.  The Loan has certain restrictions on the Company’s ability to incur debt.  The Company was in compliance with the loan covenants as of September 30, 2011 and December 31, 2010.

 

 XML 26 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data
Sep. 30, 2011
Dec. 31, 2010
Consolidated Balance Sheets  
Acquired real estate leases, accumulated amortization$ 3,483$ 3,034
Acquired favorable real estate leases, accumulated amortization2,0091,705
Tenant rent receivable, allowance for doubtful accounts5213
Deferred leasing costs, accumulated amortization10651
Deferred financing costs, accumulated amortization281237
Acquired unfavorable real estate leases, accumulated amortization730777
Preferred Stock, par value (in dollars per share)$ 0.01$ 0.01
Preferred Stock, shares authorized (in shares)1,5401,540
Preferred Stock, shares issued (in shares)700700
Preferred Stock, shares outstanding (in shares)700700
Preferred Stock, aggregate liquidation preference$ 70,000$ 70,000
Common Stock, par value (in dollars per share)$ 0.01$ 0.01
Common Stock, share authorized (in shares)11
Common Stock, share issued (in shares)11
Common Stock, share outstanding (in shares)11
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