XML 16 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Secured Debt (Parenthetical) (Detail) (USD $)
12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Property
Loan
Dec. 31, 2013
Prudential Portfolio Loan
Loan
Jan. 12, 2011
Dufferin - Toronto - Ontario, Canada
Dec. 31, 2013
Dufferin - Toronto - Ontario, Canada
Dec. 31, 2013
Citi Loan
Property
Dec. 31, 2013
Citi Las Vegas Loan
Dec. 31, 2013
ING Loan
Dec. 31, 2013
Mississauga - Ontario, Canada
Dec. 31, 2011
Mississauga - Ontario, Canada
Dec. 31, 2013
Chantilly - VA
Dec. 31, 2013
Canadian dollars denominated loan
Sep. 30, 2012
Canadian dollars denominated loan
Dec. 31, 2013
Citi Stockade Loan - 1
Property
Dec. 31, 2013
KeyBank CMBS Loan
Property
Dec. 31, 2013
Citi Stockade Loan - 2
Property
Dec. 31, 2013
Second Restated Key Bank Loan
Oct. 28, 2013
Second Restated Key Bank Loan
Dec. 31, 2013
KeyBank Revolver
Oct. 28, 2013
KeyBank Revolver
Debt Instrument [Line Items]                                      
Numbers of discrete mortgage loans related to prudential portfolio loan 11                                    
Numbers of properties related to prudential portfolio loan 11                                    
Number of loans cross-collateralized with each respective loan 10                                    
Number of loans with an interest rate of 5.43%   10                                  
Interest rate   5.43%           5.00%     5.25%                
Interest rate of remaining loan in portfolio   5.31%                                  
Weighted average interest rate of portfolio 5.40% 5.42%                                  
Interest rate premium over bank's floating rate     3.50%         2.00%     2.25%                
Effective interest rate       5.22%                              
Number of existing encumbered properties         11               10 9 6        
Net book value of encumbered properties         $ 50,400,000 $ 9,000,000       $ 6,900,000     $ 34,500,000 $ 42,600,000 $ 37,200,000        
Prudential long beach cross collateralized by numbers of properties related to prudential portfolio loan 11                                    
Numbers of properties related to ING loan 11                                    
Numbers of discrete mortgage loans related to ING loan 11                                    
Term of each individual loans             30 years                        
Maturity date of ING Loan             Jul. 01, 2041                        
Payment of loan, successive period after commencement date             5 years                        
Maturity date   Sep. 05, 2019 [1],[2]   May 15, 2014 [3] Feb. 06, 2021 [4] Jun. 06, 2021 [5] Jul. 01, 2021 [6] Oct. 31, 2014 [7]   Jun. 06, 2022 [8]     Oct. 01, 2022 [9] Nov. 01, 2022 [10] Nov. 06, 2022 [11] Dec. 24, 2014 [12]   Oct. 25, 2016 [13]  
Interest rate of spread                                 4.67% 1.67% 1.67%
Notional amount for interest rate swap                               45,000,000 45,000,000    
Effective interest rate on hedged portion of debt                                 5.41% 2.40%  
Commitment amount                 $ 9,200,000     $ 9,200,000              
Revolving loan maturity date                               Dec. 24, 2014   Oct. 25, 2016  
[1] Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%.
[2] This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten.
[3] On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank's floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%.
[4] This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago - 95th St., Chicago - Western Ave., Chicago - Ogden Ave., Chicago - Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan.
[5] This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan.
[6] This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021.
[7] In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank's floating rate, plus 2% (totaling 5.00% as of December 31, 2013).
[8] The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan.
[9] This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan.
[10] This portfolio loan encumbers nine properties (Los Angeles - La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area - Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan.
[11] This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan.
[12] Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see "Second Restated KeyBank Loan" below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the "KeyBank Revolver"). The KeyBank Revolver is further described below.
[13] On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see "KeyBank Revolver" below.