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Mortgages Payable (Tables)
6 Months Ended
Jun. 30, 2011
Mortgages Payable [Abstract]  
Mortgages Payable
The following is a summary of our mortgages payable as of June 30, 2011 (principal balance, unamortized premiums (discounts) and mortgage payable balances in thousands):
 
 
 
Tenant Name
 
 Stated
 Interest
 Rate(1)
  
Effective
 Interest
 Rate
  
 
 
Maturity
 Date(2)
 
 
Principal
 Balance(2)
  
Unamortized
Premium
 (Discount)
  
 
 Mortgage
 Payable
 Balance
 
Aviall Services, Inc. (3)
  6.25%  4.95% 
 12/1/13   
 $12,612  $458  $13,070 
Aviall Services, Inc. (3)
  6.25%  4.81% 
9/1/14   
  11,748   377   12,125 
T-Mobile USA, Inc.
  5.89%  5.14% 
5/6/14   
  10,664   201   10,865 
MeadWestvaco Corporation
  4.69%  4.85% 
6/10/15   
  23,625   (79)  23,546 
              $58,649  $957  $59,606 
 
 
(1) With the exception of the MeadWestvaco Corporation mortgage, the mortgages are at fixed interest rates.  The MeadWestvaco Corporation mortgage is at a floating variable interest rate calculated as the sum of the current 1 month LIBOR plus 4.50%, not to exceed an all-in interest rate of 5.5%, based on an interest rate novation agreement entered in connection with this mortgage.
 
(2) The mortgages generally require monthly payments, with a principal payment due at maturity.
 
(3) There are two mortgages associated with one property occupied by Aviall Services, Inc.