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Mortgages Payable (Tables)
9 Months Ended
Sep. 30, 2011
Mortgages Payable [Abstract] 
Summary of mortgages payable
The following is a summary of our mortgages payable as of September 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)
 
Remaining
Principal
 Balance(2)
  
Amortized
Premium
(Discount)
 Balance
  
 Mortgage   
 Payable   
 Balance   
 
Aviall Services, Inc. (3)
  6.25%  4.96%
 12/1/13   
 $12,512  $406  $12,918 
Aviall Services, Inc. (3)
  6.25%  4.82%
9/1/14   
  11,710   343   12,053 
T-Mobile USA, Inc.
  5.89%  5.15%
5/6/14   
  10,664   182   10,846 
MeadWestvaco Corporation
  4.73%  4.89%
6/10/15   
  23,625   (72)  23,553 
Solae, LLC(3)(4)
  8.26%  8.26%
12/28/13   
  4,510   --   4,510 
Solae, LLC(3)(4)
  8.26%  8.26%
12/28/13   
  4,270   --   4,270 
             $67,291  $859  $68,150 
 
 
(1) With the exception of the MeadWestvaco Corporation mortgage, the mortgages are at fixed interest rates.  The MeadWestvaco Corporation mortgage is at a floating variable interest rate calculated as the sum of the current 1 month LIBOR plus 4.50%, not to exceed an all-in interest rate of 5.5%.
 
(2) The mortgages require monthly payments, with a principal payment due at maturity.
 
(3) These are mortgages associated with one property occupied by the applicable tenant.
 
(4) As part of the assumption of these mortgages payable related to our acquisition of Solae, LLC, we also assumed an $8.8 million note receivable, upon which we will receive interest income at a stated rate of 8.14% through December 28, 2013.