2.2.0.25falsefalse10601 - Disclosure - Mortgage Notes Payabletruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($) / shares
USD ($)
$Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0000866368duration2011-01-01T00:00:002011-03-31T00:00:00Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit12Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit1Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_SecuredLongtermDebtCurrentAndNoncurrentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
3false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel| 1falsefalsefalse00<div>
<p style="text-indent: -0.2in; margin: 0in 0in 0pt 0.2in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b>6. Mortgage notes payable</b></p>
<p style="text-indent: -0.2in; margin: 0in 0in 0pt 0.2in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b> </b></p>
<div>
<p style="text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Mortgage notes payable consist of the following (in thousands): </p>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="441">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="84">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="center"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt">March 31,</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> 2011 <font style="background: yellow;" class="_mt"> </font></font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="84">
<p style="text-align: center; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="center"><b><font style="line-height: 93%; font-size: 8pt;" class="_mt">December 31,</font></b></p>
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"> 2010 </font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="441">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">5.73% mortgage note, secured by one commercial property with a net book value of $28.3 million, principal and interest payable monthly, <br />due March, 2013 <font style="background: yellow;" class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$ 13,655</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> $ 13,729</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="441">
<p style="text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">6.15% mortgage note, secured by one commercial property with a net book value of $26.2 million, principal and interest payable monthly, <br />due November, 2031 <sup>(1)</sup> <font style="background: yellow;" class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 15,819</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 15,950</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="441">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">5.52% mortgage note, secured by one commercial property with a net book value of $15.4 million, principal and interest payable monthly, <br />due May, 2013 <font style="background: yellow;" class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 9,508</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 9,572</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="441">
<p style="line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">5.68% mortgage note, secured by one commercial property with a net book value of $17.0 million, principal and interest payable monthly, <br />due May, 2013 <font style="background: yellow;" class="_mt"> </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 9,530</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="84">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 9,594</p></td></tr>
<tr style="height: 11.7pt;"><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; height: 11.7pt; padding-top: 0in;" valign="bottom" width="441">
<p style="text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">5.61% mortgage note, repaid January, 2011 <sup>(2)</sup> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; height: 11.7pt; padding-top: 0in;" valign="bottom" width="84">
<p style="border-bottom: black 1px solid; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> —</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; height: 11.7pt; padding-top: 0in;" valign="bottom" width="84">
<p style="border-bottom: black 1px solid; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 2,666</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 331.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="441">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Total </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.65pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="84">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">$ 48,512</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 62.7pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="84">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> $ 51,511</p></td></tr></table>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">____________</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><sup>(1)</sup><font class="_mt"> </font>The mortgage note has a stated principal balance of $15.7 million and a stated interest rate of 7.20%. Based on the fair market value at the time of assumption, a mortgage premium was computed based on an effective interest rate of 6.15%. The unamortized premiums were $154,000 and $209,000 as of March 31, 2011 and December 31, 2010, respectively. This mortgage is repayable without penalty beginning November, 2011.<font style="background: yellow;" class="_mt"> </font></p>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><sup>(2)</sup><font class="_mt"> The unamortized premium was $6,000 as of December 31, 2010.</font></p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<div>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> At March 31, 2011, mortgage notes payable had a weighted average interest rate of 5.8% and a weighted average maturity of 8.2 years with principal payments as follows (in thousands):</p>
<p style="margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="background: yellow;" class="_mt"> </font> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="97%">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">2011 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="57">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">$ 985</font></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">2012 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="57">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 1,174</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">2013 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="57">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 31,573</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">2014 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="57">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 371</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">2015 </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="57">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 399</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Thereafter </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="57">
<p style="border-bottom: black 1px solid; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> 14,010</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 415.95pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="555">
<p style="line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">Total </font></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 42.55pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="57">
<p style="border-bottom: black 3px double; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font style="line-height: 93%;" class="_mt">$ 48,512</font><font style="line-height: 93%;" class="_mt"> </font></p></td></tr></table>
<p style="text-align: justify; text-indent: -0.2in; margin: 0in 0in 0pt 0.2in; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b> </b> </p></div></div> </div>6. Mortgage notes payable
Mortgage notes payable consist of the following (in thousands):
Marchfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
falsefalse
12Mortgage Notes PayableUnKnownUnKnownUnKnownUnKnownfalsetrue