|
Commitments and Contingencies (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| Future Minimum Lease Payments Due under Ground Lease |
Future minimum
lease payments due under the ground lease, including applicable
automatic extension options, are as follows (unaudited):
|
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|
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| |
|
Twelve Months Ending
September 30, |
|
|
|
|
2013
|
|
$ |
12,000 |
|
|
2014
|
|
|
12,000 |
|
|
2015
|
|
|
14,307 |
|
|
2016
|
|
|
17,382 |
|
|
2017
|
|
|
20,600 |
|
|
Thereafter
|
|
|
656,905 |
|
|
|
|
|
|
|
|
|
|
$ |
733,194 |
|
|
|
|
|
|
|
| Components of Portfolio |
The following
represent the Company’s properties that are components of its
portfolio and which each individually represents 10% or more of the
related property’s total assets or gross revenues:
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| |
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(Unaudited) |
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Property/Tenant
|
|
Location
|
|
Net
Rentable
Square
Feet |
|
|
Square Footage Leased
|
|
|
Annual
Lease
Payments |
|
|
Expiration
Date |
|
|
Option
Periods
Remaining |
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| |
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|
Amount |
|
|
Percentage |
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|
|
Walnut Hill
Plaza
|
|
Petersburg, VA |
|
|
89,907 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Tenant 1
|
|
|
|
|
|
|
|
|
15,000 |
|
|
|
16.68 |
% |
|
$ |
73,800 |
|
|
|
2/28/2013 |
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|
|
— |
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|
Tenant 2
|
|
|
|
|
|
|
|
|
14,812 |
|
|
|
16.47 |
% |
|
$ |
97,759 |
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|
|
2/29/2016 |
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|
|
2 |
|
|
Tenant 3
|
|
|
|
|
|
|
|
|
11,780 |
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|
|
13.10 |
% |
|
$ |
106,020 |
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|
|
3/31/2018 |
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|
|
1 |
|
|
Tenant 4
|
|
|
|
|
|
|
|
|
9,875 |
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|
|
10.98 |
% |
|
$ |
45,425 |
|
|
|
7/30/2013 |
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|
|
— |
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|
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|
The Shoppes at Eagle
Harbor
|
|
Carrollton, VA |
|
|
23,303 |
|
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Tenant 1
|
|
|
|
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|
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|
|
7,012 |
|
|
|
30.09 |
% |
|
$ |
146,970 |
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|
|
9/30/2015 |
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|
4 |
|
|
Tenant 2
|
|
|
|
|
|
|
|
|
5,337 |
|
|
|
22.90 |
% |
|
$ |
112,077 |
|
|
|
10/31/2016 |
|
|
|
1 |
|
|
Tenant 3
|
|
|
|
|
|
|
|
|
4,084 |
|
|
|
17.53 |
% |
|
$ |
81,680 |
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1/31/2014 |
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2 |
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Tenant 4
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|
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2,812 |
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|
|
12.07 |
% |
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$ |
61,864 |
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7/31/2014 |
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|
|
— |
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Riversedge North
|
|
Virginia Beach, VA |
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|
10,550 |
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Tenant 1
|
|
|
|
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|
10,550 |
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|
|
100.00 |
% |
|
$ |
288,290 |
|
|
|
11/14/2017 |
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|
4 |
|
|
|
|
|
|
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Monarch Bank
Building
|
|
Virginia Beach, VA |
|
|
3,620 |
|
|
|
|
|
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Tenant 1
|
|
|
|
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|
|
3,620 |
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|
|
100.00 |
% |
|
$ |
224,910 |
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|
12/31/2012 |
(1) |
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|
2 |
|
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Amscot Building
|
|
Tampa, FL |
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|
2,500 |
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Tenant 1
|
|
|
|
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|
|
2,500 |
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|
|
100.00 |
% |
|
$ |
100,738 |
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|
3/31/2020 |
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|
|
3 |
|
| (1) |
The tenant has exercised
one of its remaining five year options to extend the lease through
December 31, 2017. |
|
|
Subsidiaries [Member]
|
|
| Components of Portfolio |
of its combined
total assets or 10% or more or its combined gross revenues. The
following represent the PSF Entities’ properties that are
components of its portfolio and which each individually represents
10% or more of the related property’s total assets or gross
revenues:
|
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|
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|
|
|
|
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|
|
|
|
|
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|
|
|
|
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| |
|
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|
(Unaudited) |
|
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|
|
|
|
|
|
|
|
| |
|
|
|
Net
Rentable
Square |
|
|
Square Footage Leased |
|
|
Annual
Lease |
|
|
Expiration
Date |
|
|
Option
Periods
Remaining |
|
|
Property/Tenant
|
|
Location |
|
Feet |
|
|
Amount |
|
|
Percentage |
|
|
Payments |
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at TJ
Maxx
|
|
Richmond, VA |
|
|
93,552 |
|
|
|
|
|
|
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|
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|
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|
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|
|
|
|
|
|
Tenant 1
|
|
|
|
|
|
|
|
|
32,400 |
|
|
|
34.63 |
% |
|
$ |
294,192 |
|
|
|
4/30/2014 |
(1) |
|
|
1 |
|
|
|
|
|
|
|
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|
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Lumber River
Plaza
|
|
Lumberton, NC |
|
|
66,781 |
|
|
|
|
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|
Tenant 1
|
|
|
|
|
|
|
|
|
30,280 |
|
|
|
45.34 |
% |
|
$ |
155,250 |
|
|
|
6/30/2013 |
(2) |
|
|
5 |
|
|
Tenant 2
|
|
|
|
|
|
|
|
|
9,100 |
|
|
|
13.63 |
% |
|
$ |
63,700 |
|
|
|
9/30/2015 |
|
|
|
1 |
|
|
Tenant 3
|
|
|
|
|
|
|
|
|
8,001 |
|
|
|
11.98 |
% |
|
$ |
44,520 |
|
|
|
12/31/2012 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
Perimeter Square
|
|
Tulsa, OK |
|
|
58,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenant 1
|
|
|
|
|
|
|
|
|
26,813 |
|
|
|
46.01 |
% |
|
$ |
339,162 |
|
|
|
6/30/2018 |
|
|
|
— |
|
|
Tenant 2
|
|
|
|
|
|
|
|
|
10,754 |
|
|
|
18.45 |
% |
|
$ |
95,173 |
|
|
|
7/31/2015 |
|
|
|
— |
|
| (1) |
Subsequent to
September 30, 2012, the tenant exercised its remaining five
year option to extend the lease through April 30, 2019 and we
granted them an additional five year option. |
| (2) |
Subsequent to
September 30, 2012, the tenant exercised one of its remaining
five year options to extend the lease through June 30,
2018. |
|