NRF » Topics » Acquisitions-2006

These excerpts taken from the NRF 10-K filed Feb 29, 2008.

Acquisitions—2006

        In March 2006, the Company purchased a 121,038 square foot suburban office building ("Green Pond") located in Rockaway, New Jersey for $21.8 million. The property is net leased to two tenants under leases that expire in 2015 and 2017. The Company financed the acquisition with a $17.5 million non-recourse, first mortgage, which bears a fixed interest rate of 5.68%, and matures on April 11, 2016, and the balance in cash.

        In June 2006, the Company purchased a 333,600 square foot office property located in Indianapolis, Indiana for $34.4 million. The property is net leased to one tenant under a lease expiring in 2025. The Company financed the acquisition with a $28.6 million non-recourse, first mortgage, which bears a fixed interest rate of 6.06%, and matures on February 1, 2017, and the balance in cash.

        In July 2006, the Company purchased a 183,529 square foot office building located in Aurora Colorado for $45.5 million. The property is net leased to a single tenant under a lease that expires in June 2015. The property was financed with a $33.5 million non-recourse, first mortgage, which bears a fixed interest rate 6.22%, and matures in July 2016, a $3.4 million mezzanine loan with an affiliate, which bears a fixed interest rate of 7.37%, and matures in May 2012 and the balance in cash.

    Retail Portfolio

        In September 2006, the Company purchased a 468,111 square foot portfolio of nine retail properties for $63.2 million. The properties are net leased to two retail tenants with leases expirations beginning in 2016 through 2024. The Company assumed three non-recourse first mortgages for three of the properties and the remaining properties were financed with non-recourse, first mortgages. The four

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NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Amounts in Thousands, Except per Share Data)

3. Operating Real Estate (Continued)

mortgages, which bear fixed rates ranging from 5.85% to 7.34%, having maturities ranging from June 2014 to October 2016.

    Wakefield Joint Venture

        In connection with the Wakefield joint venture, Chain Bridge contributed a portfolio of 11 healthcare properties located in North Carolina, Pennsylvania, Illinois and Florida valued at $45.7 million, and consisting of 417,351 square feet. Each property in the portfolio is leased to a single tenant under leases with various expiration dates ranging from July 2007 to July 2020. The portfolio was financed with a $27.8 million non-recourse, first mortgage bearing fixed interest rate of 6.56% to 7.22%. In addition, the Company purchased two properties consisting of 88,107 square feet, one in California and one in North Carolina for $16.2 million, net of $5.1 million of non recourse, first mortgages at a fixed interest rate of 6.56%. All the mortgages expire in August of 2010.

        The Wakefield joint venture made the following acquisitions from May 2006 through December 31, 2006:

    A $3.6 million acquisition of an assisted facility totaling 20,000 square feet located in Hendersonville, NC. The property is net leased to a single tenant under a lease that expires in May 2016. The property was financed with a $2.8 million non-recourse, first mortgage, which bears a fixed interest rate of 6.56%, and matures in August 2010, and the balance in cash.

    A $12.3 million acquisition of two skilled nursing facilities totaling 69,957 square feet, one in Black Mountain, NC and one in Blountstown, FL. The properties are net leased to a single tenant under a lease that expires in July 2021. The properties were financed with a $8.7 million non-recourse, first mortgage, which bears a fixed interest rate of 6.95%, and matures in August 2010, and the balance in cash.

    An $8.8 million acquisition of three assisted care living facilities in a foreclosure sale, totaling 65,427 square feet, one in Albemarle, Brevard and Charlotte, NC. The properties are net leased to a single tenant under a lease that expires in October 2021. The properties were purchased for cash.

    A $9.2 million acquisition of an assisted care living facility totaling 68,601 square feet in Bremerton, WA. The property is net leased to a single tenant under a ten year lease with renewal options. The property was financed with a $6.75 million non-recourse, first mortgage, which bears a fixed interest rate of 7.13%, and matures in August 2010, and the balance in cash.

    A $44.9 million acquisition of a laboratory and office space on a Health Science University campus totaling 286,652 square feet. The property is net leased to a single tenant under a lease that expires in December 2013. The property was financed with $33.3 million non-recourse, first mortgage, which bears a fixed interest rate of 5.94%, and matures in January 2014, and the balance in cash.

Acquisitions—2006



        In March 2006, the Company purchased a 121,038 square foot suburban office building ("Green Pond") located in Rockaway, New Jersey for $21.8 million. The
property is net leased to two tenants under leases that expire in 2015 and 2017. The Company financed the acquisition with a $17.5 million non-recourse, first mortgage, which bears
a fixed interest rate of 5.68%, and matures on April 11, 2016, and the balance in cash.



        In
June 2006, the Company purchased a 333,600 square foot office property located in Indianapolis, Indiana for $34.4 million. The property is net leased to one tenant under a
lease expiring in 2025. The Company financed the acquisition with a $28.6 million non-recourse, first mortgage, which bears a fixed interest rate of 6.06%, and matures on
February 1, 2017, and the balance in cash.



        In
July 2006, the Company purchased a 183,529 square foot office building located in Aurora Colorado for $45.5 million. The property is net leased to a single tenant under a lease
that expires in June 2015. The property was financed with a $33.5 million non-recourse, first mortgage, which bears a fixed interest rate 6.22%, and matures in July 2016, a
$3.4 million mezzanine loan with an affiliate, which bears a fixed interest rate of 7.37%, and matures in May 2012 and the balance in cash.





    Retail Portfolio





        In September 2006, the Company purchased a 468,111 square foot portfolio of nine retail properties for $63.2 million. The properties are net leased to two
retail tenants with leases expirations beginning in 2016 through 2024. The Company assumed three non-recourse first mortgages for three of the properties and the remaining properties were
financed with non-recourse, first mortgages. The four



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NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)



(Amounts in Thousands, Except per Share Data)




3. Operating Real Estate (Continued)



mortgages,
which bear fixed rates ranging from 5.85% to 7.34%, having maturities ranging from June 2014 to October 2016.





    Wakefield Joint Venture





        In connection with the Wakefield joint venture, Chain Bridge contributed a portfolio of 11 healthcare properties located in North Carolina, Pennsylvania, Illinois
and Florida valued at $45.7 million, and consisting of 417,351 square feet. Each property in the portfolio is leased to a single tenant under leases with various expiration dates ranging from
July 2007 to July 2020. The portfolio was financed with a $27.8 million non-recourse, first mortgage bearing fixed interest rate of 6.56% to 7.22%. In addition, the Company
purchased two properties consisting of 88,107 square feet, one in California and one in North Carolina for $16.2 million, net of $5.1 million of non recourse, first mortgages at a fixed
interest rate of 6.56%. All the mortgages expire in August of 2010.



        The
Wakefield joint venture made the following acquisitions from May 2006 through December 31, 2006:





    A
    $3.6 million acquisition of an assisted facility totaling 20,000 square feet located in Hendersonville, NC. The property is net leased to a single tenant under a
    lease that expires in May 2016. The property was financed with a $2.8 million non-recourse, first mortgage, which bears a fixed interest rate of 6.56%, and matures in August 2010,
    and the balance in cash.


    A
    $12.3 million acquisition of two skilled nursing facilities totaling 69,957 square feet, one in Black Mountain, NC and one in Blountstown, FL. The properties are
    net leased to a single tenant under a lease that expires in July 2021. The properties were financed with a $8.7 million non-recourse, first mortgage, which bears a fixed interest
    rate of 6.95%, and matures in August 2010, and the balance in cash.


    An
    $8.8 million acquisition of three assisted care living facilities in a foreclosure sale, totaling 65,427 square feet, one in Albemarle, Brevard and Charlotte, NC.
    The properties are net leased to a single tenant under a lease that expires in October 2021. The properties were purchased for cash.


    A
    $9.2 million acquisition of an assisted care living facility totaling 68,601 square feet in Bremerton, WA. The property is net leased to a single tenant under a ten
    year lease with renewal options. The property was financed with a $6.75 million non-recourse, first mortgage, which bears a fixed interest rate of 7.13%, and matures in August 2010,
    and the balance in cash.


    A
    $44.9 million acquisition of a laboratory and office space on a Health Science University campus totaling 286,652 square feet. The property is net leased to a
    single tenant under a lease that expires in December 2013. The property was financed with $33.3 million non-recourse, first mortgage, which bears a fixed interest rate of 5.94%, and
    matures in January 2014, and the balance in cash.



This excerpt taken from the NRF 10-K filed Mar 15, 2007.

Acquisitions-2006

Green Pond

In March 2006, the Company closed on a $21.8 million acquisition of a suburban office building located in Rockaway, New Jersey totaling 121,038 square feet of rentable space (the “Green Pond Property”). The property is net leased to two tenants under leases that expire in 2015 and 2017. The Company financed the acquisition with a $17.5 million non-recourse, first mortgage bearing a fixed interest rate of 5.68%, maturing on April 11, 2016, and the balance in cash.

Indianapolis Property

In June 2006, the Company closed on a $34.4 million acquisition of an office property located in Indianapolis, Indiana totaling 333,600 square feet of rentable space. The property is net leased to one tenant under a lease expiring in 2025. The Company financed the acquisition with a $28.6 million non-recourse, first mortgage bearing a fixed interest rate of 6.06%, maturing on February 1, 2017, and the balance in cash.



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NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES AND
NORTHSTAR REALTY FINANCE CORP. PREDECESSOR

NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(Amounts in Thousands, Except per Share Data)

3. Operating Real Estate – (continued)

Aurora Property

In July 2006, the Company closed on a $45.5 million acquisition of a 183,529 square foot office building in Aurora Colorado. The property is net leased to a single tenant under a lease that expires in June 2015. The property was financed with a $33.5 million non-recourse, first mortgage bearing a fixed interest rate 6.22%, maturing in July 2016, a $2.9 million mezzanine loan with an affiliate bearing a fixed interest rate of 7.37%, maturing May 2012 and the balance in cash.

Retail Portfolio

In September 2006, the Company closed on a portfolio of nine retail net lease properties for a purchase price of $63.2 million. The properties contain 468,111 of rentable square feet and are net leased to two retail tenants with leases expirations beginning in 2016 through 2024. The Company assumed three non-recourse first mortgages for three of the properties and the remaining properties were financed with a non-recourse, first mortgage. The four mortgages bear fixed rates ranging from 5.85% to 7.34%, with maturities ranging from June 2014 to October 2016.

Wakefield Capital, LLC

In May 2006, the Company formed a joint venture with Chain Bridge Capital LLC, referred to as Wakefield Capital LLC (“Wakefield”), to acquire healthcare properties. Chain Bridge Capital contributed a portfolio of 11 healthcare properties located in North Carolina, Pennsylvania, Illinois and Florida valued at $45.7 million, and consisting of 417,351 square feet. Each property in the portfolio is leased to a single tenant under leases that expire at various times, from July 2007 to July 2020. The portfolio was financed with a $27.8 million non-recourse, first mortgage bearing fixed interest rate of 6.56% to 7.22%. In addition, the Company purchased from Chain Bridge Capital two properties consisting of 88,107 square feet, one in California and one in North Carolina for $16.2 million, net of $5.1 million of non recourse, first mortgages at a fixed interest rate of 6.56%, which it then contributed to the joint venture. All the mortgages expire in August of 2010.

In June 2006, the Wakefield joint venture closed on a $3.6 million acquisition of a 20,000 square foot building in Hendersonville, NC. The property is net leased to a single tenant under a lease that expires in May 2016. The property was financed with a $2.8 million non-recourse, first mortgage bearing a fixed interest rate of 6.56% maturing in August 2010, and the balance in cash.

In July 2006, the Wakefield joint venture closed on a $12.3 million acquisition of two buildings consisting of 69,957 square feet, one in Black Mountain, NC and one in Blountstown, FL. The properties are net leased to a single tenant under a lease that expires in June 2021. The properties were financed with a $8.7 million non-recourse, first mortgage bearing a fixed interest rate of 6.95% maturing in August 2010, and the balance in cash.

In October 2006, the Wakefield joint venture closed on a $8.8 million acquisition of three buildings in a foreclosure sale consisting of 65,457 square feet, one in Albemarle, Brevard and Charlotte, NC. The properties are net leased to a single tenant under a lease that expires in October 2021. The properties were purchased for cash.

In December 2006, the Wakefield joint venture closed on a $9.2 million acquisition of a 26,000 square foot building in Bremerton, WA. The property is net leased to a single tenant under a ten year lease with renewal options. The property was financed with a $6.75 million non-recourse, first mortgage bearing a fixed interest rate of 7.13% maturing in August 2010, and the balance in cash.

In December 2006, the Wakefield joint venture closed on a $44.9 million acquisition of 286,652 square feet of laboratory and office space on a Health Science University campus. The property is net leased to a single tenant under a lease that expires in December 2013. The property was financed with $33.3 million non-recourse, first mortgage bearing a fixed interest rate of 5.94% maturing in December 2013, and the balance in cash.



86



NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES AND
NORTHSTAR REALTY FINANCE CORP. PREDECESSOR

NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(Amounts in Thousands, Except per Share Data)

3. Operating Real Estate – (continued)

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