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Concentration of Credit Risk.
 12 Months Ended
Dec. 31, 2011
Concentration of Credit Risk. [Abstract]  
Concentration of Credit Risk. Note 3. Concentration of Credit Risk.

Note 3. Concentration of Credit Risk. Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, the Company’s management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

As of December 31, 2011, the Company owned six properties located in Northern New Jersey/New York City, which accounted for 45.5% of its annualized base rent, which is based on contractual base rent from leases in effect as of December 31, 2011, excluding any partial or full rent abatements.

 

Other real estate companies compete with the Company in its real estate markets. This results in competition for tenants to occupy space. The existence of competing properties could have a material impact on the Company’s ability to lease space and on the level of rent that can be achieved. The Company’s top ten tenants as of December 31, 2011 are as follows:

 

                                             
   

Tenant

  

Leases

    

Rentable
Square Feet

    

% of Total
Rentable
Square Feet

    

Annualized
Base Rent
(000's) 1

    

% of Total
Annualized
Base Rent

  
1       YRC Worldwide     3       182,803       5.4 %    $ 2,463       11.8 % 
2   H.D. Smith Wholesale Drug Company     1       211,418       6.2 %      1,949       9.3 % 
3   Home Depot     1       413,092       12.1 %      1,889       9.0 % 
4   Precision Custom Coatings     1       208,000       6.1 %      1,637       7.8 % 
5   Miami International Freight Solutions     1       166,220       4.9 %      956       4.6 % 
6   Banah International Group     1       301,983       8.8 %      906       4.3 % 
7   FedEx Corporation     1       72,808       2.1 %      852       4.1 % 
8   International Paper Company     1       137,872       4.0 %      680       3.2 % 
9   Maines Paper & Food Service     1       98,745       2.9 %      636       3.0 % 
10   Duro Bag Manufacturing Company     1       120,948       3.5 %      615       2.9 % 
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   

Total

     12       1,913,889       56.0 %    $ 12,583       60.0 % 
       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

1

Annualized base rent is calculated as monthly base rent per the leases, excluding any partial or full rent abatements, as of December 31, 2011, multiplied by 12.