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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Dividends. On July 31, 2013, the Company declared a dividend of $0.40 per share of common stock, which is payable on October 11, 2013 to common stockholders of record on September 30, 2013.
Investment Activity. In July 2013, the maturity of the Company's $25,000 junior mezzanine loan secured by the pledge of the equity interests in a borrower that owns three hotels in New York City was extended for one year through July 2014.
In July 2013, the Company provided a $14,000 mezzanine loan (purchased for $13,551 or approximately 97% of face value) secured by a pledge of the equity interest in a borrower that owns the office component of a 432,717 square foot building located in downtown New York City. The mezzanine loan is part of a $105,000, 10-year fixed rate loan comprised of a $91,000 first mortgage loan and the Company's $14,000 mezzanine loan. The mezzanine loan has an underwritten loan-to-value ("LTV") of 70% and has been underwritten to generate an IRR of approximately 13%. See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Financial Condition and Results of Operations-Investments” below for a discussion of IRR.
In August 2013, the Company provided a $22,500 mezzanine loan secured by a pledge of the equity interest in a borrower that owns a mixed use property located in the central business district of Pittsburgh, PA and consists of (i) a 27-story multi-tenant office building, (ii) an adjoining 616-key convention center hotel, and (iii) a 479-space underground parking garage. The mezzanine loan is part of a $105,000, five-year floating rate loan comprised of an $82,500 first mortgage loan and the Company's $22,500 mezzanine loan. The mezzanine loan has an underwritten LTV of 73% and has been underwritten to generate an IRR of approximately 12%. See “Management's Discussion and Analysis of Financial Condition and Results of Operations-Financial Condition and Results of Operations-Investments” below for a discussion of IRR.
Stockholders' Equity. In July 2013, the Company's board of directors approved a stock repurchase program to authorize the Company to repurchase up to an aggregate of $50,000 of its shares of common stock. To date, the Company has not repurchased any shares pursuant to the stock repurchase program.