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Related Companies Thomas Properties Group Inc. (TPGI)

Related Documents Earnings Release (ER) Thomas Properties Group Inc. 9/30/2009, filed on 11/2/2009

Related Articles 10/16/2009 Thomas Properties amends credit agreements

Thomas Properties Group Inc. detailed its financing and disposition activity in its earnings release issued Nov. 2.

The company said it modified the construction loan in the amount of $17.0 million on Campus El Segundo located in California on Oct. 10. The loan was extended to July 31, 2011, and has three one-year extension options at the company's election subject to the company's compliance with certain loan covenants.

On Oct. 13, Thomas Properties' Four Points Centre construction loan was modified and extended to July 31, 2012, with two one-year extension options subject to certain conditions.

Thomas Properties also provided additional collateral of approximately 62.4 acres of fully entitled unimproved land, which is immediately adjacent to its Four Points Centre office buildings located in Austin, Texas. The company also committed to pay down the principal amount of the loan in the total amount of $7.8 million and $10.8 million remains unfunded and available to be drawn.

On Oct. 14, the company entered into a discounted payoff agreement with the holders of the existing mezzanine debt on Two Commerce Square in Philadelphia. Thomas Properties agreed to pay off the two mezzanine loans, with a principal amount of approximately $36.1 million, for a discounted amount of $25.0 million on or before Nov. 30, subject to an extension right of up to 29 days.

The company said it continued its sales momentum at the Murano condominium project in Philadelphia by entering into contracts for an additional 24 units and settled 56 units during the third quarter, resulting in approximately a $25.0 million reduction in the company's construction loan balance.

Subsequent to Sept. 30, the company entered into contracts to sell an additional six units.

On Oct. 6, Thomas Properties sold a 1.9-acre land parcel in Austin, adjacent to its Four Points Centre development property. The land, which is subject to a ground lease to a retail tenant, was sold for $2.1 million and the company expects to recognize a gain of approximately $1.2 million in the fourth quarter.