| Company's mortgage notes payable and line of credit |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Principal Balance Outstanding |
|
|
Fixed-Rate Mortgage Notes Payable:
|
|
Date of
Issuance/
Assumption
|
|
Principal
Maturity Date |
|
|
Stated Interest Rate at
September 30, 2012 (1) |
|
|
September 30, 2012 |
|
|
December 31, 2011 |
|
| |
|
09/15/08 |
|
|
10/01/12
|
(2)
|
|
|
4.76 |
% |
|
$ |
45,233 |
|
|
$ |
45,233 |
|
| |
|
02/21/06 |
|
|
12/01/13 |
|
|
|
5.91 |
% |
|
|
8,707 |
|
|
|
8,845 |
|
| |
|
02/21/06 |
|
|
06/30/14 |
|
|
|
5.20 |
% |
|
|
18,037 |
|
|
|
18,345 |
|
| |
|
08/25/05 |
|
|
09/01/15 |
|
|
|
5.33 |
% |
|
|
20,167 |
|
|
|
20,431 |
|
| |
|
09/12/05 |
|
|
09/01/15 |
|
|
|
5.21 |
% |
|
|
11,872 |
|
|
|
12,019 |
|
| |
|
12/21/05 |
|
|
12/08/15 |
|
|
|
5.71 |
% |
|
|
18,231 |
|
|
|
18,448 |
|
| |
|
09/06/07 |
|
|
12/11/15 |
|
|
|
5.81 |
% |
|
|
4,161 |
|
|
|
4,219 |
|
| |
|
03/29/06 |
|
|
04/01/16 |
|
|
|
5.92 |
% |
|
|
16,722 |
|
|
|
16,871 |
|
| |
|
04/27/06 |
|
|
05/05/16 |
|
|
|
6.58 |
% |
|
|
13,166 |
|
|
|
13,409 |
|
| |
|
08/29/08 |
|
|
06/01/16 |
|
|
|
6.80 |
% |
|
|
5,905 |
|
|
|
6,019 |
|
| |
|
06/20/11 |
|
|
06/30/16 |
|
|
|
6.08 |
% |
|
|
11,384 |
|
|
|
11,505 |
|
| |
|
11/22/06 |
|
|
12/01/16 |
|
|
|
5.76 |
% |
|
|
13,611 |
|
|
|
13,761 |
|
| |
|
12/22/06 |
|
|
01/01/17 |
|
|
|
5.79 |
% |
|
|
20,811 |
|
|
|
21,037 |
|
| |
|
02/08/07 |
|
|
03/01/17 |
|
|
|
6.00 |
% |
|
|
13,775 |
|
|
|
13,775 |
|
| |
|
06/05/07 |
|
|
06/08/17 |
|
|
|
6.11 |
% |
|
|
14,203 |
|
|
|
14,240 |
|
| |
|
10/15/07 |
|
|
11/08/17 |
|
|
|
6.63 |
% |
|
|
15,126 |
|
|
|
15,278 |
|
| |
|
09/26/12 |
|
|
07/01/18 |
|
|
|
5.75 |
% |
|
|
10,741 |
|
|
|
— |
|
| |
|
11/18/11 |
|
|
11/01/18 |
|
|
|
4.50 |
% |
|
|
4,280 |
|
|
|
4,352 |
|
| |
|
12/06/11 |
|
|
12/06/19 |
|
|
|
6.00 |
% |
|
|
8,331 |
|
|
|
8,500 |
|
| |
|
10/28/11 |
|
|
11/01/21 |
|
|
|
6.00 |
% |
|
|
7,100 |
|
|
|
7,190 |
|
| |
|
04/05/12 |
|
|
05/01/22 |
|
|
|
6.10 |
% |
|
|
18,901 |
|
|
|
— |
|
| |
|
06/21/12 |
|
|
07/06/22 |
|
|
|
5.05 |
% |
|
|
4,735 |
|
|
|
— |
|
| |
|
08/03/12 |
|
|
07/31/22 |
|
|
|
5.00 |
% |
|
|
2,994 |
|
|
|
— |
|
| |
|
07/24/12 |
|
|
08/01/22 |
|
|
|
5.60 |
% |
|
|
9,729 |
|
|
|
— |
|
| |
|
12/15/10 |
|
|
12/10/26 |
|
|
|
6.63 |
% |
|
|
10,090 |
|
|
|
10,402 |
|
| |
|
05/16/12 |
|
|
12/31/26 |
|
|
|
4.30 |
% |
|
|
2,913 |
|
|
|
— |
|
| |
|
05/30/12 |
|
|
05/10/27 |
|
|
|
6.50 |
% |
|
|
4,934 |
|
|
|
— |
|
| |
|
06/27/12 |
|
|
07/01/29 |
|
|
|
5.10 |
% |
|
|
2,004 |
|
|
|
— |
|
| |
|
03/16/05 |
|
|
04/01/30 |
|
|
|
6.33 |
% |
|
|
— |
|
|
|
2,314 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Fixed-Rate Mortgage Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
$ |
337,863 |
|
|
$ |
286,193 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums and (Discounts), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
68 |
|
|
|
(843 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed-Rate Mortgage Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
$ |
337,931 |
|
|
$ |
285,350 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Line of Credit:
|
|
12/28/10 |
|
|
12/28/13 |
|
|
|
LIBOR +2.75 |
% |
|
$ |
5,500 |
|
|
$ |
18,700 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage Notes Payable and Line of Credit
|
|
|
|
|
|
|
|
|
|
|
|
$ |
343,431 |
|
|
$ |
304,050 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The weighted average interest rate on all debt outstanding at September 30, 2012, was approximately 5.65%. |
| (2) |
This note was repaid in full on October 1, 2012. Please see Note 9: “Subsequent Events” for more detial. |
|
| Schedule of long term mortgages |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Issuance
|
|
Issuing Bank
|
|
Borrowings |
|
|
Interest Rate |
|
|
Maturity Date |
|
|
4/5/2012
|
|
KeyBank National Association |
|
$ |
19,000 |
|
|
|
6.10 |
% |
|
|
5/1/2022 |
|
| |
|
|
|
|
|
5/16/2012
|
|
City National Bank |
|
|
2,940 |
|
|
|
4.30 |
% |
|
|
12/31/2026 |
|
| |
|
|
|
|
|
5/30/2012
|
|
Modern Woodman
of America
|
|
|
5,000 |
|
|
|
6.50 |
% |
|
|
5/10/2027 |
|
| |
|
|
|
|
|
6/21/2012
|
|
Citigroup |
|
|
4,750 |
|
|
|
5.05 |
% |
|
|
7/6/2022 |
|
| |
|
|
|
|
|
6/27/2012
|
|
American Equity
Investment Life Co.
|
|
|
2,000 |
|
|
|
5.10 |
% |
|
|
7/1/2029 |
|
| |
|
|
|
|
|
7/24/2012
|
|
American National
Insurance Co.
|
|
|
9,750 |
|
|
|
5.60 |
% |
|
|
8/1/2022 |
|
| |
|
|
|
|
|
8/3/2012
|
|
Farmers Citizens Bank |
|
|
3,000 |
|
|
|
5.00 |
% |
|
|
7/31/2022 |
|
| |
|
|
|
|
|
9/26/2012
|
|
Midland National
Investment Life Co.
|
|
|
10,758 |
|
|
|
5.75 |
% |
|
|
7/1/2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
$ |
57,198 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal payments of mortgage notes payable |
| |
|
|
|
|
|
Year
|
|
Scheduled principal
payments |
|
|
Three months ending December 31, 2012
|
|
$
|
46,606
|
(1)
|
|
2013
|
|
|
14,183 |
|
|
2014
|
|
|
22,888 |
|
|
2015
|
|
|
56,789 |
|
|
2016
|
|
|
60,430 |
|
|
2017
|
|
|
63,451 |
|
|
Thereafter
|
|
|
73,516 |
|
| |
|
|
|
|
| |
|
$ |
337,863 |
|
| |
|
|
|
|
|
(1)
|
The $45.2 million mortgage note issued in September 2008 was repaid on October 1, 2012 with Key Bank. A portion of the mortgage note was
refinanced with Key Bank NA. Please see Note 9 “Subsequent Events” for further details.
|
|