| Company's mortgage notes payable and line of credit |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Principal Balance Outstanding |
|
| |
|
Date of
Issuance/
Assumption |
|
Principal
Maturity Date |
|
Stated Interest Rate at
June 30, 2012
(1)
|
|
June 30, 2012 |
|
|
December 31, 2011 |
|
|
Fixed-Rate Mortgage Notes Payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
09/15/08 |
|
10/01/12(2)
|
|
4.76% |
|
$ |
45,233 |
|
|
$ |
45,233 |
|
| |
|
02/21/06 |
|
12/01/13 |
|
5.91% |
|
|
8,753 |
|
|
|
8,845 |
|
| |
|
02/21/06 |
|
06/30/14 |
|
5.20% |
|
|
18,140 |
|
|
|
18,345 |
|
| |
|
08/25/05 |
|
09/01/15 |
|
5.33% |
|
|
20,255 |
|
|
|
20,431 |
|
| |
|
09/12/05 |
|
09/01/15 |
|
5.21% |
|
|
11,921 |
|
|
|
12,019 |
|
| |
|
12/21/05 |
|
12/08/15 |
|
5.71% |
|
|
18,304 |
|
|
|
18,448 |
|
| |
|
09/06/07 |
|
12/11/15 |
|
5.81% |
|
|
4,181 |
|
|
|
4,219 |
|
| |
|
03/29/06 |
|
04/01/16 |
|
5.92% |
|
|
16,772 |
|
|
|
16,871 |
|
| |
|
04/27/06 |
|
05/05/16 |
|
6.58% |
|
|
13,247 |
|
|
|
13,409 |
|
| |
|
08/29/08 |
|
06/01/16 |
|
6.80% |
|
|
5,944 |
|
|
|
6,019 |
|
| |
|
06/20/11 |
|
06/30/16 |
|
6.08% |
|
|
11,424 |
|
|
|
11,505 |
|
| |
|
11/22/06 |
|
12/01/16 |
|
5.76% |
|
|
13,661 |
|
|
|
13,761 |
|
| |
|
12/22/06 |
|
01/01/17 |
|
5.79% |
|
|
20,886 |
|
|
|
21,037 |
|
| |
|
02/08/07 |
|
03/01/17 |
|
6.00% |
|
|
13,775 |
|
|
|
13,775 |
|
| |
|
06/05/07 |
|
06/08/17 |
|
6.11% |
|
|
14,240 |
|
|
|
14,240 |
|
| |
|
10/15/07 |
|
11/08/17 |
|
6.63% |
|
|
15,177 |
|
|
|
15,278 |
|
| |
|
11/18/11 |
|
11/01/18 |
|
4.50% |
|
|
4,304 |
|
|
|
4,352 |
|
| |
|
12/06/11 |
|
12/06/19 |
|
6.00% |
|
|
8,383 |
|
|
|
8,500 |
|
| |
|
10/28/11 |
|
11/01/21 |
|
6.00% |
|
|
7,130 |
|
|
|
7,190 |
|
| |
|
04/05/12 |
|
05/01/22 |
|
6.10% |
|
|
18,976 |
|
|
|
— |
|
| |
|
06/21/12 |
|
07/06/22 |
|
5.05% |
|
|
4,750 |
|
|
|
— |
|
| |
|
12/15/10 |
|
12/10/26 |
|
6.63% |
|
|
10,196 |
|
|
|
10,402 |
|
| |
|
05/16/12 |
|
12/31/26 |
|
4.30% |
|
|
2,930 |
|
|
|
— |
|
| |
|
05/30/12 |
|
05/10/27 |
|
6.50% |
|
|
4,984 |
|
|
|
— |
|
| |
|
06/27/12 |
|
07/01/29 |
|
5.10% |
|
|
2,015 |
|
|
|
— |
|
| |
|
03/16/05 |
|
04/01/30 |
|
6.33% |
|
|
— |
|
|
|
2,314 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Fixed-Rate Mortgage Notes Payable:
|
|
|
|
|
|
$ |
315,581 |
|
|
$ |
286,193 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums and Discounts, net:
|
|
|
|
|
|
|
|
|
(812 |
) |
|
|
(843 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed-Rate Mortgage Notes Payable:
|
|
|
|
|
|
|
|
$ |
314,769 |
|
|
$ |
285,350 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable-Rate Line of Credit:
|
|
12/28/10 |
|
12/28/13 |
|
LIBOR +2.75% |
|
$ |
— |
|
|
$ |
18,700 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage Notes Payable and Line of Credit
|
|
|
|
|
|
$ |
314,769 |
|
|
$ |
304,050 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The weighted average interest rate on all debt outstanding at June 30, 2012 was approximately 5.72%.
|
|
(2)
|
This note has one annual extension option remaining, which gives us the ability to extend the term of the note until October 1, 2013. As long as
we are in compliance with the covenants under this loan, which we are as of June 30, 2012, we will be able to extend the maturity date of the loan.
|
|
| Principal payments of mortgage notes payable |
| |
|
|
|
|
|
Year
|
|
Scheduled principal
payments |
|
|
Six months ending December 31, 2012
|
|
$
|
47,673
|
(1)
|
|
2013
|
|
|
13,632 |
|
|
2014
|
|
|
22,304 |
|
|
2015
|
|
|
56,174 |
|
|
2016
|
|
|
59,782 |
|
|
2017
|
|
|
62,763 |
|
|
Thereafter
|
|
|
53,253 |
|
| |
|
|
|
|
| |
|
$ |
315,581 |
|
| |
|
|
|
|
|
(1)
|
The $45.2 million mortgage note issued in September 2008 was extended to September 30, 2012. We have an additional option to extend the maturity
date until October 2013.
|
|