Mortgage Notes Payable (Notes)

12 Months Ended

Dec. 31, 2012

Mortgage Notes Payable [Abstract]

Debt Disclosure [Text Block]

MORTGAGE NOTES AND OTHER DEBT PAYABLE

Mortgage notes and other debt payable have various maturities through 2027 and consist of the following:

Property	Maturity/Extinguishment Date	Fixed / Floating	Interest Rate		Amount payable as of
					December 31, 2012		December 31, 2011
Metropolitan Park North	March 23, 2012	Fixed	5.73	%	$	—	$	56,513
105 Kendall Park Lane	July 2, 2012	Fixed	4.92	%	—		12,371
Marketplace at Northglenn	July 11, 2012	Fixed	10.50	%	—		61,269
4001 North Norfleet Road	December 27, 2012	Fixed	5.60	%	—		24,230
36 Research Park Drive	July 1, 2013	Fixed	5.60	%	10,682		10,841
Monument IV at Worldgate	September 1, 2013	Fixed	5.29	%	35,195		35,195
Dignity Health Office Portfolio	November 1, 2013	Fixed	5.75	%	15,926		16,285
Dignity Health Office Portfolio	November 1, 2013	Fixed	5.75	%	13,860		14,174
Dignity Health Office Portfolio	November 1, 2013	Fixed	5.75	%	14,354		14,678
Dignity Health Office Portfolio	March 1, 2014	Fixed	5.79	%	31,427		32,112
Stirling Slidell Shopping Centre	April 1, 2014	Fixed	5.15	%	12,483		12,777
Cabana Beach Gainesville	December 1, 2014	Fixed	5.57	%	47,163		47,843
Cabana Beach San Marcos	December 1, 2014	Fixed	5.57	%	18,872		19,144
Campus Lodge Columbia	December 1, 2014	Fixed	5.57	%	15,694		15,920
Campus Lodge Athens	December 1, 2014	Fixed	5.57	%	13,180		13,369
The Edge at Lafayette	February 1, 2015	Fixed	5.57	%	16,812		17,052
4 Research Park Drive	March 1, 2015	Fixed	6.05	%	6,419		6,611
111 Sutter Street (1)	June 1, 2015	Fixed	5.58	%	54,061		—
Campus Lodge Tampa	October 1, 2016	Fixed	5.95	%	33,053		33,438
Station Nine Apartments	May 1, 2017	Fixed	5.50	%	36,885		36,885
Canyon Plaza	June 1, 2017	Fixed	5.90	%	29,001		29,453
The District at Howell Mill	June 1, 2017	Fixed	6.14	%	9,931		10,000
Railway Street Corporate Centre (2)	September 1, 2017	Fixed	5.16	%	29,614		29,085
The District at Howell Mill	March 1, 2027	Fixed	5.30	%	34,594		35,000
TOTAL					$	479,206	$	584,245
Other debt payable (3)	September 30, 2013	Floating	4.75	%	12,000		—
MORTGAGE NOTES AND OTHER DEBT PAYABLE					$	491,206	$	584,245
Net debt premium (discount) on assumed debt					1,779		(1,750		)
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET					$	492,985	$	582,495

(1) Loan assumed as part of acquisition of 111 Sutter Street on December 4, 2012.

(2) This loan is denominated in Canadian dollars, but is reported in U.S. dollars at the exchange rate in effect on the balance sheet date.

(3) The seller of 111 Sutter Street provided a short-term financing at closing at the prime rate (3.25% at December 31, 2012) plus 150 basis points.

We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows:

Property	Debt Premium / (Discount)			Effective Interest Rate
Dignity Health Office Portfolio	$	263		5.41	%
Stirling Slidell Shopping Centre	(44		)	5.57	%
4 Research Park Drive	(5		)	6.17	%
The District at Howell Mill	(2,755		)	6.34	%
Canyon Plaza	(114		)	6.10	%
Campus Lodge Tampa	691			5.95	%
111 Sutter Street	3,743			2.66	%
Net debt premium on assumed debt	$	1,779

Aggregate principal payments of mortgage notes and other debt payable as of December 31, 2012 are as follows:

Year	Amount
2013	$	107,735
2014	139,781
2015	76,858
2016	33,557
2017	101,529
Thereafter	31,746
Total	$	491,206

Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $932,000 and $955,000 at December 31, 2012 and 2011, respectively, have been pledged as collateral. As our mortgage notes mature, we will explore refinancing and paying off the loans as well as full or partial sales of the properties. To accomplish these refinancings and pay downs, we would use cash currently on hand, cash from future property operations and capital from the proceeds of the Offering.

Covenants

At December 31, 2012, we were in compliance with all debt covenants.