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Non Recourse and Limited Recourse Debt

9 Months Ended

Sep. 30, 2012

Non Recourse And Limited Recourse Debt

Note 10. Non-Recourse and Limited-Recourse Debt

During the nine months ended September 30, 2012, we obtained non-recourse mortgage financing totaling $214.8 million at a weighted-average annual interest rate and term of 4.6% and 7.9 years, respectively. Of the total:

$155.8 million related to four domestic investments acquired during 2012;
$45.2 million related to four domestic investments acquired during 2011; and
$13.8 million related to two Polish investments acquired in 2011, based on the exchange rate of the Euro on the date of the financing.

Additionally, in connection with one of our self-storage investments during the nine months ended September 30, 2012, we assumed a non-recourse mortgage of $3.6 million.

Non-recourse and limited-recourse debt consists of mortgage notes payable, which are collateralized by an assignment of real property and direct financing leases, with an aggregate carrying value of approximately $2.1 billion at September 30, 2012. At September 30, 2012, our mortgage notes payable bore interest at fixed annual rates ranging from 3.6% to 8.0% and variable effective annual rates ranging from 3.0% to 6.6%, with maturity dates ranging from 2012 to 2031.

Scheduled debt principal payments during the remainder of 2012 and each of the next four calendar years following September 30, 2012 and thereafter are as follows (in thousands):


Years Ending December 31,	Total
2012 (remainder)	$	8,871
2013		33,467
2014		35,230
2015		65,005
2016		287,118
Thereafter through 2031	928,819
		1,358,510
Unamortized discount, net^(a)		(780)
Total	$	1,357,730

__________

Represents the unamortized discount on two notes.

Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2012. Additionally, due to the strengthening of the U.S. dollar relative to foreign currencies, Non-recourse and limited-recourse debt decreased by $2.0 million from December 31, 2011 to September 30, 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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