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Debt

9 Months Ended

Sep. 30, 2013

Note 10. Non-recourse Debt

Non-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 $2.6 billion and $2.4 billion at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 8.0% and variable contractual annual rates ranging from 2.8% to 6.1%, with maturity dates ranging from 2013 to 2038.

During the nine months ended September 30, 2013, we obtained new non-recourse mortgage financings totaling $178.2 million with a weighted-average annual interest rate and term of 4.7% and 10.2 years, respectively. Of the total, $36.3 million related to investments acquired during 2013, $115.4 million related to investments acquired during prior years, $14.3 million related to five self-storage properties acquired during 2013, and $12.2 million related to an international investment for which we have entered into a purchase commitment on an acquisition that closed in October 2013.

Additionally, we refinanced a non-recourse mortgage loan of $13.3 million with new financing of $9.7 million with an annual interest rate and term of 4.9% and 10 years, respectively, related to six self-storage properties acquired during prior years.

Scheduled Debt Principal Payments

Scheduled debt principal payments during the remainder of 2013, each of the next four calendar years following December 31, 2013, and thereafter are as follows (in thousands):


Years Ending December 31,	Total
2013 (remainder)	$	28,378
2014		39,987
2015		70,880
2016		298,889
2017		347,419
Thereafter through 2038		1,015,824
		1,801,377
Unamortized discount, net^(a)		(6,041)
Total	$	1,795,336

__________

Represents the unamortized discount on two non-recourse mortgage loans.

Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2013. Additionally, due to the weakening of the U.S. dollar relative to foreign currencies during the nine months ended September 30, 2013, the carrying value of our debt increased by $7.0 million from December 31, 2012 to September 30, 2013.

- 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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