7. NOTES PAYABLE

Our outstanding debt as of March 31, 2012, and December 31, 2011, consisted of the following (in thousands):


	March 31, 2012		December 31, 2011
Fixed-rate mortgage loans	$	148,495	$	141,373
Variable-rate secured line of credit		18,695		19,345
Variable-rate secured loans		36,915		40,940
Total	$	204,105	$	201,658

Our $25.0 million Facility, which is available to us for the acquisition of properties and for working capital, is our primary source of additional credit. As of March 31, 2012, we had $18.7 million outstanding under the Facility with $6.0 million of future availability. The Facility's borrowing base is determined based on the properties that are pledged as security, and it contains covenants applicable to those pledged properties which, among other restrictions, require us to maintain a minimum net worth and, in certain cases of the occurrence of default, limit distributions to our shareholders. The Facility bears interest at LIBOR plus a spread of 3.50%, with a floor of 4.75% and matures on June 30, 2013. As of March 31, 2012, the interest rate was 4.75%, and we were in compliance with all covenants.

In February 2012, we refinanced the mortgage on our Brookwood Village property with a 10-year note that bears interest at 5.4%. In March 2012, we procured $3.5 million of long-term financing on one of our single-tenant properties located in Houston, Texas.

As of March 31, 2012, the weighted average interest rate on our fixed-rate debt was 5.07%, and the weighted average remaining life of such debt was 4.3 years.