7. NOTES PAYABLE

Our outstanding debt as of March 31, 2013, and December 31, 2012, consisted of the following (in thousands):



	March 31, 2013		December 31, 2012
Fixed-rate mortgage loans	$	178,096	$	185,079
$75 Million Facility (variable-rate)		3,000		33,500
Total	$	181,096	$	218,579

As of March 31, 2013, the $75 Million Facility was our primary source of additional credit. The $75 Million Facility has a term of three years and has an accordion feature that may allow us to increase the availability by $75.0 million to $150.0 million provided we are not in default. We expect to use the $75 Million Facility for general corporate purposes including debt financing, property acquisitions, new construction, renovations, expansions, tenant improvement costs and equity investments. The $75 Million Facility bears interest at LIBOR plus a margin of 205 basis points to 275 basis points, depending on our leverage ratio, and matures in August 2015. The amount available for us to borrow under the $75 Million Facility at any given time is subject to the lesser of the unencumbered asset property value at such time, the maximum commitment amount at such time or an amount that results in a debt service coverage ratio for the four preceding calendar quarters of less than 1.50 to 1.0.

Our availability under our $75 Million Facility was $57.9 million as of March 31, 2013, which reflects the addition of Preston Royal East to our unencumbered assets pool (see Note 3 for a discussion of the our acquisition of the Preston Royal Village Shopping Center) as well as the removal of MacArthur Park from our unencumbered asset pool (see Note 3 for a discussion of our MacArthur Park Joint Venture).

Our ability to borrow under the $75 Million Facility is subject to our ongoing compliance with a number of customary restrictive covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse debt ratio, a minimum net worth and maximum dividend payout ratio. We also covenant that certain changes in our executive management team will not occur unless the departing executive management team member is replaced by a party reasonably acceptable to the administrative agent within 90 days of such departure. Additionally, it will constitute an event of default under the $75 Million Facility if we default on any of our other indebtedness that equals or exceeds $1.0 million, including any indebtedness we have guaranteed.