The Company’s secured debt is summarized as follows:


	Carrying value as of:					Interest Rate			Maturity Date
Encumbered Property	December 31, 2013		December 31, 2012			Interest Rate			Maturity Date
Montgomery	$	2,693,364	$	2,768,704			6.42	%		7/1/2016
Seabrook		4,444,137		4,516,470			5.73	%		1/1/2016
Greenville		2,226,986		2,263,211			5.65	%		3/1/2016
Kemah		8,732,981		8,858,838			6.20	%		6/1/2016
Memphis		2,465,045		2,502,922			5.67	%		12/1/2016
Tallahassee		7,446,178		7,537,926			6.16	%		8/1/2016
Houston		1,981,095		2,018,754			5.67	%		2/1/2017
San Francisco (consolidated VIE)		10,256,163		10,387,192			5.84	%		1/1/2017
Lake Forest		18,000,000		18,000,000			6.47	%		10/1/2017
Las Vegas II		1,511,958		1,530,923			5.72	%		6/1/2017
Pearland		3,438,473		3,480,298			5.93	%		7/1/2017
Daphne		1,381,213		1,544,325			5.47	%		8/1/2020
Mesa		2,968,060		3,036,098			5.38	%		4/1/2015
Riverdale		4,800,000		4,800,000			4.00	%		5/14/2014
Prudential Portfolio Loan ^{(1) (2)}		31,044,708		31,547,772			5.42	%		9/5/2019
Dufferin – Toronto – Ontario, Canada ⁽³⁾		6,144,911		6,812,855			5.22	%		5/15/2014
Citi Loan ⁽⁴⁾		28,077,873		28,466,942			5.77	%		2/6/2021
Bank of America Loan – 1 ⁽⁵⁾		4,321,842		4,400,398			5.18	%		11/1/2015
Bank of America Loan – 2 ⁽⁶⁾		6,548,748		6,667,782			5.18	%		11/1/2015
Bank of America Loan – 3 ⁽⁷⁾		11,770,704		11,984,654			5.18	%		11/1/2015
Prudential – Long Beach ⁽⁸⁾		6,533,640		6,637,926			5.27	%		9/5/2019
SF Bay Area – Morgan Hill ⁽¹⁹⁾		—		2,928,860			5.75	%		4/1/2013
SF Bay Area – Vallejo		4,295,098		4,390,176			6.04	%		6/1/2014
Citi Las Vegas Loan ⁽⁹⁾		7,434,590		7,545,688			5.26	%		6/6/2021
ING Loan ⁽¹⁰⁾		21,265,500		21,587,669			5.47	%		7/1/2021
Ladera Ranch		6,691,304		6,821,300			5.84	%		6/1/2016
SF Bay Area – San Lorenzo		—		2,099,622			6.07	%		1/1/2014
Las Vegas V		1,628,783		1,667,485			5.02	%		7/1/2015
Second Restated KeyBank Loan ⁽¹¹⁾		—		51,666,666			4.67	%		12/24/2014	⁽¹¹⁾
Mississauga ⁽¹²⁾ – Ontario, Canada		6,763,769		6,841,134			5.00	%		10/31/2014
Chantilly ⁽¹³⁾		3,421,797		3,474,712			4.75	%		6/6/2022
Brampton ⁽¹⁴⁾ – Ontario, Canada		6,482,879		208,086			5.25	%		6/30/2016
Citi Stockade Loan – 1 ⁽¹⁵⁾		18,200,000		18,200,000			4.60	%		10/1/2022
KeyBank CMBS Loan ⁽¹⁶⁾		30,960,278		31,000,000			4.65	%		11/1/2022
Citi Stockade Loan – 2 ⁽¹⁷⁾		19,362,500		19,362,500			4.61	%		11/6/2022
Bank of America Loan – 4 ⁽¹⁸⁾		6,394,362		6,459,043			6.33	%		10/1/2017
Citi SF Bay Area – Morgan Hill Loan ⁽¹⁹⁾		3,000,000		—			4.08	%		3/6/2023
KeyBank Revolver ⁽²⁰⁾		71,000,000		—			1.67	%		10/25/2016
John Hancock Loan ⁽²¹⁾		16,682,984		—			6.36	%		6/1/2018
Net fair value adjustment		913,837		(576,173	)

Total secured debt	$	391,285,760	$	353,440,758

⁽¹⁾	This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Manassas, Marietta, Erlanger, Pittsburgh, Weston, Fort Lee, Oakland Park, Tempe, Phoenix II, Davie and Las Vegas I). Each of the individual loans is cross-collateralized by the other ten.

⁽²⁾	Ten of the loans in this portfolio loan bear an interest rate of 5.43%, and the remaining loan bears an interest rate of 5.31%. The weighted average interest rate of this portfolio is 5.42%.

⁽³⁾	On January 12, 2011, we encumbered the Dufferin property with a Canadian dollar denominated loan which bears interest at the bank’s floating rate plus 3.5% (subject to a reduction in certain circumstances). The rate in effect at December 31, 2013 was 5.22%.

⁽⁴⁾

This portfolio loan encumbers 11 properties (Biloxi, Gulf Breeze I, Alpharetta, Florence II, Jersey City, West Mifflin, Chicago – 95th St., Chicago – Western Ave., Chicago – Ogden Ave., Chicago – Roosevelt Rd. and Las Vegas IV). The net book value of the encumbered properties as of December 31, 2013 was approximately $50.4 million. Such amounts are only available to satisfy the obligations of this loan.

⁽⁵⁾	This loan encumbers the Lawrenceville I and II properties.

⁽⁶⁾	This loan encumbers the Concord, Hickory and Morganton properties.

⁽⁷⁾	This loan encumbers the El Paso II, III, IV & V properties as well as the Dallas property.

⁽⁸⁾	This loan is cross-collateralized by the 11 properties discussed in footnote (1) to this table.

⁽⁹⁾	This loan encumbers the Las Vegas VII and Las Vegas VIII properties. The net book value of the encumbered properties as of December 31, 2013 was approximately $9.0 million. Such amounts are only available to satisfy the obligations of this loan.

⁽¹⁰⁾

This portfolio loan is comprised of 11 discrete mortgage loans on 11 respective properties (Peachtree City, Buford, Jonesboro, Ellenwood, Marietta II, Collegeville, Skippack, Ballston Spa, Trenton, Fredericksburg and Sandston). Each of the individual loans have an original term of 30 years and mature on July 1, 2041. ING has the option to require payment of the loan in full every five years beginning on July 1, 2021.

⁽¹¹⁾

Through October 28, 2013, this loan was collateralized by the Homeland Portfolio (Kennesaw, Sharpsburg, Duluth I, Duluth II, Duluth III, Marietta III, Austell, Sandy Springs, Smyrna, Lawrenceville II, Jacksonville I and Jacksonville II). This loan was a variable rate loan, such rate was based on 30-day LIBOR, which including the applicable spread equaled an interest rate of 4.67% as of October 28, 2013; however, we were required to purchase an interest rate swap with a notional amount of $45 million, and, inclusive of the interest rate swap, the effective fixed interest rate was 5.41%. For additional discussion, see “Second Restated KeyBank Loan” below. This loan was paid off in October 2013 in connection with entering into a revolving loan agreement with KeyBank National Association (the “KeyBank Revolver”). The KeyBank Revolver is further described below.

⁽¹²⁾	In December 2011, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2% (totaling 5.00% as of December 31, 2013).

⁽¹³⁾	The net book value of the Chantilly property as of December 31, 2013 was approximately $6.9 million. Such amounts are only available to satisfy the obligations of this loan.

⁽¹⁴⁾	In September 2012, we entered into a Canadian dollar denominated construction loan with an aggregate potential commitment amount of approximately $9.2 million. Such loan bears interest at the bank’s floating rate, plus 2.25% (totaling 5.25% as of December 31, 2013).

⁽¹⁵⁾

This portfolio loan encumbers 10 properties (Savannah I, Savannah II, Columbia, Lexington I, Stuart I, Lexington II, Stuart II, Bluffton, Wilmington Island and Myrtle Beach). The net book value of the encumbered properties as of December 31, 2013 was approximately $34.5 million. Such amounts are only available to satisfy the obligations of this loan.

⁽¹⁶⁾

This portfolio loan encumbers nine properties (Los Angeles – La Cienega, Las Vegas III, Las Vegas VI, Hampton, SF Bay Area – Gilroy, Toms River, Crescent Springs, Florence and Walton). The net book value of the encumbered properties as of December 31, 2013 was approximately $42.6 million. Such amounts are only available to satisfy the obligations of this loan.

⁽¹⁷⁾

This portfolio loan encumbers six properties (Mt. Pleasant I, Charleston I, Charleston II, Mt. Pleasant II, Charleston III, and Mt. Pleasant III). The net book value of the encumbered properties as of December 31, 2013 was approximately $37.2 million. Such amounts are only available to satisfy the obligations of this loan.

⁽¹⁸⁾	This loan encumbers the Ridgeland and Canton properties.

⁽¹⁹⁾	The SF Bay Area – Morgan Hill loan was paid off on March 5, 2013 using proceeds from the Citi SF Bay Area – Morgan Hill Loan. For additional discussion, see “Citi SF Bay Area – Morgan Hill Loan” below.

⁽²⁰⁾

On October 28, 2013, through our Operating Partnership and certain property-owning special purpose entities wholly-owned by our Operating Partnership, we entered into the KeyBank Revolver, which matures on October 25, 2016. Such loan encumbers the Homeland Portfolio properties, the Knoxville Portfolio properties and five other previously unencumbered properties (Gulf Breeze II, El Paso I, Toms River II, North Charleston and Phoenix I). This loan is a LIBOR based variable rate loan, and such rate is based on 30-day LIBOR, which including the applicable spread equaled an initial interest rate of 1.67% as of October 28, 2013 and remained at such interest rate as of December 31, 2013. The interest rate swap with a notional amount of $45 million that was originally entered into in connection with the Second Restated KeyBank Loan remains outstanding; inclusive of the interest rate swap, the effective fixed interest rate as of December 31, 2013 was approximately 2.4%. For additional discussion, see “KeyBank Revolver” below.

⁽²¹⁾	This loan encumbers the Midland I, Coppell, Midland II, Arlington and Weatherford properties.