Mortgage Notes Payable

The Company's mortgage notes payable as of December 31, 2012 and December 31, 2011 consist of the following:



		Outstanding Loan Amount
Portfolio	Encumbered Properties	12/31/2012		December 31, 2011		Effective Interest Rate			Interest Rate	Maturity
		(In thousands)		(In thousands)
Interior Design Building	1	$	20,949	$	21,300	4.4	%		Fixed	Dec. 2021
Bleecker Street	3	21,300		21,300		4.3	%		Fixed	Dec. 2015
Foot Locker	1	3,250		3,250		4.6	%		Fixed	Jun. 2016
Regal Parking Garage	1	3,000		3,000		4.5	%		Fixed	Jul. 2016
Duane Reed	1	8,400		8,400		3.6	%		Fixed	Nov. 2016
Washington Street Portfolio	1	4,917		5,000		4.4	%		Fixed	Dec. 2021
One Jackson Square	1	13,000		13,000		3.4	%	⁽¹⁾	Fixed	Dec. 2016
350 West 42^nd Street	1	11,365		—		3.4	%		Fixed	Aug. 2017
1100 Kings Highway	1	20,200		—		3.4	%	⁽¹⁾	Fixed	Aug. 2017
1623 Kings Highway	1	7,288		—		3.3	%	⁽¹⁾	Fixed	Nov. 2017
256 West 38th Street	1	24,500		—		3.1	%	⁽¹⁾	Fixed	Dec. 2017
256 West 38th Street	—	2,400		—		5.3	%	⁽²⁾	Variable	Dec. 2013
229 West 36th Street	1	35,000		—		2.9	%	⁽¹⁾	Fixed	Dec. 2017
229 West 36th Street	—	10,000		—		5.3	%	⁽²⁾	Variable	Dec. 2013
	14	$	185,569	$	75,250	3.7	%	⁽³⁾

______________________


(1)	Fixed through an interest rate swap agreement.


(2)	Mezzanine loans collateralized by the 256 West 38th Street and 229 West 36th Street properties, respectively. The mezzanine loans bear interest at LIBOR plus 5% through July 2013 and LIBOR plus 8% thereafter. These mezzanine loans were repaid in full in January 2013.


(3)	Calculated on a weighted average basis for all mortgages outstanding as of December 31, 2012.

The Company's sources of secured financing generally require financial covenants, including restrictions on corporate guarantees, the maintenance of certain financial ratios (such as specified equity and debt service coverage ratios) as well as the maintenance of minimum net worth. As of December 31, 2012 and December 31, 2011, the Company was in compliance with the debt covenants under the mortgage note agreements.

The following table summarizes the scheduled aggregate principal repayments subsequent to December 31, 2012:



(In thousands)	Future Minimum Principal Payments
2013	$	12,853
2014	473
2015	21,794
2016	28,167
2017	102,730
Thereafter	19,552
Total	$	185,569