Mortgage Notes Payable

The Company's mortgage notes payable as of March 31, 2014 and December 31, 2013 consist of the following:



		Outstanding Loan Amount
Portfolio	Encumbered Properties	March 31, 2014		December 31, 2013		Effective Interest Rate			Interest Rate	Maturity
		(In thousands)		(In thousands)
Interior Design Building	1	$	20,487	$	20,582	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 Reade	1	8,400		8,400		3.6	%		Fixed	Nov. 2016
Washington Street Portfolio	1	4,809		4,831		4.4	%		Fixed	Dec. 2021
One Jackson Square	1	13,000		13,000		3.4	%	⁽¹⁾	Fixed	Dec. 2016
350 West 42nd Street	1	11,365		11,365		3.4	%		Fixed	Aug. 2017
1100 Kings Highway	1	20,200		20,200		3.4	%	⁽¹⁾	Fixed	Aug. 2017
1623 Kings Highway	1	7,288		7,288		3.3	%	⁽¹⁾	Fixed	Nov. 2017
256 West 38th Street	1	24,500		24,500		3.1	%	⁽¹⁾	Fixed	Dec. 2017
229 West 36th Street	1	35,000		35,000		2.9	%	⁽¹⁾	Fixed	Dec. 2017
	14	$	172,599	$	172,716	3.6	%	⁽²⁾

______________________


(1)	Fixed through an interest rate swap agreement.


(2)	Calculated on a weighted average basis for all mortgages outstanding as of March 31, 2014.

The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2014:



(In thousands)	Future Minimum Principal Payments
April 1, 2014 - December 31, 2014	$	357
2015	21,794
2016	28,167
2017	102,730
2018	4,573
Thereafter	14,978
Total	$	172,599

Some of the Company's mortgage notes payable agreements require compliance with certain property-level financial covenants including debt service coverage ratios. As of March 31, 2014, the Company was in compliance with the financial covenants under its mortgage note agreements.