Notes Payable (Tables)

3 Months Ended

Mar. 31, 2014

The following table summarizes our notes payable:

	March 31, 2014			December 31, 2013			Contractual Maturity Date		Interest Rate
Fixed Rate Debt
RIF V - Jersey, LLC	$	5,145,000	⁽¹⁾	$	5,189,000	⁽¹⁾	1/1/2015			5.45	%	⁽²⁾
The Park		3,148,000	⁽³⁾		3,177,000	⁽³⁾	3/1/2031			5.13	%	⁽⁴⁾
Variable Rate Debt
RIF V - Glendale Commerce Center, LLC		42,750,000			42,750,000		5/1/2016	⁽⁵⁾	LIBOR + 2.00%
Term Loan ⁽⁶⁾		60,000,000			60,000,000		8/1/2019		LIBOR + 1.90%
Unsecured Credit Facility
$200M Facility		101,875,000			81,375,000		7/24/2016	⁽⁵⁾	LIBOR + 1.50%			⁽⁷⁾
Total	$	212,918,000		$	192,491,000

(1)	Includes unamortized debt premium of $38,000 at March 31, 2014 and $50,000 at December 31, 2013.

(2)	Monthly payments of interest and principal based on 30-year amortization table.

(3)	Includes unamortized debt discount of $117,000 at March 31, 2014 and $118,000 at December 31, 2013.

(4)	Monthly payments of interest and principal based on 20-year amortization table.

(5)	Two additional one year extensions available at the borrower’s option.

(6)	Loan is secured by six properties and has one additional one year extension available.

(7)	The facility additionally bears interest at 0.30% or 0.20% of the daily unused commitment, if the balance is under $100 million or over $100 million, respectively. The daily unused commitment is calculated as $200 million less the daily outstanding balance.

Summary of Aggregate Future Minimum Payments of Debt

The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt discounts and premiums, as of March 31, 2014 and does not consider extension options available to us as noted above:

April 1, 2014 - December 31, 2014	$	186,000
2015		5,141,000
2016		144,760,000
2017		142,000
2018		150,000
Thereafter		62,618,000
Total⁽¹⁾	$	212,997,000

(1)	Includes gross principal balance of outstanding debt before impact of the $79,000 net debt discount.