The following table contains summary information concerning the mortgage debt that is nonrecourse to the Company and encumbers the multifamily properties as of June 30, 2015:

Property		Type	Term (months)		Amortization (months)		Outstanding Principal		Interest Rate (1)		Max Note Rate (2)		Maturity Date
The Miramar Apartments	(3)	Floating		120		360	$	8,400,000		2.41%		5.75%	2/1/2025
Beechwood Terrace	(3)	Floating		84		360		17,120,000		2.27%		6.00%	8/1/2021
Colonial Forest	(3)	Floating		84		360		4,125,000		2.35%		6.25%	9/1/2021
Courtney Cove	(3)	Floating		84		360		14,210,000		2.27%		5.75%	9/1/2021
Edgewater at Sandy Springs	(3)	Floating		84		360		43,550,000		2.28%		5.75%	8/1/2021
The Grove at Alban	(3)	Floating		84		360		18,720,000		2.73%		6.50%	4/1/2021
Park at Blanding	(3)	Floating		84		360		4,875,000		2.35%		7.25%	9/1/2021
Park at Regency	(3)	Floating		84		360		6,225,000		2.35%		7.01%	9/1/2021
The Summit at Sabal Park	(3)	Floating		84		360		14,287,000		2.27%		5.75%	9/1/2021
Mandarin Reserve	(3)	Floating		84		360		19,650,000		2.29%		5.50%	10/1/2021
Willow Grove	(3)	Floating		84		360		11,000,000		2.30%		6.00%	8/1/2021
Willowdale Crossings	(3)	Floating		84		360		32,800,000		2.46%		5.75%	6/1/2021
Jade Park	(3)	Floating		84		360		5,850,000		2.34%		6.49%	9/1/2021
Woodbridge	(3)	Floating		84		360		12,800,000		2.28%		6.25%	8/1/2021
Southpoint Reserve at Stoney Creek (FKA Steeplechase Apartments)	(3)	Floating		84		360		13,600,000		2.30%		6.00%	1/1/2022
Barrington Mill	(3)	Floating		84		360		43,500,000		2.15%		5.50%	3/1/2022
Dana Point	(3)	Floating		84		360		12,176,000		2.24%		5.50%	3/1/2022
Heatherstone	(3)	Floating		84		360		7,087,000		2.27%		5.50%	3/1/2022
Versailles	(3)	Floating		84		360		19,623,000		2.22%		5.50%	3/1/2022
Bayberry	(3)	Floating		84		360		12,660,000		1.99%		5.95%	5/1/2022
Arbors on Forest Ridge	(4)	Floating		84		360		10,244,000		2.92%		5.75%	2/1/2021
Cutter's Point	(4)	Floating		84		360		12,676,000		2.92%		5.75%	2/1/2021
Eagle Crest	(4)	Floating		84		360		21,860,000		2.92%		5.75%	2/1/2021
Meridian	(4)	Floating		84		360		9,840,000		2.92%		5.75%	2/1/2021
Silverbrook	(4)	Floating		84		360		24,320,000		2.92%		5.75%	2/1/2021
Timberglen	(4)	Floating		84		360		13,560,000		2.92%		5.75%	2/1/2021
Toscana	(4)	Floating		84		360		7,100,000		2.92%		5.75%	2/1/2021
Timber Creek	(5)	Floating		120		360		19,482,000		2.01%		5.96%	10/1/2024
Radbourne Lake	(5)	Floating		120		360		19,213,000		2.00%		6.25%	10/1/2024
The Arbors	(5)	Floating		120		360		5,812,000		2.00%		7.11%	11/1/2024
The Crossings	(5)	Floating		120		360		16,200,000		2.00%		7.21%	11/1/2024
The Crossings at Holcomb Bridge	(5)	Floating		120		360		12,450,000		2.00%		7.35%	11/1/2024
The Knolls	(5)	Floating		120		360		16,038,000		2.00%		7.11%	11/1/2024
McMillan Place	(5)	Floating		120		360		15,738,000		2.11%		5.92%	2/1/2025
Sabal Palm at Lake Buena Vista	(5)	Floating		120		360		37,680,000		2.00%		6.26%	12/1/2024
Abbington Heights	(6)	Fixed		120		360		10,498,346		3.79%		3.79%	9/1/2022
Belmont at Duck Creek	(7)	Fixed		84		360		11,435,520		4.68%		4.68%	9/1/2018
Regatta Bay	(8)	Fixed		480		480		13,096,011		4.85%		4.85%	8/1/2050
Cornerstone	(9)	Fixed		120		360		23,672,754		4.24%		4.24%	3/1/2023

							$	623,173,631
Valuation adjustments								346,851
							$	623,520,482

(1)

Interest rate is based on one month LIBOR plus an applicable margin, except for Abbington Heights (based on fixed rate of 3.79%), Belmont at Duck Creek (based on fixed rate of 4.68%), Regatta Bay (based on fixed rate of 4.85%) and Cornerstone (based on a blended fixed rate of 4.24%). One month LIBOR as of June 30, 2015 was 0.1865%.

(2)	Represents the maximum rate payable on each note (see Note 7, derivative financial instruments and hedging activities).

(3)	Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.

(4)	Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term.

(5)	Loan can be pre-paid in the first 12 months of the term at par plus 5.00% and can also be prepaid starting in the 13^th month of the term through 116^th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term.

(6)	Debt was assumed upon acquisition of this property and approximated fair value. The loan is open to pre-payment in the last three months of the term.

(7)	Debt was assumed upon acquisition of this property. An adjustment was made to approximate the debt to fair value. The loan is open to pre-payment in the last six months of the term.

(8)	Debt was assumed upon acquisition of this property and is a Housing and Urban Development (“HUD”) loan that is fully amortizing and approximated fair value. Debt is insured by HUD under the Section 221(d)(4) program.

(9)

Debt in the amount of $18,000,000 was assumed upon acquisition and approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months interest only. The first mortgage is prepayable and subject to yield maintenance from month 13 through August 31, 2022 and is prepayable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, we placed a supplemental second mortgage on the property with a principal amount of $5,775,000, a fixed rate of 4.70%, and maturing conterminously with the first mortgage. The supplemental second mortgage is prepayable and subject to yield maintenance from the date of issuance through August 31, 2022 and is prepayable at par September 1, 2022 until maturity. As of June 30, 2015, the total indebtedness secured by the property is $23,672,754 and has a blended pay rate of 4.24%.