Mortgages Payable (Tables)

3 Months Ended

Mar. 31, 2012

The following is a summary of our mortgages payable at March 31, 2012 and December 31, 2011 (principal balance, unamortized premiums (discounts) and mortgage payable balances in thousands):

At March 31, 2012

Maturity Date(1)	Stated Interest Rate(2)			Effective Interest Rate			Remaining Principal Balance(1)		Amortized Premium (Discount) Balance			Mortgage Payable Balance
12/1/13(3)		6.25	%		4.62	%		12,307		285			12,592
9/1/14(3)		6.25	%		5.10	%		11,632		312			11,944
6/10/15		4.75	%		4.85	%		23,625		(63	)		23,562
12/28/13(4)(5)		8.26	%		8.26	%		4,510		--			4,510
12/28/13(4)(5)		8.26	%		8.26	%		4,270		--			4,270
							$	56,344	$	534		$	56,878

At December 31, 2011

Maturity Date(1)	Stated Interest Rate(2)			Effective Interest Rate			Remaining Principal Balance(1)		Amortized Premium (Discount) Balance			Mortgage Payable Balance
5/6/12		5.89	%		5.19	%	$	10,664	$	26		$	10,690
12/1/13(3)		6.25	%		4.63	%		12,410		314			12,724
9/1/14(3)		6.25	%		5.09	%		11,671		359			12,030
6/10/15		4.73	%		4.84	%		23,625		(68	)		23,557
12/28/13(4)(5)		8.26	%		8.26	%		4,510		--			4,510
12/28/13(4)(5)		8.26	%		8.26	%		4,270		--			4,270
							$	67,150	$	631		$	67,781

(1) The mortgages require monthly payments, with a principal payment due at maturity.

(2) The mortgages are at fixed interest rates, with the exception of the mortgage maturing on June 10, 2015 that is at a floating variable interest rate calculated as the sum of the current 1 month LIBOR plus 4.50%, not to exceed an all-in interest rate of 5.5%.

(3) These are mortgages associated with one property occupied by the applicable tenant.

(4) These are mortgages associated with one property occupied by the applicable tenant.

(5) As part of the assumption of these mortgages payable related to our 2011 acquisitions, we also assumed an $8.8 million note receivable, upon which we will receive interest income at a stated rate of 8.14% through December 28, 2013.