Mortgages Payable (Tables) (Mortgages)

12 Months Ended

Dec. 31, 2012

Mortgages

Credit Facility

Summary of debt instrument

The following is a summary of our mortgages payable as of December 31, 2012 and 2011, sorted by maturity date (dollars in thousands):

At December 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	6.3%	4.6%	$	11,987	$	172	$	12,159
12/28/13(3)	8.3%	8.3%	4,510		--		4,510
12/28/13(3)	8.3%	8.3%	4,270		--		4,270
9/1/14	6.3%	5.1%	11,509		196		11,705
6/10/15	4.7%	4.8%	23,625		(48)		23,577
1/10/16	6.0%	3.7%	12,982		794		13,776
1/8/17	5.7%	3.8%	6,883		454		7,337
2/8/17	5.8%	4.0%	29,510		1,829		31,339
6/6/17	5.7%	2.7%	10,150		1,201		11,351
10/1/20	6.0%	4.2%	8,765		907		9,672
9/3/21(4)	2.6%	4.0%	8,359		(771)		7,588
7/8/22	6.4%	4.0%	29,308		4,675		33,983
4/1/25	6.9%	5.1%	4,069		532		4,601
			$	165,927	$	9,941	$	175,868

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	5.9%	5.2%	$	10,664	$	26	$	10,690
12/1/13	6.3%	4.6%	12,410		314		12,724
12/28/13(3)	8.3%	8.3%	4,510		--		4,510
12/28/13(3)	8.3%	8.3%	4,270		--		4,270
9/1/14	6.3%	5.1%	11,671		359		12,030
6/10/15	4.7%	4.8%	23,625		(68)		23,557
			$	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, except for: (1)  the mortgage maturing on June 10, 2015 with a floating variable interest rate calculated as the sum of the current 1 month LIBOR plus 4.5%, not to exceed an all-in interest rate of 5.5%, and (2) the mortgage maturing on September 3, 2021 with a floating interest rate calculated as the sum of the current 1 month LIBOR plus 2.4%.

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

(4) As part of the assumption of this mortgage payable related to our 2012 acquisitions, we also acquired an interest rate swap which essentially fixes the interest rate on this mortgage payable at 6.0%.