Mortgage Notes Payable (Tables)

6 Months Ended

Jun. 30, 2011

	June 30, 2011	December 31, 2010
5.73% mortgage note, secured by one commercial property with a net book value of $28.2 million, principal and interest payable monthly, due March, 2013	$ 13,583	$ 13,729
6.15% mortgage note, secured by one commercial property with a net book value of $25.6 million, principal and interest payable monthly, due November, 2031 ⁽¹⁾	15,690	15,950
5.52% mortgage note, secured by one commercial property with a net book value of $15.3 million, principal and interest payable monthly, due May, 2013	9,444	9,572
5.68% mortgage note, secured by one commercial property with a net book value of $17.0 million, principal and interest payable monthly, due May, 2013	9,467	9,594
5.61% mortgage note, repaid January, 2011⁽²⁾	—	2,666
Total	$ 48,184	$ 51,511

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⁽¹⁾ The mortgage note has a stated principal balance of $15.6 million and a stated interest rate of 7.20%. Based on the fair market value at the time of assumption, a mortgage premium was computed based on an effective interest rate of 6.15%. The unamortized premiums were $97,000 and $209,000 as of June 30, 2011 and December 31, 2010, respectively. This mortgage is repayable without penalty beginning November, 2011.

⁽²⁾ The unamortized premium was $6,000 as of December 31, 2010.

Mortgage Notes Payable Maturity Period


2011		$ 657
2012	1,174
2013	31,573
2014	371
2015	399
Thereafter	14,010
Total	$ 48,184