7	UNSECURED NOTES PAYABLE

Unsecured Term Loans

On October 28, 2011, the Company entered into an unsecured term loan agreement with M&T Bank that had a total limit of $140,000. On November 1, 2011, the Company borrowed $135,000 on this facility which was used to fund the repurchase of the exchangeable senior notes as more fully described in Note 8. The term loan was repaid on December 9, 2011 with proceeds of the $250,000 term loan described below. The loan bore interest at 2.41% (2.1% above the one-month LIBOR) and had covenants that aligned with the unsecured line of credit facility as more fully described in Note 9.

On December 9, 2011, the Company entered into a $250,000 five-year unsecured term loan with M&T Bank as lead bank, and ten other participating lenders. The term loan generated net proceeds of $248,215, after fees and closing costs, which were used to pay off the $135,000 term loan, purchase an unencumbered property and acquire land for future development. The loan bears monthly interest at 1.3% above the one-month LIBOR and has covenants that align with the unsecured line of credit facility as more fully described in Note 9. The Company was in compliance with these financial covenants for the year ended December 31, 2011. The one-month LIBOR was 0.31% at December 31, 2011, resulting in an effective rate of 1.61% for the Company.

Unsecured Senior Notes

On December 19, 2011, the Company issued $150,000 of unsecured senior notes. The notes were offered in a private placement in two series: Series A: $90,000 with a seven-year term due December 19, 2018 at a fixed interest rate of 4.46% ("Series A"); and, Series B: $60,000 with a ten-year term due December 19, 2021 at a fixed interest rate of 5.00% ("Series B"). The net proceeds of $89,449 and $59,629 for Series A and Series B, respectively, after fees and closing costs, were used to purchase an unencumbered property and pay off a maturing mortgage note. The notes require semiannual interest payments on June 19 and December 19 of each year until maturity and are subject to various covenants and maintenance of certain financial ratios. Although the covenants of the notes do not duplicate all the covenants of the unsecured line of credit facility, any covenants applicable to both the notes and the line are identical. The Company was in compliance with these financial covenants for the year ended December 31, 2011.