[1]

Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.

[2]

Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

[3]

Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

[4]

Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

[5]

Floating rate at 245 basis points over 1-month LIBOR.

[6]

Floating rate at 245 basis points over 1-month LIBOR.

[7]

Floating rate at 400 basis points over 1-month LIBOR.

[8]

Floating rate at 500 basis points over 1-month LIBOR.

[9]

Collateralized by $1,219,408 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[10]

Excludes CDO notes payable purchased by us which are eliminated in consolidation

[11]

Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $815,745 of which eliminates in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[12]

Excludes CDO notes payable purchased by us which are eliminated in consolidation.

[13]

Includes $601,047 of unpaid principal balance and $597,125 of carrying amount, respectively, of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2021 to June 2026.

[14]

Includes $545,956 of unpaid principal balance and $543,080 of carrying amount of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025.

[15]

Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received $24,796 of proceeds as a result of issuing this 40% interest and incurred $275 of costs with third parties. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.

[16]

Collateralized by $772,557 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[17]

Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.