DEBT

Debt consisted of the following as of the dates indicated (in thousands):



Description	June 30, 2012		December 31, 2011
Fixed rate notes
$1.4 million 5.00% Note, due 2012	$	1,352	$	1,318
$14.1 million 5.695% Note, due 2013	13,993		14,110
$3.0 million 6.00% Note, due 2021 ⁽¹⁾	2,961		2,978
$10.0 million 6.04% Note, due 2014	9,235		9,326
$1.5 million 6.50% Note, due 2014	1,458		1,471
$11.2 million 6.52% Note, due 2015	10,688		10,763
$21.4 million 6.53% Notes, due 2013	19,200		19,524
$24.5 million 6.56% Note, due 2013	23,370		23,597
$9.9 million 6.63% Notes, due 2014	9,075		9,221
$0.7 million 2.97% Note, due 2012	367		23
Floating rate notes
Unsecured line of credit, LIBOR plus 2.75% to 3.75%, due 2015	24,200		11,000
$26.9 million, LIBOR plus 2.86%, due 2013	24,152		24,559
	$	140,051	$	127,890


⁽¹⁾	The 6.00% interest rate is fixed through March 30, 2016. On March 31, 2016 the interest rate will reset to the rate of interest for a five year balloon note with a thirty year amortization as published by the Federal Home Loan Bank.

As of June 30, 2012, our $115 million in secured debt was collateralized by 26 properties with a carrying value of $145.6 million. Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of certain rents and leases associated with those properties. As of June 30, 2012, we were in compliance with all loan covenants.

Our $125 million unsecured revolving credit facility (the “Credit Facility”), which is available to us for acquisitions of properties and and working capital, is our primary source of additional credit. As of June 30, 2012, $24.2 million was drawn on the Credit Facility, and our borrowing capacity was $100.8 million, assuming use of the proceeds to acquire properties, or repayment of debt on properties, that are eligible to be included in the unsecured borrowing base. The Credit Facility bears interest at LIBOR plus 2.75% to 3.75%, and matures on February 27, 2015. As of June 30, 2012, the interest rate was 3.00%.

We are the guarantor for funds borrowed by the Operating Partnership under the Credit Facility. The Credit Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization and extraordinary items) to fixed charges, minimum property net operating income to total indebtedness and maintenance of net worth. The Credit Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, material misrepresentation of representations and warranties, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. As of June 30, 2012, we were in compliance with all covenants.

Scheduled maturities of our debt as of June 30, 2012 were as follows (in thousands):



	Amount Due
Year	(in thousands)

2012	$	3,207
2013	80,326
2014	19,191
2015	34,515
2016	48
Thereafter	2,764
Total	$	140,051

We will have approximately $14 million of debt maturing in June 2013 and approximately $67 million maturing in October and November 2013. The majority of this debt is with insurance companies and was entered into in late 2008. We have begun renewal discussion with our current lenders and expect to renew this debt with our current lenders or new lenders at rates and terms similar or better than our current rates and terms. We also have availability under our Credit Facility should we be unable to obtain similar or better financing from our current lenders or new lenders.