Debt (Tables)

12 Months Ended

Dec. 31, 2013

Mortgages and other notes payable consist of the following (in thousands):



	December 31,
Description	2013		2012
Fixed rate notes
$1.1 million 4.71% Note, due December 31, 2013	$	1,087	$	1,087
$20.2 million 4.28% Note, due June 6, 2023 ⁽¹⁾	20,200		13,850
$3.0 million 6.00% Note, due March 31, 2021 ⁽²⁾	2,905		2,943
$10.0 million 6.04% Note, due March 1, 2014	—		9,142
$1.5 million 6.50% Note, due March 1, 2014	—		1,444
$11.2 million 6.52% Note, due September 1, 2015	—		10,609
$21.4 million 6.53% Notes, due October 1, 2013	—		18,865
$24.5 million 6.56% Note, due October 1, 2013	—		23,135
$9.9 million 6.63% Notes, due March 1, 2014	—		8,925
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 ⁽³⁾	7,875		7,854
$11.1 million 5.87% Note, due August 6, 2016	11,900		—
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 ⁽⁴⁾	10,500		—
$16.5 million 4.97% Note, due September 26, 2023	16,450		—
$37.0 million 3.76% Note, due December 1, 2020	37,000		—
$6.5 million 3.80% Note, due January 1, 2019	6,500		—
$15.1 million 4.99% Note, due January 6, 2024	15,060		—
$50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 ⁽⁵⁾	50,000		—
$0.7 million 2.97% Note, due November 28, 2013	—		15
Floating rate notes
Unsecured credit facility, LIBOR plus 1.75% to 2.50%, due February 3, 2017	84,800		69,000
$26.9 million, LIBOR plus 2.86% Note, due December 1, 2013	—		23,739
	$	264,277	$	190,608


⁽¹⁾	Promissory note had an original balance of $14.1 million and an interest rate of 5.695%, due in 2013, which was refinanced in May 2013. See below for further discussion of the Pinnacle Note.


⁽²⁾	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.


⁽³⁾	Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term.


⁽⁴⁾	Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term.


⁽⁵⁾	We have entered into an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured credit facility at 0.84%. The swap began on January 7, 2014.

Annual maturities of notes payable as of December 31, 2013 are due during the following years:

As of December 31, 2013, we had the following contractual obligations:



			Payment due by period (in thousands)
Contractual Obligations	Total		Less than 1 year (2014)		1 - 3 years (2015 - 2016)		3 - 5 years (2017 - 2018)		More than 5 years (after 2018)
Long-Term Debt - Principal	$	264,277	$	2,499	$	15,143	$	156,883	$	89,752
Long-Term Debt - Fixed Interest	41,066		6,367		12,493		8,916		13,290
Long-Term Debt - Variable Interest ⁽¹⁾	5,909		1,928		3,675		306		—
Unsecured credit facility - Unused commitment fee ⁽²⁾	404		101		202		101		—
Operating Lease Obligations	135		41		60		34		—
Total	$	311,791	$	10,936	$	31,573	$	166,240	$	103,042