Mortgage Indebtedness (Tables)

12 Months Ended

Dec. 31, 2012

Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of December 31, 2012, is as follows:


Property	Outstanding Principal		Current Interest Rate			Maturity Date		Interest Terms
Crestmont Apartments	$	6,750		5.7	%		May 1, 2021	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Cumberland Glen Apartments		6,900		5.7			May 1, 2021	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Copper Mill Apartments		7,350		5.7			May 1, 2021	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Heritage Trace Apartments		5,500		5.7			May 1, 2021	Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Belle Creek Apartments		10,575		2.5			April 28, 2021	Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only

Tresa at Arrowhead		27,500		2.5			April 28, 2021	Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only

Runaway Bay Apartments		10,238		3.6			November 1, 2022	Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule

Centrepoint Apartments		17,600		3.7			January 1, 2019	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule

Total /Weighted-Average	$	92,413		3.8	%

Maturity of Indebtness

The following table displays the principal repayments on of our indebtedness by year:


2013	$	213
2014		527
2015		843
2016		905
2017		950
Thereafter		88,975

Total	$	92,413