Mortgage Notes Payable

The Company’s mortgage notes payable consist of the following as of March 31, 2012 and December 31, 2011 (dollar amounts in thousands):



	Encumbered Properties	Outstanding Loan Amount		Weighted Average Effective Interest Rate⁽¹⁾		Weighted Average Maturity⁽²⁾
March 31, 2012	28	$	30,260	4.67	%	4.07
December 31, 2011	28	$	30,260	4.67	%	4.32

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⁽¹⁾	Mortgage notes payable have fixed rates. Effective interest rates range from 3.75% to 4.89% at March 31, 2012 and December 31, 2011, respectively.


⁽²⁾	Weighted average remaining years until maturity as of March 31, 2012 and December 31, 2011, respectively.

The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2012 (amounts in thousands):



Year	Total
April 1, 2012 - December 31, 2012	$	—
2013	88
2014	190
2015	13,752
2016	11,760
Thereafter	4,470
Total	$	30,260

The Company’s sources of recourse financing generally require financial covenants, including restrictions on corporate guarantees, the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of March 31, 2012, the Company was in compliance with the debt covenants under the mortgage loan agreements.