Mortgage Notes Payable

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



	Encumbered Properties	Outstanding Loan Amount		Weighted Average Effective Interest Rate ⁽¹⁾		Weighted Average Maturity ⁽²⁾
December 31, 2012	29	$	35,758	4.52	%	3.52
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 3.68% to 5.32% at December 31, 2012 and 3.80% to 5.32% at December 31, 2011.


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

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



Year	Total
2013	$	74
2014	189
2015	13,767
2016	11,760
2017	9,968
Thereafter	—
Total	$	35,758

The Company’s sources of recourse financing generally require financial covenants as well as 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 December 31, 2012 and 2011, the Company was in compliance with the debt covenants under the mortgage loan agreements.