Mortgage Notes Payable

The Company’s mortgage notes payable consist of the following as of March 31, 2013 and December 31, 2012 (dollar amounts in thousands):



	Encumbered Properties	Outstanding Loan Amount		Weighted Average Effective Interest Rate ⁽¹⁾		Weighted Average Maturity ⁽²⁾
March 31, 2013	164	$	265,118	4.28	%	5.27
December 31, 2012	164	$	265,118	4.28	%	5.51

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(1)	Mortgage notes payable have fixed rates. Effective interest rates range from 3.32% to 6.13% at March 31, 2013 and 3.32% to 6.13% at December 31, 2012.


(2)	Weighted average remaining years until maturity as of March 31, 2013 and December 31, 2012, respectively.

The following table summarizes the scheduled aggregate principal repayments subsequent to March 31, 2013 (amounts in thousands):



Year	Total
April 1, 2013 - December 31, 2013	$	74
2014	189
2015	13,767
2016	16,820
2017	164,968
Thereafter	69,300
Total	$	265,118

The Company’s mortgage loan agreements 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 of March 31, 2013, the Company was in compliance with the debt covenants under the mortgage loan agreements.