Mortgage Notes Payable

The Company’s mortgage notes payable consist of the following as of June 30, 2013 and December 31, 2012 (dollar amounts in thousands):



	Encumbered Properties	Outstanding Loan Amount		Weighted Average Effective Interest Rate ⁽¹⁾		Weighted Average Maturity ⁽²⁾
June 30, 2013	165	$	269,918	4.25	%	4.99
December 31, 2012	164	$	265,118	4.28	%	5.51

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(1)	Mortgage notes payable have fixed rates or are fixed by way of interest rate swap arrangements. Effective interest rates range from 2.73% to 6.13% at June 30, 2013 and 3.32% to 6.13% at December 31, 2012.


(2)	Weighted average remaining years until maturity as of June 30, 2013 and December 31, 2012, respectively.

The following table summarizes the scheduled aggregate principal repayments subsequent to June 30, 2013 (amounts in thousands):



Year	Total
July 1, 2013 - December 31, 2013	$	74
2014	189
2015	13,767
2016	16,820
2017	169,768
Thereafter	69,300
Total	$	269,918

The Company’s mortgage loan agreements generally require the maintenance of financial covenants, as well as restrictions on corporate guarantees, and the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios). As of June 30, 2013, the Company was in compliance with the debt covenants under the mortgage loan agreements.