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Mortgage Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2013
Summary of Each Mortgage

Each of our properties is encumbered by a first mortgage. A summary of each mortgage, as of June 30, 2013 and December 31, 2012, is as follows:

 

     Outstanding Principal             

Property

    As of
June 30, 2013		      As of
December 31, 2012		      Current
Interest Rate		     Maturity Date

Belle Creek Apartments

      10,575         10,575         2.5 (1)   April 28, 2021

Centrepoint Apartments

      17,600         17,600         3.7 (2)    January 1, 2019

Copper Mill Apartments

      7,335         7,350         5.7 (3)    May 1, 2021

Crestmont Apartments

      6,737         6,750         5.7 (3)    May 1, 2021

Cumberland Glen Apartments

      6,886         6,900         5.7 (3)    May 1, 2021

Heritage Trace Apartments

      5,489         5,500         5.7 (3)    May 1, 2021

Runaway Bay Apartments

      10,238         10,238         3.6 (4)    November 1, 2022

Tresa at Arrowhead

      27,500         27,500         2.5 (1)    April 28, 2021
  

 

 

     

 

 

     

 

 

    

Total /Weighted-Average

    $ 92,360       $ 92,413         3.8 %   
  

 

 

     

 

 

     

 

 

    

 

(1) Floating rate at 225 basis points over 30-day LIBOR. As of June 30, 2013 30-day LIBOR was 0.19%. Interest only payments are due monthly.
(2) 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.
(3) 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.
(4) 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.