Mortgage Indebtedness (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2013

Dec. 31, 2012

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


	Outstanding Principal
Property	As of March 31, 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		7,350		7,350		5.7	⁽³⁾	May 1, 2021

Crestmont Apartments		6,750		6,750		5.7	⁽³⁾	May 1, 2021

Cumberland Glen Apartments		6,900		6,900		5.7	⁽³⁾	May 1, 2021

Heritage Trace Apartments		5,500		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	$	92,413	$	92,413		3.8	%

(1)	Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only

(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

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


Property	Outstanding Principal		Current Interest Rate			Maturity Date	Interest Terms
Crestmont Apartments	$	6,750		5.7	%	May 1, 2021	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.

Cumberland Glen Apartments		6,900		5.7		May 1, 2021	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.

Copper Mill Apartments		7,350		5.7		May 1, 2021	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.

Heritage Trace Apartments		5,500		5.7		May 1, 2021	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.

Belle Creek Apartments		10,575		2.5		April 28, 2021	Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only.

Tresa at Arrowhead		27,500		2.5		April 28, 2021	Fixed rate of interest at 2.5% for the first two years with a floating rate thereafter at 225 basis points over 30-day LIBOR. Interest only.

Runaway Bay Apartments		10,238		3.6		November 1, 2022	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.

Centrepoint Apartments		17,600		3.7		January 1, 2019	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.

Total/Weighted-Average	$	92,413		3.8	%

Maturity of Indebtness

The following table displays the principal repayments on of our indebtedness by year:


2013	$	213
2014		527
2015		843
2016		905
2017		950
Thereafter		88,975

Total	$	92,413