Mortgage Indebtedness (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2012

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


	Outstanding Principal
Property	As of September 30, 2013		As of December 31, 2012		Current Interest Rate			Maturity Date
Belle Creek Apartments		10,575		10,575		2.4	⁽¹⁾	April 28, 2021
Centrepoint Apartments		17,600		17,600		3.7	⁽²⁾	January 1, 2019
Copper Mill Apartments		7,314		7,350		5.7	⁽³⁾	May 1, 2021
Crestmont Apartments		6,717		6,750		5.7	⁽³⁾	May 1, 2021
Cumberland Glen Apartments		6,867		6,900		5.7	⁽³⁾	May 1, 2021
Heritage Trace Apartments		5,473		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		2.4	⁽¹⁾	April 28, 2021

Total /Weighted-Average	$	92,284	$	92,413		3.7	%

(1)	Floating rate at 225 basis points over 30-day LIBOR. As of September 30, 2013, 30-day LIBOR was 0.18%. 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.

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.

Property

Outstanding
Principal

Current
Interest Rate

Maturity Date

Interest Terms

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