The following is a summary of notes payable as of December 31, 2014 and 2013:



Notes Payable	December 31,					Interest		Scheduled
(Dollars in thousands)	2014			2013		Rate *		Maturity *
Fixed rate mortgages:	$	15,399	(a)	$	16,128	7.45	%	Jun-2015
	32,049		(b)	33,246		6.01	%	Feb-2018
	35,398		(c)	36,937		5.88	%	Jan-2019
	11,454		(d)	11,949		5.76	%	May-2019
	15,819		(e)	16,501		5.62	%	Jul-2019
	15,761		(f)	16,419		5.79	%	Sep-2019
	14,014		(g)	14,610		5.22	%	Jan-2020
	10,881		(h)	11,159		5.60	%	May-2020
	9,535		(i)	9,921		5.30	%	Jun-2020
	41,441		(j)	42,462		5.83	%	Jul-2020
	8,346		(k)	8,649		5.81	%	Feb-2021
	6,100		(l)	6,233		6.01	%	Aug-2021
	35,222		(m)	35,981		5.62	%	Jun-2022
	10,718		(n)	10,930		6.08	%	Sep-2022
	11,587		(o)	11,795		6.43	%	Apr-2023
	14,909		(p)	15,598		6.28	%	Feb-2024
	16,750		(q)	17,123		7.35	%	Jun-2024
	14,535		(r)	14,849		7.60	%	Jun-2024
	25,639		(s)	26,153		7.02	%	Jul-2024
	30,429		(t)	31,093		7.45	%	Jul-2024
	30,253		(u)	30,894		7.30	%	Jan-2025
	15,735		(v)	16,087		6.18	%	Jan-2026
	115,291		(w)	118,128		5.31	%	Apr-2026
	35,125		(x)	36,075		4.30	%	Oct-2026
	39,932		(y)	40,974		4.53	%	Nov-2026
	18,645		(z)	19,118		4.70	%	Dec-2026
	69,397		(aa)	70,856		5.84	%	May-2027
	17,281		(bb)	17,718		4.04	%	Apr-2028
	33,140		(cc)	34,391		3.51	%	Jun-2028
	17,462		(dd)	17,895		3.99	%	Sep-2028
	5,391		(ee)	—		4.88	%	Sep-2032
	11,119		(ff)	—		8.00	%	Apr-2034
Total fixed rate	784,757			789,872		5.70	%	9.3 Years
Variable rate loans:
	43,000		(gg)	—		LIBOR + 1.45	%	Jun-2018
	14,525		(hh)	14,802		LIBOR + 1.65	%	Feb-2016
	15,106		(ii)	15,394		LIBOR + 1.65	%	Feb-2016
Total variable rate	$	72,631		$	30,196	LIBOR + 1.53	%	2.5 Years
Total notes payable	$	857,388		$	820,068	5.36	%	8.7 Years


*	Interest rate and scheduled maturity data presented as of December 31, 2014. Totals computed using weighted averages.


(a)	The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $156,000 based upon a weighted average 23-year amortization schedule and a final payment of $15.2 million is due at loan maturity. Principal of $729,000 was amortized during 2014.


(b)	The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5-year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of $1.2 million was amortized during 2014.


(c)	The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25-year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of $1.5 million was amortized during 2014.


(d)	The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of $495,000 was amortized during 2014.


(e)	The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of $682,000 was amortized during 2014.


(f)	The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of $658,000 was amortized during 2014.


(g)	The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of $596,000 was amortized during 2014.


(h)	The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of $278,000 was amortized during 2014.


(i)	The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of $386,000 was amortized during 2014.


(j)	The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of $1,021,000 was amortized during 2014.


(k)	The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of $303,000 was amortized during 2014.


(l)	The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of $133,000 was amortized during 2014.


(m)	The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of $759,000 was amortized during 2014.


(n)	The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of $212,000 was amortized during 2014.


(o)	The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of $208,000 was amortized during 2014.


(p)	The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of $689,000 was amortized during 2014.


(q)	The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of $373,000 was amortized during 2014.


(r)	The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $314,000 was amortized during 2014.

(s)

The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of $514,000 was amortized during 2014.


(t)	The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of $664,000 was amortized during 2014.


(u)	The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of $641,000 was amortized during 2014.


(v)	The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of $352,000 was amortized during 2014.


(w)	The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of $2.8 million was amortized during 2014.


(x)	The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of $950,000 was amortized during 2014.


(y)	The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of $1,042,000 was amortized during 2014.


(z)	The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of $473,000 was amortized during 2014.


(aa)	The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of $1.5 million was amortized during 2014.


(bb)	The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $437,000 was amortized in 2014.


(cc)	The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of $203,200 based upon a 20-year amortization schedule and a final payment of $11.4 million at loan maturity. Principal of $1,251,000 was amortized in 2014.


(dd)	The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of $433,000 was amortized in 2014.

(ee)

The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity.

(ff)

The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in 2014 totaled $119,000.

(gg)

The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month.


(hh)	The loan is collateralized by Northrock and requires monthly principal and interest payments of approximately $47,000 and a final payment of $14.2 million at maturity. Principal of $277,000 was amortized during 2014.


(ii)	The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of $14.8 million at loan maturity. Principal of $288,000 was amortized during 2014.