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Notes And Interest Payable | 12 Months Ended
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Dec. 31, 2011
Notes And Interest Payable [Abstract] |
Notes And Interest Payable |
NOTE 6. | NOTES AND INTEREST PAYABLE
The following table schedules the principal payments on the notes payable for the following five years and thereafter (dollars in thousands):
Year |  | Amount |
2012 |  | $ | 224,480 |
2013 |  |  | 108,861 |
2014 |  |  | 67,359 |
2015 |  |  | 6,149 |
2016 |  |  | 6,746 |
Thereafter |  |  | 510,268 |
|  | $ | 923,863 |
Interest payable at December 31, 2011 was $17.0 million. Interest accrues at rates ranging from 2.0% to 12.5% per annum, and mature between 2012 and 2051. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $1.0 billion. Of the total notes payable, the senior debt is $892.2 million, junior debt is 14.9 million, and other debt is $16.8 million. Included in other debt are property tax loans of $1.5 million. With respect to the additional notes payable due to the acquisition of properties, a summary of some of the more significant transactions are discussed below: The properties that we have sold to a related party under common control and have deferred the recognition of the sale are treated as "subject to sales contract" on the Consolidated Balance Sheets and are listed in detail in Schedule III, "Real Estate and Accumulated Depreciation". These properties were sold to a related party in order to help facilitate an appropriate debt or organizational restructure and may or may not be transferred back to the seller upon resolution. These properties have mortgages that are secured by the property and many have corporate guarantees. According to the loan documents, we are currently in default on these mortgages primarily due to lack of payment although we are actively involved in discussions with every lender in order to settle or cure the default situation. We have reviewed each asset and taken impairment to the extent we feel the value of the property was less than our current basis.

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