| Summary of Notes payable |
The following is a summary of notes payable as of December 31, 2013 and 2012: | | | | | | | | | | | | | | | | Notes Payable | December 31, | | Interest | | Scheduled | (Dollars in thousands) | 2013 | | | | 2012 | | Rate * | | Maturity * | Fixed rate mortgages: | $ | — |
| | (a) | | $ | 15,750 |
| | | | | | — |
| | (b) | | 6,936 |
| | | | | | — |
| | (c) | | 13,875 |
| | | | | | 16,128 |
| | (d) | | 16,798 |
| | 7.45 | % | | Jun-2015 | | 33,246 |
| | (e) | | 34,373 |
| | 6.01 | % | | Feb-2018 | | 36,937 |
| | (f) | | 38,388 |
| | 5.88 | % | | Jan-2019 | | 11,949 |
| | (g) | | 12,418 |
| | 5.76 | % | | May-2019 | | 16,501 |
| | (h) | | 17,145 |
| | 5.62 | % | | Jul-2019 | | 16,419 |
| | (i) | | 17,040 |
| | 5.79 | % | | Sep-2019 | | 14,610 |
| | (j) | | 15,176 |
| | 5.22 | % | | Jan-2020 | | 11,159 |
| | (k) | | 11,421 |
| | 5.60 | % | | May-2020 | | 9,921 |
| | (l) | | 10,288 |
| | 5.30 | % | | Jun-2020 | | 42,462 |
| | (m) | | 43,424 |
| | 5.83 | % | | Jul-2020 | | 8,649 |
| | (n) | | 8,934 |
| | 5.81 | % | | Feb-2021 | | 6,233 |
| | (o) | | 6,359 |
| | 6.01 | % | | Aug-2021 | | 35,981 |
| | (p) | | 36,699 |
| | 5.62 | % | | Jun-2022 | | 10,930 |
| | (q) | | 11,129 |
| | 6.08 | % | | Sep-2022 | | 11,795 |
| | (r) | | 11,989 |
| | 6.43 | % | | Apr-2023 | | 15,598 |
| | (s) | | 16,247 |
| | 6.28 | % | | Feb-2024 | | 17,123 |
| | (t) | | 17,469 |
| | 7.35 | % | | Jun-2024 | | 14,849 |
| | (u) | | 15,140 |
| | 7.60 | % | | Jun-2024 | | 26,153 |
| | (v) | | 26,635 |
| | 7.02 | % | | Jul-2024 | | 31,093 |
| | (w) | | 31,709 |
| | 7.45 | % | | Jul-2024 | | 30,894 |
| | (x) | | 31,490 |
| | 7.30 | % | | Jan-2025 | | 16,087 |
| | (y) | | 16,419 |
| | 6.18 | % | | Jan-2026 | | 118,128 |
| | (z) | | 120,822 |
| | 5.31 | % | | Apr-2026 | | 36,075 |
| | (aa) | | 36,986 |
| | 4.30 | % | | Oct-2026 | | 40,974 |
| | (bb) | | 41,970 |
| | 4.53 | % | | Nov-2026 | | 19,118 |
| | (cc) | | 19,569 |
| | 4.70 | % | | Dec-2026 | | 70,856 |
| | (dd) | | 72,233 |
| | 5.84 | % | | May-2027 | | 17,718 |
| | (ee) | | — |
| | 4.04 | % | | Apr-2028 | | 34,391 |
| | (ff) | | — |
| | 3.51 | % | | Jun-2028 | | 17,895 |
| | (gg) | | — |
| | 3.99 | % | | Sep-2028 | | — |
| | (hh) | | — |
| | 4.88 | % | | Sep-2032 | Total fixed rate | 789,872 |
| | | | 774,831 |
| | 5.67 | % | | 10.1 Years | Variable rate loans: | | | | | | | | | |
| — |
| | (ii) | | 38,000 |
| | LIBOR + 1.60 | % | | May-2016 |
| 14,802 |
| | (jj) | | 14,945 |
| | LIBOR + 1.65 | % | | Feb-2016 |
| 15,394 |
| | (kk) | | — |
| | LIBOR + 1.65 | % | | Feb-2016 | Total variable rate | $ | 30,196 |
| | | | $ | 52,945 |
| | LIBOR + 1.65 | % | | 2.2 Years | Total notes payable | $ | 820,068 |
| | | | $ | 827,776 |
| | 5.53 | % | | 9.8 Years |
| | * | Interest rate and scheduled maturity data presented as of December 31, 2013. Totals computed using weighted averages. |
| | (a) | The loan, together with a corresponding interest-rate swap, was collateralized by, Metro Pike Center, and on a combined basis, required equal monthly payments of $86,000 based upon a 25-year amortization schedule and a final payment of $15.6 million at loan maturity. The loan was repaid in full and the swap was terminated in 2013. |
| | (b) | The loan was collateralized by Cruse MarketPlace and required equal monthly principal and interest payments of $56,000 based upon an amortization schedule of approximately 24 years and a final payment of $6.8 million at loan maturity. The loan was paid in full in 2013. |
| | (c) | The loan was collateralized by Seabreeze Plaza and required equal monthly principal and interest payments totaling $102,000 based upon a weighted average 26-year amortization schedule and a final payment of $13.3 million at loan maturity. The loan was paid in full in 2013. |
| | (d) | 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 $670,000 was amortized during 2013. |
| | (e) | 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 $1.1 million was amortized during 2013. |
| | (f) | 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 2013. |
| | (g) | 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 $469,000 was amortized during 2013. |
| | (h) | 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 $644,000 was amortized during 2013. |
| | (i) | 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 $621,000 was amortized during 2013. |
| | (j) | 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 $566,000 was amortized during 2013. |
| | (k) | 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 $262,000 was amortized during 2013. |
| | (l) | 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 $367,000 was amortized during 2013. |
| | (m) | 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 $962,000 was amortized during 2013. |
| | (n) | 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 $285,000 was amortized during 2013. |
| | (o) | 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 $126,000 was amortized during 2013. |
| | (p) | 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 $718,000 was amortized during 2013. |
| | (q) | 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 $199,000 was amortized during 2013. |
| | (r) | 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 $194,000 was amortized during 2013. |
| | (s) | 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 $649,000 was amortized during 2013. |
| | (t) | 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 $346,000 was amortized during 2013. |
| | (u) | 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 $291,000 was amortized during 2013. |
| | (v) | 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 $482,000 was amortized during 2013. |
| | (w) | 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 $616,000 was amortized during 2013. |
| | (x) | 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 $596,000 was amortized during 2013. |
| | (y) | 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 $332,000 was amortized during 2013. |
| | (z) | 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 $2.7 million was amortized during 2013. |
| | (aa) | 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 $911,000 was amortized during 2013. |
| | (bb) | 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 $996,000 was amortized during 2013. |
| | (cc) | 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 $451,000 was amortized during 2013. |
| | (dd) | 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 $1.4 million was amortized during 2013. |
| | (ee) | 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 $282,000 was amortized in 2013. |
| | (ff) | 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 $609,000 was amortized in 2013. |
| | (gg) | 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 $105,000 was amortized in 2013. |
| | (hh) | 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. |
| | (ii) | The loan is a $175.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 1.90%. The line may be extended at the Company’s option for one year with payment of a fee of 0.20%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month. |
| | (jj) | 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 $161,000 was amortized during 2013. |
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