NOTES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 28 The following is a summary of notes payable as of December 31, 2004 and 2003 Notes Payable ( Dollars in thousands ) December 31, Interest Scheduled 2004 2003 Rate * Maturity * Fixed Rate Mortgages: $ 129,883 (a) $ 132,859 7.67 % Oct 2012 94,794 (b) 98,103 8.00 % Dec 2011 47,375 (c) 29,800 5.88 % Jan 2019 41,324 (d) 41,982 6.01 % Feb 2018 33,138 (e) 34,017 7.88 % Jan 2013 21,185 (f) -- 5.62 % Jul 2019 20,906 (g) -- 5.79 % Sep 2019 18,750 (h) -- 5.22 % Jan 2020 15,335 (i) -- 5.76 % May 2019 13,057 (j) 13,375 8.33 % Jun 2015 9,200 (k) -- 6.82 % Apr 2007 8,699 (l) -- 5.77 % Jul 2013 -- (m) 7,112 Total Fixed Rate 453,646 357,248 7.03% 9.9 Years Variable Rate Loan: Line of Credit -- (n) -- LIBOR plus Aug 2005 1.625% Total Variable Rate -- -- -- -- Total Notes Payable $ 453,646 $ 357,248 7.03 % 9.9 Years *Interest rate and scheduled maturity data presented as of December 31, 2004. Totals computed using weighted averages. (a) The loan is collateralized by nine shopping centers (Seven Corners, Thruway, White Oak, Hampshire Langley, Great Eastern, Southside Plaza, Belvedere, Giant and Ravenwood) and requires equal monthly principal and interest payments of $1,103,000 based upon a 25 year amortization schedule and a balloon payment of $96,784,000 at loan maturity. Principal of $2,976,000 was amortized during 2004. (b) The loan is collateralized by Avenel Business Park, Van Ness Square, Ashburn Village, Leesburg Pike, Lumberton Plaza and Village Center. The loan has been increased on four occasions since its inception in 1997. The 8.00% blended interest rate is the weighted average of the initial loan rate and additional borrowing rates. The loan requires equal monthly principal and interest payments of $920,000 based upon a weighted average 23 year amortization schedule and a balloon payment of $63,153,000 at loan maturity. Principal of $3,309,000 was amortized during 2004. (c) The loan, consisting of two notes dated December 2003 and two notes dated February and December 2004, is currently collateralized by four shopping centers, Broadlands Village (Phases I & II), The Glen and Kentlands Square, and requires equal monthly principal and interest payments of $306,000 (beginning February 1, 2005; prior to that date, payments totaled $256,000 per month) based upon a 25 year amortization schedule and a balloon payment of $28,255,000 at loan maturity. Principal of $625,000 was amortized during 2004. (d) 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 balloon payment of $27,872,000 at loan maturity. Principal of $658,000 was amortized during 2004. (e) The loan is collateralized by 601 Pennsylvania Avenue and requires equal monthly principal and interest payments of $294,000 based upon a 25 year amortization schedule and a balloon payment of $22,808,000 at loan maturity. Principal of $879,000 was amortized during 2004.