Secured Debt Secured debt as of December 31, 2003, consists of the following (dollars in thousands): The following is a summary of the scheduled principal payments for our secured debt and the weighted average interest rates as of December 31, 2003 (in thousands): We have an unsecured line of credit that provides for borrowings of up to $440 million. Borrowings under our unsecured line of credit, as amended, bear interest at a floating rate based on our election of either a LIBOR-based rate or the higher of the bank’s reference rate and the Federal Funds rate, plus 0.5%. For each LIBOR-based advance, we must elect a LIBOR period of one, two, three or six months. Our unsecured line of credit contains financial covenants, including, among other things, maintenance of minimum net worth, a total liabilities to gross asset value ratio and a fixed charge coverage ratio. In addition, the terms of the unsecured line of credit Unsecured Line of Credit and Unsecured Term Loan (1) We have a loan related to a property we developed in the San Francisco Bay market, which has a maturity date of 2005 that may be extended for an additional year. If we extend the maturity date of this loan to 2006, the weighted average interest rates for 2005 and 2006 would be 7.29% and 5.57%, respectively. Balance at Stated Collateral December 31, 2003 Interest Rate Maturity Date Lexington, MA $ 3,342 8.45% August 2004 San Francisco, CA (two properties) 22,520 LIBOR+1.70% (1) January 2005 Worcester, MA (2) 9,735 8.75% January 2006 Durham, NC (two properties) 11,880 8.68% December 2006 Gaithersburg, MD (three properties) 9,700 8.25% August 2007 Chantilly, VA and Seattle, WA 34,410 7.22% May 2008 San Diego, CA (four properties) 40,225 6.95% July 2009 Worcester, MA and San Diego, CA 18,396 8.71% January 2010 Gaithersburg, MD (two properties) 24,131 8.33% November 2010 San Diego, CA (six properties) 23,633 7.75% July 2011 Gaithersburg, MD (three properties) 27,778 7.40% January 2012 Alameda, CA (three properties) and San Diego, CA 33,564 6.21% March 2013 Rockville, MD (two properties) and Beltsville, MD 29,898 6.36% September 2013 Alameda, CA 2,138 7.165% January 2014 Seattle, WA (two properties) 17,318 7.75% June 2016 San Diego, CA 11,339 7.50% August 2021 $ 320,007 Weighted Average Year Amount Interest Rate 2004 $ 9,415 7.69% 2005 28,370 (1) 3.82% 2006 25,571 (1) 7.89% 2007 15,123 7.86% 2008 37,859 7.22% Thereafter 203,417 7.29% Subtotal 319,755 7.06% Unamortized premium 252 $320,007 (1) The loan may be extended, at our option, for an additional year. (2) The balance shown includes an unamortized premium of $252,000. The effective interest rate of the loan is 7.25%. 25