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## NOTE 6: SECURED NOTES PAYABLE 

Secured notes payable consist of the following (in thousands): 

<img src='content_image/115257.jpg'>

As of December 31, 2003, all of our secured notes payable, except for the 7.165% note, require monthly payments of principal and interest. The 7.165% note requires monthly payments of interest and semi-annual payments of principal. The LIBOR-based loan secured by the two properties in San Francisco, CA, may be extended, at our option, for an additional year. Future principal payments due on secured notes payable as of December 31, 2003, are as follows (in thousands): 

<img src='content_image/115260.jpg'>

A loan related to a property developed in the San Francisco Bay market has a maturity date of 2005, which may be extended at our option for an additional year. If we extend the maturity date of this loan, the weighted average interest rates for 2005 and 2006 would be 7.29% and 5.57%, respectively 

