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## Secured Debt 

Secured debt as of December 31, 2003, consists of the following (dollars in thousands): 

<img src='content_image/87272.jpg'>

(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%. 

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): 

<img src='content_image/87273.jpg'>

(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. 

## Unsecured Line of Credit and Unsecured Term Loan 

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 

