11. Subsequent Events

On April 12, 2016, our Board of Directors declared the following monthly distributions for the months of April, May and June:

On April 21, 2016, we repaid our $3.7 million mortgage on our Coppell, Texas property that was originally set to mature on June 1, 2016. We borrowed $9.5 million pursuant to a long-term note payable from Great Southern Bank to refinance the debt on our Coppell, Texas property and the note is also collateralized by our properties located in Allen, Texas and Colleyville, Texas, which were previously included in our unencumbered asset pool in our Line of Credit. The note accrues interest at LIBOR plus a margin of 2.75%, subject to an interest rate cap of 3.0%, and the loan has an original maturity date of April 22, 2019, with two, one-year extension options through April 22, 2021.