MORTGAGE NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2015

MORTGAGE NOTES PAYABLE

Schedule of Mortgage Notes Payable

	Principal Balance At
	December 31,		December 31,
	2015		2014
	(in thousands)
Fixed rate mortgage notes payable (a)	$	383,292	$	318,554
Variable rate construction loan (b)		-		6,332
Mortgage notes payable	$	383,292	$	324,886

(a) Includes $3,158 and $3,254 of variable rate mortgage debt that was swapped to a fixed rate as of December 31, 2015 and 2014, respectively.

(b) The variable rate construction loan bears interest at a floating rate of London Interbank Offered Rate (LIBOR) plus 2.50%.

Scheduled Maturities of Mortgage Notes Payable

Years ending December 31,	Amount
	(in thousands)
2016	$	17,400
2017		35,784
2018		16,328
2019		23,618
2020		26,232
Thereafter		263,930
Total payments	$	383,292