DEBT (Tables)

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Schedule of Mortgage Indebtness

Mortgage Indebtedness. The Company’s mortgage notes payable consist of the following (dollars in thousands):

Interest Rate Type	Principal Outstanding as of June 30, 2012 (2)		Principal Outstanding as of December 31, 2011 (2)		Weighted Average Interest Rate at June 30, 2012		Maturity Date
Fixed Rate	$	98,818	$	98,739	5.56	%	August 2015 - June 2047
Variable Rate(1)	58,562		59,159		5.00	%	August 2015
	$	157,380	$	157,898

^{(1)  Contractual interest rates under variable rate mortgages are equal to the 90-day LIBOR plus 4.0% (subject to a 1.0% LIBOR floor).} 

^{(2)  Outstanding principal balance for mortgage indebtedness does not include mortgage premium of $0.5 million as of June 30, 2012 and December 31, 2011.}

Schedule of Maturities of Debt

The following is a schedule of maturities for the Company’s outstanding debt as of June 30, 2012 (in thousands):

	Mortgage Indebtedness  (1)		Senior Notes		Amended Secured Revolving Credit Facility		Total
July 1, 2012 through December 31, 2012	$	1,701	$	—	$	—	$	1,701
2013	3,690		—		—		3,690
2014	3,902		—		—		3,902
2015	86,291		—		42,500		128,791
2016	1,920		—		—		1,920
Thereafter	59,876		225,000		—		284,876
	$	157,380	$	225,000	$	42,500	$	424,880

⁽¹⁾  Outstanding principal balance for mortgage indebtedness does not include mortgage premium of $0.5 million as of June 30, 2012.