DEBT (Tables)

9 Months Ended

Sep. 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	Book Value as of September 30, 2012		Book Value as of December 31, 2011		Weighted Average Effective Interest Rate at September 30, 2012		Maturity Date
Fixed Rate	$	99,251	$	99,239	5.04	%	August 2015 - June 2047
Variable Rate(1)	58,262		59,159		5.00	%	August 2015
	$	157,513	$	158,398

⁽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).

Schedule of Maturities of Debt

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

	Mortgage Indebtedness  (1)		Senior Notes (2)		Amended Secured Revolving Credit Facility		Total
October 1, 2012 through December 31, 2012	$	936	$	—	$	—	$	936
2013	3,851		—		—		3,851
2014	4,058		—		—		4,058
2015	86,442		—		—		86,442
2016	2,065		—		—		2,065
Thereafter	59,673		325,000		—		384,673
	$	157,025	$	325,000	$	—	$	482,025

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