DEBT (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2012		Book Value as of December 31, 2011 (1)		Weighted Average Interest Rate at December 31, 2012		Maturity Date
Fixed Rate	$	94,373	$	94,783	4.43	%	August 2015 - June 2047
Variable Rate(2)	57,949		59,159		5.00	%	August 2015
	$	152,322	$	153,942	4.65	%

⁽¹⁾  Outstanding principal balance for mortgage indebtedness includes mortgage premium of $0.5 million as of December 31, 2011.

⁽²⁾  Contractual interest rates under variable rate mortgages are equal to the 90-day LIBOR plus 4.0% (subject to a 1.0% floor).

Schedule of Maturities of Debt

The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2012 (in thousands):

	Mortgage Indebtedness		Senior Notes (1)		Secured Revolving Credit Facility (2)		Total
2013	$	3,946	$	—	$	—	$	3,946
2014	4,146		—		—		4,146
2015	86,522		—		92,500		179,022
2016	2,138		—		—		2,138
2017	2,230		—		—		2,230
Thereafter	53,340		325,000		—		378,340
	$	152,322	$	325,000	$	92,500	$	569,822

⁽¹⁾ Outstanding principal balance for Senior Notes does not include premium of $5.7 million as of December 31, 2012.

⁽²⁾ Subject to a one-year extension option.