DEBT (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Schedule of Mortgage Indebtness

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

Interest Rate Type	Book Value as of September 30, 2013		Book Value as of December 31, 2012		Weighted Average Effective Interest Rate at September 30, 2013		Maturity Date
Fixed Rate	$	85,247	$	94,373	4.01	%	August 2015 - June 2047
Variable Rate(1)	56,994		57,949		5.00	%	August 2015
	$	142,241	$	152,322	4.41	%

⁽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, 2013 (in thousands):

	Mortgage Indebtedness		Senior Notes (1)		Total
October 1, 2013 through December 31, 2013	$	912	$	—	$	912
2014	3,739		—		3,739
2015	86,075		—		86,075
2016	1,647		—		1,647
2017	1,688		—		1,688
Thereafter	48,180		411,250		459,430
	$	142,241	$	411,250	$	553,491