DEBT (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013		Book Value as of December 31, 2012		Weighted Average Interest Rate at December 31, 2013		Maturity Date
Fixed Rate	$	54,688	$	94,373	2.62	%	August 2015 - June 2047
Variable Rate(1)	86,640		57,949		5.00	%	August 2015
	$	141,328	$	152,322	4.08	%

⁽¹⁾ 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

he following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2013 (in thousands):

	Mortgage Indebtedness		Senior Notes (1)		Secured Revolving Credit Facility (2)		Total
2014	$	3,739	$	—	$	—	$	3,739
2015	86,075		—		—		86,075
2016	1,647		—		135,500		137,147
2017	1,688		—		—		1,688
2018	1,730		211,250		—		212,980
Thereafter	46,449		200,000		—		246,449
	$	141,328	$	411,250	$	135,500	$	688,078

⁽¹⁾ Outstanding principal balance for Senior Notes does not include premium of $3.2 million as of December 31, 2013.

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