DEBT (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Mortgage Indebtness

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

Interest Rate Type	Book Value as of September 30, 2014		Book Value as of December 31, 2013		Weighted Average Effective Interest Rate at September 30, 2014		Maturity Date
Fixed Rate	$	124,714	$	54,688	3.96	%	May 2031 - August 2051
Variable Rate	—		86,640		NA		NA
	$	124,714	$	141,328	3.96	%

Schedule of Maturities of Debt

The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2014 (in thousands): 

	Mortgage Indebtedness		Senior Notes		Revolving Credit Facility (1) (2)		Total
October 1, 2014 through December 31, 2014	$	691	$	—	$	—	$	691
2015	2,823		—		—		2,823
2016	2,917		—		—		2,917
2017	3,013		—		—		3,013
2018	3,114		—		614,000		617,114
Thereafter	112,156		550,000		—		662,156
	$	124,714	$	550,000	$	614,000	$	1,288,714

⁽¹⁾ Subject to a one-year extension option.

⁽²⁾ On October 10, 2014, the Operating Partnership converted $200.0 million of the outstanding borrowings under the Revolving Credit Facility to a term loan.