DEBT (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Mortgage Indebtness

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

Interest Rate Type	Book Value as of December 31, 2014		Book Value as of December 31, 2013		Weighted Average Effective Interest Rate at December 31, 2014		Maturity Date
Fixed Rate	$	124,022	$	54,688	3.96	%	May 2031 -  August 2051
Variable Rate	—		86,640		—		N/A
	$	124,022	$	141,328	3.96	%

Schedule of Maturities of Debt

he following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2014 (in thousands):

	Mortgage Indebtedness		Senior Notes (1)		Revolving Credit Facility and Term Loan (2)		Total
2015	$	2,823	$	—	$	—	$	2,823
2016	2,917		—		—		2,917
2017	3,013		—				3,013
2018	3,114		—		268,000		271,114
2019	3,218		—		—		3,218
Thereafter	108,937		700,000		—		808,937
	$	124,022	$	700,000	$	268,000	$	1,092,022

⁽¹⁾ Outstanding principal balance for Senior Notes does not include discount of $0.7 million as of December 31, 2014.

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