DEBT (Tables)

3 Months Ended

Mar. 31, 2015

Debt Instrument [Line Items]

Schedule of Maturities of Debt

The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2015 (in thousands): 

	Mortgage Indebtedness		Senior Notes (1)		Revolving Credit Facility and Term Loan (2)		Total
April 1, 2015 through December 31, 2015	$	2,102	$	—	$	—	$	2,102
2016	2,987		—		—		2,987
2017	3,083		—		—		3,083
2018	3,182		—		226,000		229,182
2019	3,284		—		—		3,284
Thereafter	108,687		700,000		—		808,687
	$	123,325	$	700,000	$	226,000	$	1,049,325

⁽¹⁾ Outstanding principal balance for Senior Notes does not include discount of $0.7 million as of March 31, 2015.

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

Mortgage Notes [Member]

Debt Instrument [Line Items]

Schedule of Long Term Debt

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

Interest Rate Type	Book Value as of March 31, 2015		Book Value as of December 31, 2014		Weighted Average Effective Interest Rate at March 31, 2015 (1)		Maturity Date
Fixed Rate	$	123,325	$	124,022	3.77	%	May 2031 - August 2051

⁽¹⁾ Weighted average effective rate includes private mortgage insurance.

Senior Unsecured Notes [Member]

Debt Instrument [Line Items]

Schedule of Long Term Debt

The Company’s senior unsecured notes consist of the following (dollars in thousands):

		Principal Balance as of
Title	Maturity Date	March 31, 2015 (1)		December 31, 2014 (1)
5.5% senior unsecured notes due 2021 (“2021 Notes”)	February 1, 2021	$	500,000	$	500,000
5.375% senior unsecured notes due 2023 (“2023 Notes”)	June 1, 2023	200,000		200,000
		$	700,000	$	700,000

⁽¹⁾ Outstanding principal balance for Senior Notes does not include discount of $0.7 million as of March 31, 2015 and December 31, 2014.