DEBT (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 (in thousands): 

	Mortgage Indebtedness			Revolving Credit     Facility (1)		Term Loans			Senior Notes			Total
April 1, 2016 through December 31, 2016	$	3,139		$	—	$	—		$	—		$	3,139
2017	4,310			—		—			—			4,310
2018	4,458			—		—			—			4,458
2019	4,612			—		—			—			4,612
2020	4,770			198,000		—			—			202,770
Thereafter	156,728			—		341,387			700,000			1,198,115
Total Principal Balance	178,017			198,000		341,387			700,000			1,417,404
Discount	—			—		—			(598		)	(598		)
Deferred financing costs	(2,972		)	—		(2,758		)	(13,066		)	(18,796		)
Total Debt, net	$	175,045		$	198,000	$	338,629		$	686,336		$	1,398,010

⁽¹⁾ Revolving Credit Facility is subject to two six-month extension options.

Mortgages [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	Principal Balance as of March 31, 2016 (1)		Principal Balance as of December 31, 2015 (1)		Weighted Average Effective Interest Rate at March 31, 2016 (2)		Maturity Date
Fixed Rate	$	178,017	$	177,850	4.01	%	December 2021 -  August 2051

⁽¹⁾ Principal balance does not include deferred financing costs of $3.0 million as of March 31, 2016 and December 31, 2015.

⁽²⁾ 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, 2016 (1)		December 31, 2015 (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⁾ Principal balance does not include discount of $0.6 million as of March 31, 2016 and December 31, 2015 and also excludes deferred financing costs of $13.1 million and $13.7 million as of