DEBT (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2016 (in thousands): 

	Mortgage Indebtedness			Term Loans			Senior Notes			Total
July 1, 2016 through December 31, 2016	$	2,101		$	—		$	—		$	2,101
2017	4,311			—			—			4,311
2018	4,459			—			—			4,459
2019	4,612			—			—			4,612
2020	4,771			—			—			4,771
Thereafter	156,742			341,475			700,000			1,198,217
Total Principal Balance	176,996			341,475			700,000			1,218,471
Discount	—			—			(570		)	(570		)
Deferred financing costs	(2,943		)	(2,615		)	(12,462		)	(18,020		)
Total Debt, net	$	174,053		$	338,860		$	686,968		$	1,199,881

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 June 30, 2016 (1)		Principal Balance as of December 31, 2015 (1)		Weighted Average Effective Interest Rate at June 30, 2016 (2)		Maturity Date
Fixed Rate	$	176,996	$	177,850	4.01	%	December 2021 -  August 2051

⁽¹⁾ Principal balance does not include deferred financing costs of $2.9 million and $3.0 million as of June 30, 2016 and December 31, 2015, respectively.

⁽²⁾ Weighted average effective interest 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	June 30, 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 June 30, 2016 and December 31, 2015 and also excludes deferred financing costs of $12.5 million and $13.7 million as of June 30, 2016 and December 31, 2015, respectively.