DEBT (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017 (in thousands): 

	Mortgage Indebtedness			Revolving Credit     Facility (1)		Term Loans			Senior Notes			Total
April 1, 2017 through December 31, 2017	$	3,111		$	—	$	—		$	—		$	3,111
2018	4,270			—		—			—			4,270
2019	4,412			—		—			—			4,412
2020	4,560			17,000		—			—			21,560
2021	19,529			—		338,775			500,000			858,304
Thereafter	126,880			—		—			200,000			326,880
Total Principal Balance	162,762			17,000		338,775			700,000			1,218,537
Discount	—			—		—			(487		)	(487		)
Deferred financing costs	(2,857		)	—		(2,183		)	(10,634		)	(15,674		)
Total Debt, net	$	159,905		$	17,000	$	336,592		$	688,879		$	1,202,376

⁽¹⁾ Revolving Credit Facility is subject to twosix-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	Book Value as of March 31, 2017 (1)		Book Value as of December 31, 2016 (1)		Weighted Average Effective Interest Rate at March 31, 2017 (2)		Maturity Date
Fixed Rate	$	162,762	$	163,638	3.87	%	December 2021 -  August 2051

⁽¹⁾ Principal balance does not include deferred financing costs of $2.9 million as of March 31, 2017 and December 31, 2016.

⁽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	March 31, 2017 (1)		December 31, 2016 (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 $0.5 million as of March 31, 2017 and December 31, 2016, and also excludes deferred financing costs of $10.6 million and $11.2 million as of March 31, 2017 and December 31, 2016, respectively.