Debt (Tables)

6 Months Ended

Jun. 30, 2015

Debt

Schedule of debt

The following is a summary of debt as of June 30, 2015 and December 31, 2014 (in thousands):

	June 30,		December 31,
	2015		2014
Mortgage notes, bearing fixed interest from 4.71% to 6.58%, with a weighted average interest rate of 5.39%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by 11 properties with a net book value of $147,678.	$	90,651	$	73,706
Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,122.	4,331		4,399
Total mortgage debt	94,982		78,105
$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018.	191,000		138,000
Total principal	285,982		216,105
Unamortized fair value adjustment	792		—
Total debt	$	286,774	$	216,105

Schedule of consolidated leverage ratios

Consolidated Leverage Ratio	Adjusted LIBOR Rate Loans and Letter of Credit Fee	Base Rate Loans
<35%	LIBOR + 1.50%	0.50	%
>35% and <45%	LIBOR + 1.65%	0.65	%
>45% and <45%	LIBOR + 1.75%	0.75	%
>45% and <50%	LIBOR + 1.85%	0.85	%
>50% and <55%	LIBOR + 2.00%	1.00	%
>55%	LIBOR + 2.20%	1.20	%

Schedule of principal payments due on debt

Scheduled principal payments due on debt as of June 30, 2015, are as follows (in thousands):

2015	$	1,109
2016	9,757
2017	40,597
2018	192,265
2019	20,081
Thereafter	22,173
Total Payments	$	285,982