Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of debt

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

	September 30, 2015		December 31, 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, 2019, 2020, 2021 and 2022 collateralized by 11 properties with a net book value of $146,650.	$	90,164	$	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 $6,058.	4,297		4,399
Total mortgage debt	94,461		78,105
$750 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2019.	473,000		138,000
Total principal	567,461		216,105
Unamortized fair value adjustment	734		—
Total debt	$	568,195	$	216,105

Schedule of consolidated leverage ratios

The Credit Agreement provides for revolving credit loans to the Operating Partnership. Base Rate Loans, Adjusted LIBOR Rate Loans and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the investment grade rating of the Trust, the Operating Partnership and its subsidiaries as follows:

Credit Rating	Adjusted LIBOR Rate Loans and Letter of Credit Fee	Base Rate Loans
At Least A- or A3	LIBOR + 0.85%	—	%
At Least BBB+ or BAA1	LIBOR + 0.90%	—	%
At Least BBB or BAA2	LIBOR + 1.00%	0.10	%
At Least BBB- or BAA3	LIBOR + 1.20%	0.20	%
Below BBB- or BAA3	LIBOR + 1.55%	0.60	%

Schedule of principal payments due on debt

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

2015	$	560
2016	9,752
2017	40,629
2018	1,265
2019	493,081
Thereafter	22,174
Total Payments	$	567,461