Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of debt

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

	December 31,
	2015			2014
Fixed interest mortgage notes	$	89,664	(1)	$	73,706	(2)
Variable interest mortgage note	4,262		(3)	4,399		(4)
Total mortgage debt	93,926			78,105
$750 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2019.	395,000			138,000
Total principal	488,926			216,105
Unamortized fair value adjustment	674			—
Total debt	$	489,600		$	216,105

(1) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58%, with a weighted average interest rate of 5.40%, and due in 2016, 2017, 2019, 2020, 2021 and 2022 collateralized by 11 properties with a net book value of $145,038.

(2) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58%, with a weighted average interest rate of 5.26%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $118,247.

(3) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $5,994.

(4) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249.

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 Trust’s investment grade rating as follows:

Investment Grade 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 December 31, 2015, are as follows (in thousands):

2016	$	9,748
2017	40,658
2018	1,265
2019	415,081
2020	5,521
Thereafter	16,653
Total Payments	$	488,926