Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of debt

The following is a summary of debt as of June 30, 2016 and December 31, 2015 (in thousands):

	June 30, 2016				December 31, 2015
Fixed interest mortgage notes	$	81,104		(1)	$	89,664		(2)
Variable interest mortgage note	33,233			(3)	4,262			(4)
Total mortgage debt	114,337				93,926
$850 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2020	378,000				395,000
$150 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031	150,000				—
Total principal	642,337				488,926
Unamortized deferred financing cost	(9,351		)		(5,985		)
Unamortized fair value adjustment	556				674
Total debt	$	633,542			$	483,615

(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 2017, 2019, 2020, 2021, and 2022 collateralized by 10 properties with a net book value of $134,727.

(2) 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.

(3) Variable interest mortgage notes, bearing variable interest of LIBOR plus 2.25% to 3.25%, with a weighted average interest rate of 3.4% and due in 2017 and 2018, collateralized by four properties with a net book value of $46,596.

(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 $5,994.

Schedule of adjusted LIBOR rate loans and interest rates based on credit rating

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 and the Operating Partnership as follows:

Credit Rating	Margin for Revolving Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee	Margin for Revolving Loans: Base Rate Loans		Margin for Term Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee	Margin for Term Loans: Base Rate Loans
At Least A- or A3	LIBOR + 0.85%	—	%	LIBOR + 1.40%	0.40	%
At Least BBB+ or BAA1	LIBOR + 0.90%	—	%	LIBOR + 1.45%	0.45	%
At Least BBB or BAA2	LIBOR + 1.00%	0.10	%	LIBOR + 1.55%	0.55	%
At Least BBB- or BAA3	LIBOR + 1.20%	0.20	%	LIBOR + 1.80%	0.80	%
Below BBB- or BAA3	LIBOR + 1.55%	0.60	%	LIBOR + 2.25%	1.25	%

Schedule of principal payments due on debt

Scheduled principal payments due on debt as of June 30, 2016, are as follows (in thousands):

2016	$	1,168
2017	40,928
2018	29,986
2019	20,081
2020	383,522
Thereafter	166,652
Total Payments	$	642,337