MORTGAGE NOTES PAYABLE AND UNSECURED TERM LOAN PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

Participating Mortgage Loan Arrangements [Abstract]

Mortgage notes payable

A summary of Mortgage Notes Payable follows: 

	Interest Rate	Monthly P&I Payment		Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2012		Balance at December 31,
Property							2012	2011
					(In thousands)
University Business Center (120 & 130 Cremona)	6.43%	$	81,856	Repaid	$	—	—	2,193
University Business Center (125 & 175 Cremona)	7.98%	88,607		Repaid	—		—	8,771
Oak Creek Distribution Center IV	5.68%	31,253		Repaid	—		—	3,506
51st Avenue, Airport Distribution, Broadway I, III & IV, Chestnut, Interchange Business Park, Main Street, North Stemmons I land, Southpark, Southpointe and World Houston 12 & 13	6.86%	279,149		Repaid	—		—	32,204
Interstate Distribution Center - Jacksonville	5.64%	31,645		Repaid	—		—	4,234
35th Avenue, Beltway I, Broadway V, Lockwood, Northwest Point, Sunbelt, Techway Southwest I and World Houston 10, 11 & 14	4.75%	259,403		09/05/2013	37,775		34,474	35,912
Airport Commerce Center I & II, Interchange Park, Ridge Creek Distribution Center I, Southridge XII, Waterford Distribution Center and World Houston 24, 25 & 27	5.75%	414,229		01/05/2014	64,794		52,086	54,001
Kyrene Distribution Center I	9.00%	11,246		07/01/2014	2,095		198	310
Americas Ten I, Kirby, Palm River North I, II & III, Shady Trail, Westlake I & II and World Houston 17	5.68%	175,479		10/10/2014	24,553		27,467	27,996
Beltway II, III & IV, Commerce Park 1, Eastlake, Fairgrounds I-IV, Nations Ford I-IV, Techway Southwest III, Wetmore I-IV and World Houston 15 & 22	5.50%	536,552		04/05/2015	66,416		64,374	67,188
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20	4.98%	256,952		12/05/2015	20,777		29,465	31,039
Huntwood and Wiegman Distribution Centers	5.68%	265,275		09/05/2016	21,343		30,332	31,748
Alamo Downs, Arion 1-15 & 17, Rampart I, II & III, Santan 10 and World Houston 16	5.97%	557,467		11/05/2016	54,614		63,132	65,961
Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 & 2, 21 & 23	5.57%	518,885		09/05/2017	54,998		60,310	63,093
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1)	7.50%	539,747		05/05/2019	48,301		61,052	62,875
Blue Heron Distribution Center II	5.39%	16,176		02/29/2020	4,566		1,161	1,288
40th Avenue, Beltway V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore V-VIII and World Houston 26, 28, 29 & 30	4.39%	463,778		01/05/2021	74,918		69,376	71,837
America Plaza, Central Green, Glenmont I & II, Interstate I, II & III, Rojas, Stemmons Circle, Venture, West Loop I & II and World Houston 3-9	4.75%	420,045		06/05/2021	46,047		61,970	64,014
Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Distribution Center, Interstate Distribution Center V, VI & VII, Lakeview Business Center, Ridge Creek Distribution Center II, Southridge IV & V and World Houston 32	4.09%	329,796		01/05/2022	61,701		52,369	—
					$	582,898	607,766	628,170

(1) This mortgage loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts.

Unsecured Term Loans Payable

A summary of Unsecured Term Loans Payable follows:

			Balance at December 31,
	Interest Rate	Maturity Date	2012		2011
			(In thousands)
$80 Million Unsecured Term Loan (1)	2.92%	08/15/2018	$	80,000	—
$50 Million Unsecured Term Loan	3.91%	12/21/2018	50,000		50,000
			$	130,000	50,000

(1) The interest rate on this unsecured term loan is comprised of LIBOR plus 190 basis points subject to a pricing grid for changes in the Company's leverage or coverage ratings. The Company entered into an interest rate swap to convert the loan's LIBOR rate to a fixed interest rate, providing the Company an effective interest rate on the term loan of 2.92% as of December 31, 2012. See Note 13 for additional information on the interest rate swap.

Principal payments due during the next five years

Principal payments on long-term debt, including mortgage notes payable and unsecured term loans payable, due during the next five years as of December 31, 2012 are as follows: 

Years Ending December 31,	(In thousands)
2013	$	57,915
2014	98,920
2015	102,287
2016	92,716
2017	58,145