SECURED AND UNSECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Secured debt

A summary of Secured Debt follows: 

	Interest Rate	Monthly P&I Payment		Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2013		Balance at December 31,
Property							2013	2012
					(In thousands)
35th Avenue, Beltway I, Broadway V, Lockwood, Northwest Point, Sunbelt, Techway Southwest I and World Houston 10, 11 & 14	4.75%	$	259,403	Repaid	$	—	—	34,474
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		Repaid	—		—	52,086
Kyrene Distribution Center	9.00%	11,246		07/01/2014	4,059		76	198
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	23,509		26,907	27,467
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	64,467		61,402	64,374
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20	4.98%	256,952		12/05/2015	20,534		27,812	29,465
Huntwood and Wiegman Distribution Centers	5.68%	265,275		09/05/2016	20,631		28,833	30,332
Alamo Downs, Arion 1-15 & 17, Rampart I, II, III & IV, Santan 10 and World Houston 16	5.97%	557,467		11/05/2016	54,487		60,131	63,132
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	53,298		57,368	60,310
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1)	7.50%	539,747		05/05/2019	47,169		59,087	61,052
Blue Heron Distribution Center II	5.39%	16,176		02/29/2020	4,430		1,026	1,161
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	72,223		66,805	69,376
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	44,770		59,827	61,970
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	60,791		50,519	52,369
					$	470,368	499,793	607,766

(1) This mortgage loan has a recourse liability of $5.0 million which will be released based on the secured properties generating certain base rent amounts.

Unsecured debt

A summary of Unsecured Debt follows:

			Balance at December 31,
	Interest Rate	Maturity Date	2013		2012
			(In thousands)
$80 Million Unsecured Term Loan (1)	2.770%	08/15/2018	$	80,000	80,000
$50 Million Unsecured Term Loan	3.910%	12/21/2018	50,000		50,000
$75 Million Unsecured Term Loan (2)	3.752%	12/20/2020	75,000		—
$100 Million Senior Unsecured Notes (3)	3.800%	08/28/2025	100,000		—
			$	305,000	130,000

(1) The interest rate on this unsecured term loan is comprised of LIBOR plus 175 basis points subject to a pricing grid for changes in the Company's 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 2.770% as of December 31, 2013. See Note 13 for additional information on the interest rate swap.

(2) The interest rate on this unsecured term loan is comprised of LIBOR plus 140 basis points subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into two interest rate swaps to convert the loan's LIBOR rate to a fixed interest rate, providing the Company a weighted average effective interest rate on the term loan of 3.752% as of December 31, 2013. See Note 13 for additional information on the interest rate swaps.

(3) Principal payments due on the $100 million senior unsecured notes are as follows: $30 million on August 28, 2020, $50 million on August 28, 2023, and $20 million on August 28, 2025.

Principal payments due during the next five years

Principal payments on long-term debt, including secured and unsecured debt, due during the next five years as of December 31, 2013 are as follows: 

Years Ending December 31,	(In thousands)
2014	$	48,862
2015	102,287
2016	92,717
2017	58,145
2018	141,218