SECURED AND UNSECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014		Balance at December 31,
Property						2014	2013
				(In thousands)
Kyrene Distribution Center	9.00%	11,246	Repaid	$	—	—	76
Americas Ten I, Kirby, Palm River North I, II & III, Shady Trail, Westlake I & II and World Houston 17	5.68%	175,479	Repaid	—		—	26,907
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	62,155		58,262	61,402
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20	4.98%	256,952	12/05/2015	19,936		26,074	27,812
Huntwood and Wiegman I-IV Distribution Centers	5.68%	265,275	09/05/2016	20,114		27,246	28,833
Alamo Downs, Arion 1-15 & 17, Rampart I, II, III & IV, Santan 10 and World Houston 16	5.97%	557,467	11/05/2016	58,028		56,945	60,131
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	51,215		54,259	57,368
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1)	7.50%	539,747	05/05/2019	46,075		56,970	59,087
Blue Heron Distribution Center II	5.39%	16,176	02/29/2020	4,295		884	1,026
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	70,078		64,119	66,805
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	43,524		57,579	59,827
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	61,150		48,592	50,519
Ramona Distribution Center	3.85%	16,287	11/30/2026	9,499		2,846	—
				$	446,069	453,776	499,793

(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	2014		2013
			(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)	2.846%	07/31/2019	75,000		—
$75 Million Unsecured Term Loan (3)	3.752%	12/20/2020	75,000		75,000
$100 Million Senior Unsecured Notes (4)	3.800%	08/28/2025	100,000		100,000
			$	380,000	305,000

(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, 2014. 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 115 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 a weighted average effective interest rate on the term loan of 2.846% as of December 31, 2014. See Note 13 for additional information on the interest rate swap.

(3) 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, 2014. See Note 13 for additional information on the interest rate swaps.

(4) 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, 2014 are as follows: 

Years Ending December 31,	(In thousands)
2015	$	102,372
2016	92,808
2017	58,239
2018	141,316
2019	130,569