DEBT

Secured Debt decreased $63,130,000 during the three months ended March 31, 2015. The decrease primarily resulted from the repayment of a mortgage loan with a balance of $57,450,000, an interest rate of 5.5% and an original maturity date of April 5, 2015. In addition, the Company made regularly scheduled principal payments of $5,669,000 and recorded mortgage loan premium amortization of $11,000.

Unsecured Debt increased $75,000,000 during the three months ended March 31, 2015 as a result of the closing of a $75 million unsecured term loan in March 2015. The loan has a seven-year term and requires interest only payments. It bears interest at the annual rate of LIBOR plus an applicable margin (currently 1.4%) based on the Company's senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan's LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 3.031%. See note 13 for additional information on the Company's interest rate swaps.

Unsecured Bank Credit Facilities increased $14,959,000 during the three months ended March 31, 2015.

Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities), as of March 31, 2015 are as follows:



Years Ending December 31,	(In thousands)

Remainder of 2015	$	39,244
2016	92,808
2017	58,239
2018	141,316
2019	130,568
2020 and beyond	383,471