SECURED AND UNSECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015		Balance at December 31,
Property							2015	2014
					(In thousands)
Beltway II-IV, Commerce Park I, Eastlake, Fairgrounds, Nations Ford, Techway Southwest III, Wetmore 1-4 and World Houston 15 & 22	5.50%	$	536,552	Repaid	$	—	—	58,262
Country Club I, Lake Pointe, Techway Southwest II and World Houston 19 & 20	4.98%	256,952		Repaid	—		—	26,074
Huntwood and Wiegman I	5.68%	265,275		09/05/2016	19,991		25,567	27,246
Alamo Downs, Arion 1-15 & 17, Rampart I-IV, Santan 10 I and World Houston 16	5.97%	557,467		10/05/2016	57,654		53,563	56,945
Arion 16, Broadway VI, Chino, East University I & II, Northpark, Santan 10 II, 55th Avenue and World Houston 1 & 2, 21 & 23	5.57%	518,885		09/05/2017	49,692		50,971	54,259
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington (1)	7.50%	539,747		05/05/2019	47,123		54,689	56,970
Blue Heron II	5.39%	16,176		02/29/2020	4,174		735	884
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore 5-8 and World Houston 26, 28, 29 & 30	4.39%	463,778		01/05/2021	68,092		61,312	64,119
America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9	4.75%	420,045		06/05/2021	43,369		55,223	57,579
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32	4.09%	329,796		01/05/2022	59,908		46,584	48,592
Ramona	3.85%	16,287		11/30/2026	9,344		2,757	2,846
					$	359,347	351,401	453,776

(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	2015		2014
			(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		75,000
$75 Million Unsecured Term Loan (3)	3.752%	12/20/2020	75,000		75,000
$75 Million Unsecured Term Loan (4)	3.031%	02/28/2022	75,000		—
$100 Million Senior Unsecured Notes:
$30 Million Notes	3.800%	08/28/2020	30,000		30,000
$50 Million Notes	3.800%	08/28/2023	50,000		50,000
$20 Million Notes	3.800%	08/28/2025	20,000		20,000
$25 Million Senior Unsecured Notes	3.970%	10/01/2025	25,000		—
$50 Million Senior Unsecured Notes	3.990%	10/07/2025	50,000		—
			$	530,000	380,000

(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, 2015. 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, 2015. 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, 2015. See Note 13 for additional information on the interest rate swaps.

(4) 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 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 3.031% as of December 31, 2015. 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 Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities), due during the next five years as of December 31, 2015 are as follows: 

Years Ending December 31,	(In thousands)
2016	$	92,804
2017	58,239
2018	141,316
2019	130,569
2020	114,097