Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Outstanding debt instruments

The following table identifies our total debt outstanding and weighted average interest rates:

	December 31, 2013				December 31, 2012
			Weighted				Weighted
	Balance		Average		Balance		Average
(Dollar amounts in thousands)	Outstanding		Interest Rate		Outstanding		Interest Rate
Fixed Rate Debt:
Secured	$	271,374	4.9	%	$	376,278	5.4	%
Unsecured - notes	250,000		4.4	%	—		—	%
Total Fixed Rate Debt	521,374		4.7	%	376,278		5.4	%
Variable Rate Debt Swapped to Fixed:
Unsecured - term loan	125,000		3.0	%	125,000		1.9	%
Total Variable Rate Debt Swapped to Fixed	125,000		3.0	%	125,000		1.9	%
Variable Rate Debt Unhedged:
Secured	8,100		1.5	%	—		—	%
Unsecured - revolver	133,500		1.5	%	190,500		1.7	%
Unsecured - term loan	25,000		1.9	%	25,000		1.9	%
Total Variable Rate Debt Unhedged	166,600		1.5	%	215,500		1.7	%
Total Debt	$	812,974	3.8	%	$	716,778	3.7	%

Scheduled debt maturities

As of December 31, 2013, the scheduled payments of principal on all debt for each of the next five years and thereafter, are as follows (in thousands):

2014	$	46,672
2015	21,491
2016	48,925
2017	134,909
2018	199,069
Thereafter	359,750
Net unamortized discount	2,158
	$	812,974

Mortgage notes payable

The following table provides information on loans repaid as well as loans obtained during 2013:

	Loans Repaid				Loans Obtained/Assumed
(Dollar amounts in thousands)			Interest				Interest
Property	Amount		Rate (3)		Amount		Rate			Maturity
Annen Woods	$	12,740	6.1%		$	—	N/A			N/A
Cypress Shores	26,746		6.1%		—		N/A			N/A
Hampton Point	32,279		6.1%		—		N/A			N/A
Reflections	19,025		6.1%		—		N/A			N/A
Windsor Pines	38,529		6.1%		—		N/A			N/A
The Apartments at Blakeney	—		N/A		28,000		4.2	%	(1)	January 2022
7001 Arlington Road	—		N/A		2,182		1.4	%	(4)	October 2016
Cantabria	—		N/A		5,918		1.6	%	(4)	October 2016
Total / weighted average rate	$	129,319	6.1%	(2)	$	36,100	3.6	%	(2)

(1) Principal balance on loan assumed approximated fair value at time of acquisition.

(2) Represents weighted average interest rate for the loans listed.

(3) Represents interest rate at the time of repayment.    

(4) Denotes variable rate construction loan.