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Indebtedness
3 Months Ended
Mar. 31, 2012
Indebtedness [Abstract]  
Indebtedness
Indebtedness

Mortgage Loans
During the three months ended March 31, 2012, the Company used proceeds from its unsecured credit facility together with available cash on hand to repay mortgage loans totaling $17.9 million bearing interest at an average rate of 7.70%.

During the three months ended March 31, 2012, the Company closed on a mortgage with $45.0 million of available funds bearing interest at 4.84%. As of March 31, 2012, the Company had $11.2 million outstanding on this loan. The net proceeds from this mortgage were used for construction costs on a property under development.