Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Consolidated Mortgages and Notes Payable

Our mortgages and notes payable consist of the following:

	December 31,
	2013		2012
Secured indebtedness: (1)
5.68% mortgage loan due 2013	$	—	$	107,289
5.45% (5.12% effective rate) mortgage loan due 2014 (2)	—		67,604
5.21% (3.11% effective rate) mortgage loan due 2014 (3)	125,247		—
5.17% (6.43% effective rate) mortgage loan due 2015 (4)	39,609		39,805
3.50% (3.34% effective rate) mortgage loan due 2015 (5)	37,340		—
6.88% mortgage loans due 2016	109,167		110,671
7.50% mortgage loan due 2016	45,103		45,662
5.10% (4.22% effective rate) mortgage loan due 2017 (6)	118,126		120,924
5.74% to 9.00% mortgage loans due between 2012 and 2016 (7) (8)	14,072		57,652
	488,664		549,607
Unsecured indebtedness:
5.85% (5.88% effective rate) notes due 2017 (9)	379,311		379,194
7.50% notes due 2018	200,000		200,000
3.625% (3.752% effective rate) notes due 2023(10)	247,624		247,361
Variable rate term loan due 2016	—		35,000
Variable rate term loan due 2019 (11)	200,000		200,000
Variable rate term loan due 2019 (12)	225,000		225,000
Revolving credit facility due 2018 (13)	215,700		23,000
	1,467,635		1,309,555
Total	$	1,956,299	$	1,859,162

__________

(1) The secured mortgage loans payable are collateralized by real estate assets with an aggregate undepreciated book value of $801.7 million at December 31, 2013. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties.

(2) Net of unamortized fair market premium of $0.2 million as of December 31, 2012. This debt was repaid in 2013.

(3) Net of unamortized fair market value premium of $0.7 million as of December 31, 2013.

(4) Net of unamortized fair market value discount of $0.8 million and $1.2 million as of December 31, 2013 and 2012, respectively.

(5) Net of unamortized fair market value premium of $0.1 million as of December 31, 2013.

(6) Net of unamortized fair market premium of $3.6 million and $4.6 million as of December 31, 2013 and 2012, respectively.

(7) Included mortgage debt related to Markel of $33.1 million at December 31, 2012. This debt was repaid in 2013.

(8) Net of unamortized fair market value premium of $0.3 million and $0.5 million at December 31, 2013 and 2012, respectively.

(9) Net of unamortized original issuance discount of $0.4 million and $0.5 million at December 31, 2013 and 2012, respectively.

(10) Net of unamortized original issuance discount of $2.4 million and $2.6 million at December 31, 2013 and 2012, respectively.

(11) The interest rate is 1.37% at December 31, 2013.

(12) As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.43%.

(13) The interest rate is 1.27% at December 31, 2013.

Schedule of Long-term Debt Instruments

The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable at December 31, 2013:

Years Ending December 31,	Principal Amount
2014	$	138,763
2015	81,232
2016	158,218
2017	488,711
2018	415,437
Thereafter	673,938
	$	1,956,299