Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Consolidated Mortgages and Notes Payable

Our mortgages and notes payable consist of the following:

	December 31,
	2016			2015
Secured indebtedness: (1)
7.50% mortgage loan due 2016 (2)	$	—		$	43,852
5.10% (4.22% effective rate) mortgage loan due 2017 (3)	109,138			112,230
6.11% (5.36% effective rate) mortgage loan due 2017 (4)	19,066			19,199
	128,204			175,281
Unsecured indebtedness:
5.85% (5.88% effective rate) notes due 2017 (5)	379,661			379,544
7.50% notes due 2018	200,000			200,000
3.20% (3.363% effective rate) notes due 2021 (6)	298,072			297,639
3.625% (3.752% effective rate) notes due 2023(7)	248,412			248,150
Variable rate term loan due 2019 (8)	200,000			200,000
Variable rate term loan due 2020 (9)	350,000			350,000
Variable rate term loan due 2022 (10)	150,000			—
Bridge credit facility due 2016 (2)	—			350,000
Revolving credit facility due 2018 (11)	—			299,000
	1,826,145			2,324,333
Less-unamortized debt issuance costs	(6,302		)	(7,801		)
Total mortgages and notes payable, net	$	1,948,047		$	2,491,813

__________

(1) Our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $251.9 million at December 31, 2016. 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) This debt was repaid in 2016.

(3) Net of unamortized fair market value premium of $0.8 million and $1.7 million as of December 31, 2016 and 2015, respectively.

(4) Net of unamortized fair market value premium of $0.1 million and $0.2 million as of December 31, 2016 and 2015, respectively.

(5) Net of unamortized original issuance discount of less than $0.1 million and $0.1 million as of December 31, 2016 and 2015, respectively.

(6) Net of unamortized original issuance discount of $1.9 million and $2.4 million as of December 31, 2016 and 2015, respectively.

6.    Mortgages and Notes Payable - Continued

(7) Net of unamortized original issuance discount of $1.6 million and $1.9 million as of December 31, 2016 and 2015, respectively.

(8) The interest rate was 1.82% at December 31, 2016.

(9) As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the original $225.0 million portion of this loan. Accordingly, the equivalent fixed rate of this amount is 2.78%. The interest rate on the remaining $125.0 million was 1.77% at December 31, 2016.

(10) The interest rate was 1.72% at December 31, 2016.

(11) There were no amounts outstanding on the revolving credit facility at December 31, 2016.

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, 2016:

Years Ending December 31,	Principal Amount
2017	$	507,170
2018	199,305
2019	199,305
2020	349,305
2021	299,538
Thereafter	399,726
Less-unamortized debt issuance costs	(6,302		)
	$	1,948,047