Debt (Tables)

12 Months Ended

Dec. 31, 2015

Mortgages and other notes payable consist of the following (in thousands):



	December 31,
Description	2015		2014
Fixed rate notes
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 ⁽¹⁾	$	10,220	$	10,460
$50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 ⁽²⁾	50,000		50,000
$50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 ⁽³⁾	50,000		50,000
$100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 ⁽⁴⁾	100,000		—
$37.0 million 3.76% Note, due December 1, 2020	35,146		36,090
$6.5 million 3.80% Note, due January 1, 2019	6,190		6,355
$19.0 million 4.15% Note, due December 1, 2024	19,000		19,000
$20.2 million 4.28% Note, due June 6, 2023	20,040		20,200
$14.0 million 4.34% Note, due September 11, 2024	14,000		14,000
$14.3 million 4.34% Note, due September 11, 2024	14,300		14,300
$16.5 million 4.97% Note, due September 26, 2023	16,450		16,450
$15.1 million 4.99% Note, due January 6, 2024	15,060		15,060
$9.2 million, Prime Rate less 2.00% Note, due December 29, 2017 ⁽⁵⁾	7,886		7,888
$2.6 million 5.46% Note, due October 1, 2023	2,550		2,583
$11.1 million 5.87% Note, due August 6, 2016	11,305		11,607
Floating rate notes
Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019	127,600		120,100
	$	499,747	$	394,093


⁽¹⁾	Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term.


⁽²⁾	Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020.


⁽³⁾	Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50%.


⁽⁴⁾	Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73%.


⁽⁵⁾	Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million, which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13%.

Annual maturities of notes payable as of December 31, 2015 are due during the following years:

As of December 31, 2015, we had the following contractual obligations:



			Payment due by period (in thousands)
Contractual Obligations	Total		Less than 1 year (2016)		1 - 3 years (2017 - 2018)		3 - 5 years (2019 - 2020)		More than 5 years (after 2020)
Long-Term Debt - Principal	$	499,747	$	13,269	$	22,349	$	218,476	$	245,653
Long-Term Debt - Fixed Interest	80,589		13,030		24,753		23,002		19,804
Long-Term Debt - Variable Interest ⁽¹⁾	8,036		2,096		4,193		1,747		—
Unsecured credit facility - Unused commitment fee ⁽²⁾	1,322		345		690		287		—
Operating Lease Obligations	186		74		88		21		3
Total	$	589,880	$	28,814	$	52,073	$	243,533	$	265,460