Mortgages and Loans Payable (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following is a summary of our debt obligations as of September 30, 2016 and December 31, 2015 (in thousands):

	September 30, 2016			December 31, 2015
Unsecured term loans - fixed-rate(1)	$	387,000		$	387,000
Unsecured term loans - variable-rate	243,000			13,000
Unsecured revolving credit facility - variable-rate(2)	117,469			141,000
Fixed-rate mortgages payable(3)(4)	202,813			306,435
Assumed below-market debt adjustment, net(5)	4,747			6,644
Deferred financing costs, net(6)	(8,987		)	(8,564		)
Total	$	946,042		$	845,515

⁽¹⁾  As of September 30, 2016 and December 31, 2015, the interest rate on $387 million outstanding under our term loans was, effectively, fixed at various interest rates by three interest rate swap agreements with maturities ranging from February 2019 to February 2021 (see Notes 3 and 7).

⁽²⁾  The gross borrowings under our revolving credit facility were $480.8 million during the nine months endedSeptember 30, 2016. The gross payments under our credit facility were $504.3 million during the nine months endedSeptember 30, 2016.

⁽³⁾  Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies nor do they constitute obligations of such consolidated limited liability companies as of September 30, 2016 and December 31, 2015.

⁽⁴⁾  As of September 30, 2016 and December 31, 2015, the interest rate on one of our variable-rate mortgage notes payable was, in effect, fixed at 5.22% by an interest rate swap agreement (see Notes 3 and 7).

⁽⁵⁾  Net of accumulated amortization of $5.6 million and $6.5 million as of September 30, 2016 and December 31, 2015, respectively.

⁽⁶⁾  Net of accumulated amortization of $3.3 million and $2.8 million as of September 30, 2016 and December 31, 2015, respectively. Deferred financing costs related to the revolving credit facility were $2.8 million and $4.7 million, as of September 30, 2016 and December 31, 2015, respectively, which is net of accumulated amortization of $6.2 million and $4.8 million, respectively, and are included in Other Assets, Net.