DEBT (Tables)

9 Months Ended

Sep. 30, 2015

DEBT

Schedule of debt

	September 30, 2015			December 31, 2014
	(in thousands)
Mortgage loan with a fixed interest rate of 7.66% per annum, with monthly payments of principal and interest. The loan had a 20-year amortization schedule with a $25,324,000 balance due on December 1, 2015. The loan was nonrecourse. The loan was paid in full in September 2015.	$	—		$	26,783
Mortgage loan with a fixed interest rate of 4.50% per annum, with monthly payments of interest only for 10 years, and payments of interest and principal starting in February 2022. The loan has a $42,008,000 balance due on January 5, 2027. The loan is nonrecourse.		46,000			46,000
Mortgage loan with a fixed interest rate of 5.56% per annum, with monthly payments of principal and interest. The loan had a 10-year amortization schedule with a $12,288,000 balance due on July 1, 2015. The loan was nonrecourse. The loan was paid in full in April 2015.		—			12,442
Mortgage loan with a fixed interest rate of 6.65% per annum, with monthly payments of principal and interest. The loan has a 25-year amortization schedule with a $21,136,000 balance due on July 15, 2018. The loan is nonrecourse.		29,937			32,070
Mortgage loan with a fixed interest rate of 5.06% per annum, with monthly payments of principal and interest, and a balance of $33,068,000 due on September 1, 2015. The loan was nonrecourse. The loan was paid in full in September 2015.		—			33,734
Mortgage loans with a fixed interest rate of 5.39% per annum, with monthly payments of principal and interest, and a balance of $35,695,000 due on March 1, 2021. The loans are nonrecourse.		40,021			40,526
Mortgage loan with a fixed interest rate of 5.18% per annum, with monthly payments of principal and interest, and a balance of $26,232,000 due on June 5, 2021. The loan is nonrecourse.		29,884			30,292
		145,842			221,847
Premiums and discounts on assumed mortgages		1,292			1,961
Total Mortgages Payable		147,134			223,808
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day London Interbank Offered Rate (LIBOR) plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070			27,070
Unsecured credit facilities		492,000			360,000
		519,070			387,070
Discount on junior subordinated notes		(2,110	)		(2,164	)
Total Other		516,960			384,906
Total Debt	$	664,094		$	608,714

Schedule of principal payments on, and estimated amortization of debt (face value)

Years Ending December 31,	Mortgages Payable		Other(1)		Total
	(in thousands)
2015 (Three Months Ending December 31, 2015)	$	1,050	$	—	$	1,050
2016		4,354		492,000		496,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
Thereafter		109,977		27,070		137,047
	$	145,842	$	519,070	$	664,912

(1)           Represents the junior subordinated notes and unsecured credit facilities.