DEBT (Tables)

12 Months Ended

Dec. 31, 2015

DEBT

Schedule of debt

	December 31,
	2015		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.		29,201		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.		39,846		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.		29,744		30,292
		144,791		221,847
Premiums and discounts on assumed mortgages		1,178		1,961
Total Mortgages Payable		145,969		223,808
Junior subordinated notes with a variable interest rate which resets quarterly based on the 90-day LIBOR plus 3.25%, with quarterly interest only payments. Balance due at maturity on March 30, 2035.		27,070		27,070
Unsecured term loan facility		385,000		—
Unsecured credit facility		107,000		360,000
		519,070		387,070
Discount on junior subordinated notes		(2,091)		(2,164)
Total Other		516,979		384,906
Total Debt	$	662,948	$	608,714

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

Years Ending	Mortgages
December 31,	Payable		Other (1)		Total
	(in thousands)
2016	$	4,354	$	107,000	$	111,354
2017		4,642		—		4,642
2018		24,300		—		24,300
2019		1,519		—		1,519
2020		1,596		—		1,596
Thereafter		108,380		412,070		520,450
	$	144,791	$	519,070	$	663,861

Represents the junior subordinated notes, and unsecured credit and term loan facilities.