Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

The Company’s outstanding debt consisted of the following:

(in thousands)	March 31, 2016		December 31, 2015
Notes payable:
Fixed rate mortgage loans	$	445,793	475,214
Variable rate mortgage loans (1)	34,154		34,154
Fixed rate unsecured loans	1,190,803		1,190,403
Total notes payable	1,670,750		1,699,771
Unsecured credit facilities:
Line of Credit (the "Line")	—		—
Term Loan	164,550		164,514
Total unsecured credit facilities	164,550		164,514
Total debt outstanding	$	1,835,300	1,864,285

⁽¹⁾ An interest rate swap is in place fixing the interest rate at 3.696% on $28.1 million of this variable rate mortgage for both periods. The underlying debt maintains a variable interest rate of 1 month LIBOR plus 150 basis points and matures October 16, 2020. See note 6.

Schedule of long-term debt

As of March 31, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows:

	March 31, 2016
	Weighted Average Effective Rate		Weighted Average Contractual Rate
Mortgage loans	6.1%		6.1%
Fixed rate unsecured loans	5.5%		4.8%
Unsecured credit facilities	1.5%	(1)	1.4%

⁽¹⁾ Weighted average effective rate for the unsecured credit facilities is calculated based on a fully drawn Line balance.

Schedule of maturities of long-term debt

As of March 31, 2016, scheduled principal payments and maturities on notes payable were as follows:

(in thousands)	March 31, 2016
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities (1)		Total
2016	$	4,595	14,161	—		18,756
2017	5,778		117,298	300,000		423,076
2018	5,103		57,358	—		62,461
2019	4,130		106,000	165,000		275,130
2020	3,986		84,011	150,000		237,997
Beyond 5 Years	12,347		58,255	750,000		820,602
Unamortized debt premium/(discount) and issuance costs	—		6,925	(9,647	)	(2,722	)
Total	$	35,939	444,008	1,355,353		1,835,300

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.