Notes Payable and Unsecured Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

The Company’s outstanding debt consisted of the following:

(in thousands)	June 30, 2016			December 31, 2015
Notes payable:
Fixed rate mortgage loans	$	429,273		475,214
Variable rate mortgage loans	54,154		(1)	34,154
Fixed rate unsecured loans	1,191,204			1,190,403
Total notes payable	1,674,631			1,699,771
Unsecured credit facilities:
Line of Credit (the "Line")	145,000			—
Term Loan	164,585			164,514
Total unsecured credit facilities	309,585			164,514
Total debt outstanding	$	1,984,216		1,864,285

⁽¹⁾ As of June 30, 2016, the amount consists of two mortgages with variable interest rates of one month LIBOR plus 150 basis points and which mature on October 16, 2020 and April 1, 2023, respectively. Interest rate swaps are in place fixing the interest rates at 3.696% on $28.1 million and 2.803% on $20.0 million, respectively, of these two variable rate mortgages. See note 5.

Schedule of long-term debt

As of June 30, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows:

	June 30, 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 June 30, 2016, scheduled principal payments and maturities on notes payable were as follows:

(in thousands)	June 30, 2016
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities (1)			Total
2016	$	2,963	—	—			2,963
2017	5,778		117,298	300,000		(2)	423,076
2018	5,103		57,358	—			62,461
2019	4,393		106,000	310,000		(3)	420,393
2020	4,349		84,011	150,000			238,360
Beyond 5 Years	13,184		76,792	750,000			839,976
Unamortized debt premium/(discount) and issuance costs	—		6,198	(9,211	)		(3,013	)
Total	$	35,770	447,657	1,500,789			1,984,216

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