Notes Payable and Unsecured Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

The Company’s outstanding debt consisted of the following:

(in thousands)	September 30, 2016			December 31, 2015
Notes payable:
Fixed rate mortgage loans	$	418,358		475,214
Variable rate mortgage loans	53,975		(1)	34,154
Fixed rate unsecured loans	891,867			1,190,403
Total notes payable	1,364,200			1,699,771
Unsecured credit facilities:
Line of Credit (the "Line")	—			—
Term Loan	263,421			164,514
Total unsecured credit facilities	263,421			164,514
Total debt outstanding	$	1,627,621		1,864,285

⁽¹⁾ As of September 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. See note 5.

Schedule of long-term debt

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

	September 30, 2016
	Weighted Average Effective Rate	Weighted Average Contractual Rate
Mortgage loans	6.0%	6.0%
Fixed rate unsecured loans	5.3%	4.5%
Line (1)	1.8%	1.4%
Term loan	2.1%	2.0%

⁽¹⁾ Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Schedule of maturities of long-term debt

As of September 30, 2016, scheduled principal payments and maturities on notes payable were as follows:

(in thousands)	September 30, 2016
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities (1)		Total
2016	$	1,428	—	—		1,428
2017	5,507		117,298	—		122,805
2018	4,826		57,358	—		62,184
2019	3,753		106,000	—		109,753
2020	4,091		84,222	150,000		238,313
Beyond 5 Years	11,933		70,071	1,015,000		1,097,004
Unamortized debt premium/(discount) and issuance costs	—		5,846	(9,712	)	(3,866	)
Total	$	31,538	440,795	1,155,288		1,627,621

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