Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Consolidated Mortgages and Notes Payable

Our mortgages and notes payable consist of the following:

	December 31,
	2015		2014
Secured indebtedness: (1)
5.17% (6.43% effective rate) mortgage loan due 2015 (2)	$	—	$	39,324
6.88% mortgage loans due 2016 (3)	—		107,556
7.50% mortgage loan due 2016	43,852		44,501
5.10% (4.22% effective rate) mortgage loan due 2017 (4)	112,230		115,229
6.11% (5.36% effective rate) mortgage loan due 2017 (5)	19,199		—
8.15% (7.65% effective rate) mortgage loan due 2016 (6)	—		6,258
	175,281		312,868
Unsecured indebtedness:
5.85% (5.88% effective rate) notes due 2017 (7)	379,544		379,427
7.50% notes due 2018	200,000		200,000
3.20% (3.363% effective rate) notes due 2021 (8)	297,639		297,207
3.625% (3.752% effective rate) notes due 2023(9)	248,150		247,887
Variable rate term loan due 2019 (10)	200,000		200,000
Variable rate term loan due 2020 (11)	350,000		225,000
Bridge credit facility due 2016 (12)	350,000		—
Revolving credit facility due 2018 (13)	299,000		209,000
	2,324,333		1,758,521
Total	$	2,499,614	$	2,071,389

__________

(1) Our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $314.2 million at December 31, 2015. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties.

(2) Net of unamortized fair market value discount of $0.4 million as of December 31, 2014. This debt was repaid in 2015.

(3) This debt was repaid in 2015.

(4) Net of unamortized fair market value premium of $1.7 million and $2.7 million as of December 31, 2015 and 2014, respectively.

(5) Net of unamortized fair market value premium of $0.2 million as of December 31, 2015.

(6) Net of unamortized fair market value premium of $0.1 million as of December 31, 2014. This debt was repaid in 2015.

(7) Net of unamortized original issuance discount of $0.1 million and $0.3 million as of December 31, 2015 and 2014, respectively.

(8) Net of unamortized original issuance discount of $2.4 million and $2.8 million as of December 31, 2015 and 2014, respectively.

(9) Net of unamortized original issuance discount of $1.9 million and $2.1 million as of December 31, 2015 and 2014, respectively.

(10) The interest rate is 1.44% at December 31, 2015.

(11) As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the original $225.0 million portion of this loan. Accordingly, the equivalent fixed rate of this amount is 2.78%. The interest rate on the remaining $125.0 million is 1.41% at December 31, 2015.

(12) The interest rate is 1.49% at December 31, 2015.

(13) The interest rate is 1.45% at December 31, 2015.

Schedule of Long-term Debt Instruments

The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable at December 31, 2015:

Years Ending December 31,	Principal Amount
2016	$	396,090
2017	507,345
2018	498,305
2019	199,305
2020	349,305
Thereafter	549,264
	$	2,499,614