Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Consolidated Mortgages and Notes Payable

Our mortgages and notes payable consist of the following:

	December 31,
	2014		2013
Secured indebtedness: (1)
5.21% (3.11% effective rate) mortgage loan due 2014 (2)	$	—	$	125,247
5.17% (6.43% effective rate) mortgage loan due 2015 (3)	39,324		39,609
3.50% (3.34% effective rate) mortgage loan due 2015 (4)	—		37,340
6.88% mortgage loans due 2016	107,556		109,167
7.50% mortgage loan due 2016	44,501		45,103
5.10% (4.22% effective rate) mortgage loan due 2017 (5)	115,229		118,126
5.74% to 8.15% mortgage loans due between 2014 and 2016 (6)	6,258		14,072
	312,868		488,664
Unsecured indebtedness:
5.85% (5.88% effective rate) notes due 2017 (7)	379,427		379,311
7.50% notes due 2018	200,000		200,000
3.20% (3.363% effective rate) notes due 2021 (8)	297,207		—
3.625% (3.752% effective rate) notes due 2023(9)	247,887		247,624
Variable rate term loan due 2019 (10)	200,000		200,000
Variable rate term loan due 2019 (11)	225,000		225,000
Revolving credit facility due 2018 (12)	209,000		215,700
	1,758,521		1,467,635
Total	$	2,071,389	$	1,956,299

__________

(1) Our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $580.6 million at December 31, 2014. 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 premium of $0.7 million as of December 31, 2013. This debt was repaid in 2014.

(3) Net of unamortized fair market value discount of $0.4 million and $0.8 million as of December 31, 2014 and 2013, respectively.

(4) Net of unamortized fair market value premium of $0.1 million as of December 31, 2013. This debt was repaid in 2014.

(5) Net of unamortized fair market premium of $2.7 million and $3.6 million as of December 31, 2014 and 2013, respectively.

(6) Net of unamortized fair market value premium of $0.1 million and $0.3 million as of December 31, 2014 and 2013, respectively.

(7) Net of unamortized original issuance discount of $0.3 million and $0.4 million as of December 31, 2014 and 2013, respectively.

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

(9) Net of unamortized original issuance discount of $2.1 million and $2.4 million as of December 31, 2014 and 2013, respectively.

(10) The interest rate is 1.36% at December 31, 2014.

(11) As more fully described in Note 7, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for the full amount and duration of this loan. Accordingly, the equivalent fixed rate of this loan is 3.43%.

(12) The interest rate is 1.26% at December 31, 2014.

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, 2014:

Years Ending December 31,	Principal Amount
2015	$	44,145
2016	157,786
2017	488,279
2018	408,305
2019	424,305
Thereafter	548,569
	$	2,071,389