Notes Payable and Unsecured Credit Facilities

9 Months Ended

Sep. 30, 2013

Notes Payable and Unsecured Credit Facilities

The Company’s debt outstanding as of September 30, 2013 and December 31, 2012 consists of the following (in thousands):



		2013	2012
Notes payable:
Fixed rate mortgage loans	$	454,421	461,914
Variable rate mortgage loans		11,768	12,041
Fixed rate unsecured loans		1,298,248	1,297,936
Total notes payable		1,764,437	1,771,891
Unsecured credit facilities
Line		—	70,000
Term Loan		100,000	100,000
Total unsecured credit facilities		100,000	170,000
Total debt outstanding	$	1,864,437	1,941,891

Significant mortgage loan activity since December 31, 2012, excluding scheduled principal payments, includes:


•	On March 4, 2013, the Company entered into an interest only mortgage for $8.3 million, on a recently completed development property in a consolidated partnership at a fixed rate of 3.30%, maturing on April 1, 2020.


•	On March 20, 2013, the Company assumed debt of $7.5 million with the DIK of Hilltop Village, which is interest only with a fixed rate of 5.57% and matures on April 6, 2016.


•	On May 1, 2013, the Company paid off the $16.3 million maturing balance of a 7.11% secured borrowing.

Further, since December 31, 2012, the Company has repaid $70.0 million, net of borrowings, on its $800.0 million Line of Credit (the "Line").

As of September 30, 2013, scheduled principal payments and maturities on notes payable were as follows (in thousands):



Scheduled Principal Payments and Maturities by Year:		Scheduled Principal Payments	Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2013	$	2,019	—	—		2,019
2014		7,383	26,052	150,000		183,435
2015		5,747	62,435	350,000		418,182
2016		5,487	21,661	100,000		127,148
2017		4,584	84,702	400,000		489,286
Beyond 5 Years		20,021	220,993	400,000		641,014
Unamortized debt (discounts) premiums, net		—	5,105	(1,752	)	3,353
Total	$	45,241	420,948	1,398,248		1,864,437

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

The Company believes it was in compliance as of September 30, 2013 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details