Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2015

Notes Payable and Unsecured Credit Facilities

The Company’s debt outstanding consists of the following:



(in thousands)	June 30, 2015		December 31, 2014
Notes payable:
Fixed rate mortgage loans	$	438,683	518,993
Variable rate mortgage loans ⁽¹⁾	32,238		29,839
Fixed rate unsecured loans	1,397,779		1,397,525
Total notes payable	1,868,700		1,946,357
Unsecured credit facilities:
Line of Credit	45,000		—
Term Loan	75,000		75,000
Total unsecured credit facilities	120,000		75,000
Total debt outstanding	$	1,988,700	2,021,357

⁽¹⁾ An interest rate swap is in place to establish a fixed interest rate on $28.1 million of this variable rate mortgage. See note 6.

The weighted average contractual interest rates were 5.4% and 1.1% on the fixed rate and variable rate debt, respectively, at June 30, 2015. Significant financing activity since December 31, 2014, excluding scheduled principal payments, includes:


•	The Company repaid three mortgages totaling $76.0 million that were scheduled to mature during 2015;


•	The Company drew $2.4 million on a construction loan for the ongoing redevelopment of a shopping center in a consolidated real estate partnership;


•	The Company borrowed $45.0 million, net of repayments, on its $800.0 million Line of Credit (the "Line"); and

•

In May 2015, the Company amended its Line to extend the maturity to May 13, 2019 and reduced the applicable interest rate. Based on current credit ratings, the Line bears interest at an annual rate of LIBOR plus 92.5 basis points on any drawn balance plus an annual 15 basis point facility fee on the entire $800.0 million capacity. The interest rates are based on the higher of the Company's current corporate credit ratings issued by Moody's or S&P. Further, the Company has options to extend the maturity for two additional six-month periods.


•	Subsequent to June 30, 2015, the Company repaid the $350.0 million fixed rate unsecured loan that matured.

As of June 30, 2015, scheduled principal payments and maturities on notes payable were as follows:



(in thousands)	June 30, 2015
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2015	$	3,175	141	350,000		353,316
2016	6,135		41,442	—		47,577
2017	5,399		116,425	400,000		521,824
2018	4,453		57,358	—		61,811
2019	3,443		106,000	120,000		229,443
Beyond 5 Years	15,639		105,447	650,000		771,086
Unamortized debt premiums (discounts), net	—		5,864	(2,221	)	3,643
Total	$	38,244	432,677	1,517,779		1,988,700

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

The Company was in compliance as of June 30, 2015 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.