DEBT (Tables)

12 Months Ended

Dec. 31, 2012

Summary of total secured notes payable outstanding

The following is a summary of our total debt outstanding as of December 31, 2012 and December 31, 2011 (in thousands):


Description of Debt	Principal Balance as of						Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Description of Debt	December 31, 2012			December 31, 2011			Stated Interest Rate as of December 31, 2012			Stated Maturity Date
Alamo Quarry Market ⁽¹⁾⁽²⁾	$	93,942		$	96,027			5.67	%		January 8, 2014
Waikele Center ⁽⁴⁾		140,700			140,700			5.15	%		November 1, 2014
The Shops at Kalakaua ⁽⁴⁾		19,000			19,000			5.45	%		May 1, 2015
The Landmark at One Market ⁽²⁾⁽⁴⁾		133,000			133,000			5.61	%		July 5, 2015
Del Monte Center ⁽⁴⁾		82,300			82,300			4.93	%		July 8, 2015
First & Main ⁽⁴⁾		84,500			84,500			3.97	%		July 1, 2016
Imperial Beach Gardens ⁽⁴⁾		20,000			20,000			6.16	%		September 1, 2016
Mariner’s Point ⁽⁴⁾		7,700			7,700			6.09	%		September 1, 2016
South Bay Marketplace ⁽⁴⁾		23,000			23,000			5.48	%		February 10, 2017
Waikiki Beach Walk—Retail ⁽⁴⁾		130,310			130,310			5.39	%		July 1, 2017
Solana Beach Corporate Centre III-IV ⁽⁵⁾		37,204			37,330			6.39	%		August 1, 2017
Loma Palisades ⁽⁴⁾		73,744			73,744			6.09	%		July 1, 2018
One Beach Street ⁽⁴⁾		21,900			—			3.94	%		April 1, 2019
Torrey Reserve—North Court ⁽¹⁾		21,659			21,921			7.22	%		June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽¹⁾		7,294			7,380			6.36	%		June 1, 2020
Solana Beach Corporate Centre I-II ⁽¹⁾		11,637			11,788			5.91	%		June 1, 2020
Solana Beach Towne Centre ⁽¹⁾		38,790			39,293			5.91	%		June 1, 2020
City Center Bellevue ⁽⁴⁾		111,000			—			3.98	%		November 1, 2022

Total		1,057,680			927,993

Unamortized fair value adjustment		(12,998	)		(15,926	)

Total Secured Notes Payable Balance		1,044,682			912,067
Debt of Discontinued Operations Secured Notes Payable
160 King Street ⁽³⁾		—			31,412			N/A			May 1, 2014

Total Debt Outstanding	$	1,044,682		$	943,479

(1)	Principal payments based on a 30-year amortization schedule.

(2)	Maturity Date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off.

(3)	Principal payments based on a 20-year amortization schedule. Note payable included in liabilities of discontinued operations as of December 31, 2011.

(4)	Interest only.

(5)	Loan was interest only through August 2012. Beginning in September 2012, principal payments are based on a 30-year amortization schedule.

Scheduled Principal Payments on Notes Payable

Scheduled principal payments on notes payable as of December 31, 2012 are as follows (in thousands):


2013	$	3,704
2014		233,993
2015		235,980
2016		113,974
2017		190,139
Thereafter		279,890

	$	1,057,680