Debt (Tables)

12 Months Ended

Dec. 31, 2013

The following is a summary of our total secured notes payable outstanding as of December 31, 2013 and December 31, 2012 (in thousands):



Description of Debt	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	December 31, 2013			December 31, 2012			as of December 31, 2013		Stated Maturity Date
Alamo Quarry Market ⁽¹⁾	$	—		$	93,942
Waikele Center ⁽³⁾	140,700			140,700			5.15	%	November 1, 2014
The Shops at Kalakaua ⁽³⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽²⁾⁽³⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽³⁾	82,300			82,300			4.93	%	July 8, 2015
First & Main ⁽³⁾	84,500			84,500			3.97	%	July 1, 2016
Imperial Beach Gardens ⁽³⁾	20,000			20,000			6.16	%	September 1, 2016
Mariner’s Point ⁽³⁾	7,700			7,700			6.09	%	September 1, 2016
South Bay Marketplace ⁽³⁾	23,000			23,000			5.48	%	February 10, 2017
Waikiki Beach Walk—Retail ⁽³⁾	130,310			130,310			5.39	%	July 1, 2017
Solana Beach Corporate Centre III-IV	36,804			37,204			6.39	%	August 1, 2017
Loma Palisades ⁽³⁾	73,744			73,744			6.09	%	July 1, 2018
One Beach Street ⁽³⁾	21,900			21,900			3.94	%	April 1, 2019
Torrey Reserve—North Court ⁽¹⁾	21,377			21,659			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽¹⁾	7,200			7,294			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽¹⁾	11,475			11,637			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽¹⁾	38,249			38,790			5.91	%	June 1, 2020
City Center Bellevue ⁽³⁾	111,000			111,000			3.98	%	November 1, 2022
Total	962,259			1,057,680
Unamortized fair value adjustment	(10,085		)	(12,998		)
Total Secured Notes Payable Balance	$	952,174		$	1,044,682


(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)	Interest only.

Scheduled principal payments on notes payable as of December 31, 2013 are as follows (in thousands):