Debt (Tables)

12 Months Ended

Dec. 31, 2014

Summary of total secured notes payable outstanding

The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2014 and December 31, 2013 (in thousands):



Description of Debt	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	December 31, 2014			December 31, 2013			as of December 31, 2014		Stated Maturity Date
Waikele Center ⁽¹⁾⁽²⁾	—			140,700			—		November 1, 2014
The Shops at Kalakaua ⁽¹⁾⁽³⁾	19,000			19,000			5.45	%	May 1, 2015
The Landmark at One Market ⁽¹⁾⁽⁵⁾	133,000			133,000			5.61	%	July 5, 2015
Del Monte Center ⁽¹⁾⁽⁴⁾	82,300			82,300			4.93	%	July 8, 2015
First & Main ⁽¹⁾	84,500			84,500			3.97	%	July 1, 2016
Imperial Beach Gardens ⁽¹⁾	20,000			20,000			6.16	%	September 1, 2016
Mariner’s Point ⁽¹⁾	7,700			7,700			6.09	%	September 1, 2016
South Bay Marketplace ⁽¹⁾	23,000			23,000			5.48	%	February 10, 2017
Waikiki Beach Walk—Retail ⁽¹⁾	130,310			130,310			5.39	%	July 1, 2017
Solana Beach Corporate Centre III-IV ⁽⁶⁾	36,376			36,804			6.39	%	August 1, 2017
Loma Palisades ⁽¹⁾	73,744			73,744			6.09	%	July 1, 2018
One Beach Street ⁽¹⁾	21,900			21,900			3.94	%	April 1, 2019
Torrey Reserve—North Court ⁽⁶⁾	21,075			21,377			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁶⁾	7,101			7,200			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁶⁾	11,302			11,475			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁶⁾	37,675			38,249			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
Total	819,983			962,259
Unamortized fair value adjustment	(7,172		)	(10,085		)
Total Secured Notes Payable	$	812,811		$	952,174


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on October 31, 2014


(3)	Loan repaid in full, without premium or penalty, on February 2, 2015.


(4)	Loan repaid in full, without premium or penalty, on February 6, 2015.


(5)	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.


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

Scheduled principal payments on notes payable

Scheduled principal payments on secured and unsecured notes payable as of December 31, 2014 are as follows (in thousands):



2015	$	235,980
2016	113,974
2017	190,139
2018	75,224
2019	142,662
Thereafter	312,004
	$	1,069,983