DEBT (Tables)

9 Months Ended

Sep. 30, 2015

Summary of total secured notes payable outstanding

The following is a summary of our total secured notes payable outstanding as of September 30, 2015 and December 31, 2014 (in thousands):



	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2015			December 31, 2014			as of September 30, 2015		Stated Maturity Date
The Shops at Kalakaua ⁽¹⁾⁽²⁾	$	—		$	19,000		—		May 1, 2015
The Landmark at One Market ⁽¹⁾⁽³⁾	—			133,000			—		July 5, 2015
Del Monte Center ⁽¹⁾⁽⁴⁾	—			82,300			—		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 ⁽⁵⁾	36,038			36,376			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 ⁽⁵⁾	20,833			21,075			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁵⁾	7,023			7,101			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁵⁾	11,167			11,302			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁵⁾	37,222			37,675			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	584,437			819,983
Unamortized fair value adjustment	(4,988		)	(7,172		)
Total Secured Notes Payable Outstanding	$	579,449		$	812,811


(1)	Interest only.


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


(3)	Loan repaid in full, without premium or penalty, on April 6, 2015.


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


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

The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2015 and December 31, 2014 (in thousands):



Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
Description of Debt	September 30, 2015		December 31, 2014		as of September 30, 2015			Stated Maturity Date
Term Loan	$	100,000	$	100,000	Variable		⁽¹⁾	January 9, 2019	⁽²⁾
Senior Guaranteed Notes, Series A	150,000		150,000		4.04	%	⁽³⁾	October 31, 2021
Senior Guaranteed Notes, Series B	100,000		—		4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000		—		4.50	%		April 1, 2025
Total Unsecured Notes Payable	$	450,000	$	250,000


(1)	The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with the loan term at approximately 3.08% through its maturity date and extension options, subject to adjustments based on our consolidated leverage ratio.


(2)	The Operating Partnership has an option to extend the term loan up to three times, with each such extension for a 12-month period. The foregoing extension options are exercisable by us subject to the satisfaction of certain conditions.


(3)	The Operating Partnership entered into a one-month forward-starting seven-year swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.