DEBT (Tables)

9 Months Ended

Sep. 30, 2016

Summary of total secured notes payable outstanding

The following is a summary of our total secured notes payable outstanding as of September 30, 2016 and December 31, 2015 (in thousands):



	Principal Balance as of						Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2016			December 31, 2015			as of September 30, 2016		Stated Maturity Date
First & Main ⁽¹⁾⁽²⁾	$	—		$	84,500		3.97	%	July 1, 2016
Imperial Beach Gardens ⁽¹⁾⁽³⁾	—			20,000			6.16	%	September 1, 2016
Mariner’s Point ⁽¹⁾⁽³⁾	—			7,700			6.09	%	September 1, 2016
South Bay Marketplace ⁽¹⁾⁽⁴⁾	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⁾	35,566			35,920			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⁾	20,489			20,749			7.22	%	June 1, 2019
Torrey Reserve—VCI, VCII, VCIII ⁽⁵⁾	6,913			6,995			6.36	%	June 1, 2020
Solana Beach Corporate Centre I-II ⁽⁵⁾	10,977			11,119			5.91	%	June 1, 2020
Solana Beach Towne Centre ⁽⁵⁾	36,591			37,065			5.91	%	June 1, 2020
City Center Bellevue ⁽¹⁾	111,000			111,000			3.98	%	November 1, 2022
	470,490			584,002
Unamortized fair value adjustment	(2,075		)	(4,259		)
Debt issuance costs, net of accumulated amortization of $1,209 and $1,649, respectively	(549		)	(743		)
Total Secured Notes Payable Outstanding	$	467,866		$	579,000


(1)	Interest only.


(2)	Loan repaid in full, without premium or penalty, on March 1, 2016.


(3)	Loans repaid in full, without premium or penalty, on June 1, 2016.


(4)	Loan repaid in full, without premium or penalty, on October 10, 2016.


(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, 2016 and December 31, 2015 (in thousands):



Description of Debt	Principal Balance as of						Stated Interest Rate			Stated Maturity Date
Description of Debt	September 30, 2016			December 31, 2015			as of September 30, 2016			Stated Maturity Date
Term Loan A	$	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			100,000			4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000			100,000			4.50	%		April 1, 2025
Term Loan B	100,000			—			Variable		⁽⁴⁾	March 1, 2023
Term Loan C	50,000			—			Variable		⁽⁵⁾	March 1, 2023
	600,000			450,000
Debt issuance costs, net of accumulated amortization of $3,975 and $2,999, respectively	(3,992		)	(3,387		)
Total Unsecured Notes Payable	$	596,008		$	446,613


(1)	The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A 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 two 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.


(4)	The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio.


(5)	The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio.