DEBT

The following is a summary of our total debt outstanding as of December 31, 2011 and 2010:



	Principal Balance as of December 31,					Stated Interest Rate as of
Description of Debt	2011		2010			December 31, 2011		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Federal Plaza	$	—	$	31,901		6.75	%	June 1, 2011
Tysons Station	—		5,713			7.40	%	September 1, 2011
Courtyard Shops	7,045		7,289			6.87	%	July 1, 2012
Bethesda Row	19,993		19,994			5.37	%	January 1, 2013
Bethesda Row	4,016		4,163			5.05	%	February 1, 2013
White Marsh Plaza	9,284		9,580			6.04	%	April 1, 2013
Crow Canyon	19,951		20,395			5.40	%	August 11, 2013
Idylwood Plaza	16,276		16,544			7.50	%	June 5, 2014
Leesburg Plaza	28,320		28,786			7.50	%	June 5, 2014
Loehmann’s Plaza	36,621		37,224			7.50	%	June 5, 2014
Pentagon Row	52,572		53,437			7.50	%	June 5, 2014
Melville Mall	22,325		23,073			5.25	%	September 1, 2014
THE AVENUE at White Marsh	56,603		57,803			5.46	%	January 1, 2015
Barracks Road	38,995		39,850			7.95	%	November 1, 2015
Hauppauge	14,700		15,022			7.95	%	November 1, 2015
Lawrence Park	27,640		28,246			7.95	%	November 1, 2015
Wildwood	24,295		24,827			7.95	%	November 1, 2015
Wynnewood	28,168		28,785			7.95	%	November 1, 2015
Brick Plaza	28,757		29,429			7.42	%	November 1, 2015
Plaza El Segundo	175,000		—			6.33	%	August 5, 2017
Rollingwood Apartments	23,236		23,567			5.54	%	May 1, 2019
Shoppers’ World	5,444		5,593			5.91	%	January 31, 2021
Montrose Crossing	80,000		—			4.20	%	January 10, 2022
Mount Vernon	10,554		10,937			5.66	%	April 15, 2028
Chelsea	7,628		7,795			5.36	%	January 15, 2031
Subtotal	737,423		529,953
Net unamortized premium (discount)	10,100		(452		)
Total mortgages payable	747,523		529,501
Notes payable
Various	10,759		11,481			3.27	%	Various through 2013
Revolving credit facility	—		77,000			LIBOR + 0.425%		July 27, 2011
Revolving credit facility	—		—			LIBOR + 1.15%		July 6, 2015
Escondido (municipal bonds)	9,400		9,400			0.14	%	October 1, 2016
Term loan	275,000		—			LIBOR + 1.45%		November 21, 2018
Total notes payable	295,159		97,881
Senior notes and debentures
4.50% notes	—		75,000			4.50	%	February 15, 2011
6.00% notes	175,000		175,000			6.00	%	July 15, 2012
5.40% notes	135,000		135,000			5.40	%	December 1, 2013
5.95% notes	150,000		150,000			5.95	%	August 15, 2014
5.65% notes	125,000		125,000			5.65	%	June 1, 2016
6.20% notes	200,000		200,000			6.20	%	January 15, 2017
5.90% notes	150,000		150,000			5.90	%	April 1, 2020
7.48% debentures	29,200		29,200			7.48	%	August 15, 2026
6.82% medium term notes	40,000		40,000			6.82	%	August 1, 2027
Subtotal	1,004,200		1,079,200
Net unamortized premium	435		627
Total senior notes and debentures	1,004,635		1,079,827
Capital lease obligations
Various	63,093		59,940			Various		Various through 2106
Total debt and capital lease obligations	$	2,110,410	$	1,767,149

In connection with the acquisition of Tower Shops on January 19, 2011, we assumed a mortgage loan with a face amount of $41.0 million and a fair value of approximately $42.9 million. The mortgage loan bore interest at 6.52%, had a scheduled maturity of July 1, 2015 and was contractually pre-payable after June 2011 with a 3% prepayment premium. On March 24, 2011, the lender unexpectedly allowed us to repay the $41.0 million mortgage loan prior to the permitted prepayment date including the 3% prepayment premium of $1.2 million. The $0.3 million of income from early extinguishment of debt in 2011, relates to the early payoff of this loan and includes the write-off of the unamortized debt premium of $1.7 million net of the 3% prepayment premium and unamortized debt fees.

On February 15, 2011, we repaid our $75.0 million 4.50% senior notes on the maturity date. On April 29, 2011, we repaid the $31.7 million mortgage loan on Federal Plaza which had an original maturity date of June 1, 2011. On June 1, 2011, we repaid the $5.6 million mortgage loan on Tysons Station which had an original maturity date of September 1, 2011.

On July 7, 2011, we replaced our existing $300.0 million revolving credit facility with a new $400.0 million unsecured revolving credit facility. This new revolving credit facility matures on July 6, 2015, subject to a one-year extension at our option, and bears interest at LIBOR plus 115 basis points. The spread over LIBOR is subject to adjustment based on our credit rating.

On November 22, 2011, we entered into a $275.0 million unsecured term loan which bears interest at LIBOR plus 145 basis points. The spread over LIBOR is subject to adjustment based on our credit rating. The loan matures on November 21, 2018 and is prepayable without penalty after three years. We entered into two interest rate swap agreements to fix the variable rate portion of our $275.0 million term loan at 1.72% from December 1, 2011 through November 1, 2018. The swap agreements effectively fixed the rate on the term loan at 3.17%. Both swaps were designated and qualified as cash flow hedges and were recorded at fair value. See Note 8 for further discussion on fair value measurements of our derivative instruments.

In connection with the acquisition of Montrose Crossing on December 27, 2011, our joint venture that owns the property entered into an $80.0 million mortgage loan that bears interest at 4.20% and matures on January 10, 2022. As Montrose Crossing is a consolidated property, 100% of the mortgage loan is included in our consolidated balance sheet.

In connection with the acquisition of Plaza El Segundo on December 30, 2011, we assumed our pro-rata share of an existing mortgage loan with a face amount of $175.0 million and a fair value of approximately $185.6 million. As Plaza El Segundo is a consolidated property, 100% of the mortgage loan is included in our consolidated balance sheet. The mortgage loan requires monthly interest only payments through maturity, bears interest at a weighted average rate of 6.33% and matures on August 5, 2017.

During 2011, 2010 and 2009, the maximum amount of borrowings outstanding under our revolving credit facility was $265.0 million, $82.0 million and $172.5 million, respectively. The weighted average amount of borrowings outstanding was $163.5 million, $23.4 million and $47.7 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.0%, 0.7% and 1.4%, respectively. At December 31, 2011, our $400.0 million revolving credit facility had no amounts outstanding and requires an annual facility fee of $0.8 million. At December 31, 2010, our $300.0 million revolving credit facility had a weighted average interest rate, before amortization of debt fees, of 0.7% and required an annual facility fee of $0.5 million.

Our revolving credit facility and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2011, we were in compliance with all loan covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2011 are as follows:



	Mortgages Payable			Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2012	$	18,444		$	10,729		$	175,000	$	204,173
2013	73,521		(2)	30			135,000		208,551
2014	157,838			—			150,000		307,838
2015	204,936			—		(1)	—		204,936
2016	2,521			9,400			125,000		136,921
Thereafter	280,163			275,000			419,200		974,363
	$	737,423		$	295,159		$	1,004,200	$	2,036,782	(3)

_____________________


(1)	Our $400.0 million revolving credit facility matures on July 6, 2015, subject to a one-year extension at our option. As of December 31, 2011, there was $0 drawn under this credit facility.


(2)	Includes the repayment of the outstanding mortgage payable balance on Mount Vernon. The lender has the option to call the loan on April 15, 2013 or any time thereafter.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized discount or premium on certain senior notes, debentures and mortgages payable.

Future minimum lease payments and their present value for property under capital leases as of December 31, 2011, are as follows:




	(In thousands)
Year ending December 31,
2012	$	5,784
2013	5,787
2014	5,788
2015	5,787
2016	5,788
Thereafter	146,207
	175,141
Less amount representing interest	(112,048		)
Present value	$	63,093