Debt (Tables)

12 Months Ended

Dec. 31, 2011

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

Schedule of Maturities of Long-term Debt

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.

Schedule of Future Minimum Lease Payments for Capital Leases

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