Debt (Tables)

12 Months Ended

Dec. 31, 2013

The following is a summary of our total debt outstanding as of December 31, 2013 and 2012:



	Principal Balance as of December 31,						Stated Interest Rate as of
Description of Debt	2013			2012			December 31, 2013		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
White Marsh Plaza	$	—		$	8,970		6.04	%	April 1, 2013
Crow Canyon	—			19,485			5.40	%	August 11, 2013
Idylwood Plaza	—			15,987			7.50	%	June 5, 2014
Leesburg Plaza	—			27,818			7.50	%	June 5, 2014
Loehmann's Plaza	—			35,972			7.50	%	June 5, 2014
Pentagon Row	—			51,640			7.50	%	June 5, 2014
Melville Mall	20,705			21,536			5.25	%	September 1, 2014
THE AVENUE at White Marsh	54,112			55,336			5.46	%	January 1, 2015
Barracks Road	37,069			38,070			7.95	%	November 1, 2015
Hauppauge	13,974			14,352			7.95	%	November 1, 2015
Lawrence Park	26,275			26,984			7.95	%	November 1, 2015
Wildwood	23,095			23,719			7.95	%	November 1, 2015
Wynnewood	26,777			27,500			7.95	%	November 1, 2015
Brick Plaza	27,254			28,033			7.42	%	November 1, 2015
East Bay Bridge	61,980			62,946			5.13	%	March 1, 2016
Plaza El Segundo	175,000			175,000			6.33	%	August 5, 2017
Rollingwood Apartments	22,521			22,890			5.54	%	May 1, 2019
29^th Place	5,119			5,286			5.91	%	January 31, 2021
Montrose Crossing	77,341			78,755			4.20	%	January 10, 2022
Chelsea	7,269			7,454			5.36	%	January 15, 2031
Subtotal	578,491			747,733
Net unamortized premium	9,965			13,056
Total mortgages payable	588,456			760,789
Notes payable
Escondido (municipal bonds)	9,400			9,400			0.09	%	October 1, 2016
Revolving credit facility	—			—			LIBOR + 0.90%		April 21, 2017
Term loan	275,000			275,000			LIBOR + 1.30%		November 21, 2018
Various	16,422			15,175			5.73	%	Various through 2028
Total notes payable	300,822			299,575
Senior notes and debentures
5.40% notes	—			135,000			5.40	%	December 1, 2013
5.95% notes	—			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
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			—			2.75	%	June 1, 2023
3.95% notes	300,000			—			3.95	%	January 15, 2024
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	1,369,200			1,079,200
Net unamortized discount	(8,287		)	(2,655		)
Total senior notes and debentures	1,360,913			1,076,545
Capital lease obligations
Various	71,671			71,693			Various		Various through 2106
Total debt and capital lease obligations	$	2,321,862		$	2,208,602

Schedule of Debt Repayments [Table Text Block]

During 2013, we repaid the following mortgage loans:



	Principal Payoff Amount		Repayment Date	Maturity Date
	(In millions)
White Marsh Plaza	$	9.0	January 2, 2013	April 1, 2013
Crow Canyon	19.3		June 11, 2013	August 11, 2013
Idylwood Plaza (1)	15.7		December 5, 2013	June 5, 2014
Leesburg Plaza (1)	27.3		December 5, 2013	June 5, 2014
Loehmann's Plaza (1)	35.3		December 5, 2013	June 5, 2014
Pentagon Row (1)	50.7		December 5, 2013	June 5, 2014
	$	157.3

(1) The payoff included a prepayment premium totaling $4.4 million for all four mortgages which is included in "early extinguishment of debt" in 2013.

Schedule of Maturities of Long-term Debt

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2013 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2014	$	29,909	$	10,339		$	—	$	40,248
2015	206,007		373			—		206,380
2016	62,412		9,811			125,000		197,223
2017	177,654		456		(1)	200,000		378,110
2018	2,782		275,505			—		278,287
Thereafter	99,727		4,338			1,044,200		1,148,265
	$	578,491	$	300,822		$	1,369,200	$	2,248,513	(2)

_____________________


(1)	Our $600.0 million revolving credit facility matures on April 21, 2017, subject to a one-year extension at our option. As of December 31, 2013, there was no balance outstanding under this credit facility.


(2)	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 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, 2013, are as follows:




	(In thousands)
Year ending December 31,
2014	$	5,788
2015	5,787
2016	5,788
2017	5,797
2018	5,800
Thereafter	166,010
	194,970
Less amount representing interest	(123,299		)
Present value	$	71,671