DEBT

The following is a summary of our total debt outstanding as of December 31, 2014 and 2013:



	Principal Balance as of December 31,						Stated Interest Rate as of
Description of Debt	2014			2013			December 31, 2014		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Melville Mall	$	—		$	20,705		5.25	%	September 1, 2014
THE AVENUE at White Marsh	—			54,112			5.46	%	January 1, 2015
Barracks Road	35,985			37,069			7.95	%	November 1, 2015
Hauppauge	13,566			13,974			7.95	%	November 1, 2015
Lawrence Park	25,507			26,275			7.95	%	November 1, 2015
Wildwood	22,420			23,095			7.95	%	November 1, 2015
Wynnewood	25,994			26,777			7.95	%	November 1, 2015
Brick Plaza	26,415			27,254			7.42	%	November 1, 2015
East Bay Bridge	—			61,980			5.13	%	March 1, 2016
Plaza El Segundo	175,000			175,000			6.33	%	August 5, 2017
The Grove at Shrewsbury (East)	44,519			—			5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	11,242			—			6.38	%	March 1, 2018
Rollingwood Apartments	22,130			22,521			5.54	%	May 1, 2019
29^th Place	4,941			5,119			5.91	%	January 31, 2021
THE AVENUE at White Marsh	52,705			—			3.35	%	January 1, 2022
Montrose Crossing	75,867			77,341			4.20	%	January 10, 2022
Brook 35	11,500			—			4.65	%	July 1, 2029
Chelsea	7,074			7,269			5.36	%	January 15, 2031
Subtotal	554,865			578,491
Net unamortized premium	8,833			9,965
Total mortgages payable	563,698			588,456
Notes payable
Escondido (municipal bonds)	9,400			9,400			0.06	%	October 1, 2016
Revolving credit facility	—			—			LIBOR + 0.90%		April 21, 2017
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2018
Various	6,119			16,422			11.31	%	Various through 2028
Total notes payable	290,519			300,822
Senior notes and debentures
5.65% notes	—			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			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			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
4.50% notes	250,000			—			4.50	%	December 1, 2044
Subtotal	1,494,200			1,369,200
Net unamortized discount	(10,387		)	(8,287		)
Total senior notes and debentures	1,483,813			1,360,913
Capital lease obligations
Various	71,647			71,671			Various		Various through 2106
Total debt and capital lease obligations	$	2,409,677		$	2,321,862

In connection with the acquisition of The Grove at Shrewsbury and Brook 35 on January 1, 2014, we assumed mortgage loans with a face amount of $68.3 million and a fair value of $73.8 million. The mortgage loans are secured by the individual properties with the following contractual terms:



	Principal		Stated Interest Rate		Maturity Date
	(In millions)
Brook 35 Plaza	$	11.5	5.46	%	July 1, 2014
The Grove at Shrewsbury (East)	$	45.4	5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	$	11.4	6.38	%	March 1, 2018

During 2014, we refinanced or issued the following loans or debt securities:



		Amount		Stated Interest Rate		Refinance/Issuance Date	Maturity Date
		(In millions)
Brook 35 Plaza Mortgage Loan	Refinance	$	11.5	4.65	%	June 2, 2014	July 1, 2029
4.50% Senior Notes (1)	Issuance	$	250.0	4.50	%	November 14, 2014	December 1, 2044
THE AVENUE at White Marsh Mortgage Loan	Refinance	$	52.7	3.35	%	December 15, 2014	January 1, 2022

(1) The net proceeds from this note offering after issuance discounts, underwriting fees and other costs were approximately $244.6 million.

During 2014, we fully repaid or redeemed the following loans or debt securities:



	Payoff Amount		Repayment Date	Maturity Date
	(In millions)
Melville Mall Mortgage Loan	$	20.3	June 3, 2014	September 1, 2014
East Bay Bridge Mortgage Loan (1)	$	61.0	December 10, 2014	March 1, 2016
5.65% Senior Notes (2)	$	125.0	December 12, 2014	June 1, 2016

(1) The total amount due at payoff of $64.0 million included a prepayment premium of $3.0 million and accrued but unpaid interest of $0.1 million. The prepayment premium is included in "early extinguishment of debt" in 2014.

(2) The redemption price of $134.5 million included a make-whole premium of approximately $9.2 million and accrued but unpaid interest of $0.2 million. The make-whole premium is included in "early extinguishment of debt" in 2014.

On August 28, 2014, we amended our term loan agreement and lowered the spread over LIBOR by 40 basis points from 130 basis points to 90 basis points based on our current credit rating. The amendment also provides us the option to extend the maturity date by one year.

During 2014, 2013 and 2012, the maximum amount of borrowings outstanding under our revolving credit facility was $79.5 million, $76.0 million and $186.0 million, respectively. The weighted average amount of borrowings outstanding was $12.5 million, $10.5 million and $1.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.1%, 1.3% and 1.4%, respectively. The revolving credit facility requires an annual facility fee of $0.9 million. At December 31, 2014 and 2013, our revolving credit facility had no balance outstanding.

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, 2014, we were in compliance with all loan covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2014 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2015	$	153,395	$	369		$	—	$	153,764
2016	3,774		9,806			—		13,580
2017	220,438		451		(1)	200,000		420,889
2018	13,326		275,500			—		288,826
2019	22,731		553			—		23,284
Thereafter	141,201		3,840			1,294,200		1,439,241
	$	554,865	$	290,519		$	1,494,200	$	2,339,584	(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, 2014, there was no balance outstanding under this credit facility.


(2)	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2014 due to the unamortized discount or premium on certain senior notes and mortgages payable.

Future minimum lease payments and their present value for property under capital leases as of December 31, 2014, are as follows:




	(In thousands)
Year ending December 31,
2015	$	5,787
2016	5,788
2017	5,797
2018	5,800
2019	5,800
Thereafter	160,210
	189,182
Less amount representing interest	(117,535		)
Present value	$	71,647