DEBT

The following is a summary of our total debt outstanding as of December 31, 2015 and 2014:



	Principal Balance as of December 31,					Stated Interest Rate as of
Description of Debt	2015		2014			December 31, 2015		Stated Maturity Date
Mortgages payable	(Dollars in thousands)
Barracks Road	$	—	$	35,985		7.95	%	November 1, 2015
Hauppauge	—		13,566			7.95	%	November 1, 2015
Lawrence Park	—		25,507			7.95	%	November 1, 2015
Wildwood	—		22,420			7.95	%	November 1, 2015
Wynnewood	—		25,994			7.95	%	November 1, 2015
Brick Plaza	—		26,415			7.42	%	November 1, 2015
Plaza El Segundo	175,000		175,000			6.33	%	August 5, 2017
The Grove at Shrewsbury (East)	43,557		44,519			5.82	%	October 1, 2017
The Grove at Shrewsbury (West)	11,024		11,242			6.38	%	March 1, 2018
Rollingwood Apartments	21,716		22,130			5.54	%	May 1, 2019
The Shops at Sunset Place	70,542		—			5.62	%	September 1, 2020
29th Place	4,753		4,941			5.91	%	January 31, 2021
THE AVENUE at White Marsh	52,705		52,705			3.35	%	January 1, 2022
Montrose Crossing	74,329		75,867			4.20	%	January 10, 2022
Brook 35	11,500		11,500			4.65	%	July 1, 2029
Chelsea	6,868		7,074			5.36	%	January 15, 2031
Subtotal	471,994		554,865
Net unamortized premium	10,828		8,833
Total mortgages payable	482,822		563,698
Notes payable
Escondido (municipal bonds)	9,400		9,400			0.03	%	October 1, 2016
Revolving credit facility	53,500		—			LIBOR + 0.90%		April 21, 2017
Term loan	275,000		275,000			LIBOR + 0.90%		November 21, 2018
Various	5,700		6,119			11.31	%	Various through 2028
Total notes payable	343,600		290,519
Senior notes and debentures
6.20% notes	—		200,000			6.20	%	January 15, 2017
5.90% notes	150,000		150,000			5.90	%	April 1, 2020
2.55% notes	250,000		—			2.55	%	January 15, 2021
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	450,000		250,000			4.50	%	December 1, 2044
Subtotal	1,744,200		1,494,200
Net unamortized premium (discount)	124		(10,387		)
Total senior notes and debentures	1,744,324		1,483,813
Capital lease obligations
Various	71,620		71,647			Various		Various through 2106
Total debt and capital lease obligations	$	2,642,366	$	2,409,677

In connection with the acquisition of San Antonio Center in January 2015, we assumed a mortgage loan with a face amount of $18.7 million and a fair value of $19.3 million. The mortgage loan had a stated interest rate of 5.27%, and had an original maturity date of January 1, 2016. On November 2, 2015, we repaid the mortgage loan at par for $18.1 million.

On March 16, 2015, we issued $200.0 million aggregate principal amount of 4.50% senior unsecured notes due December 1, 2044. The notes were offered at 105.38% of the principal amount with a yield to maturity of 4.18%. The notes have the same terms and are of the same series as the $250.0 million senior notes issued on November 14, 2014. Our net proceeds from the March note offering after issuance premium, underwriting fees and other costs were $208.6 million. The proceeds were used on April 11, 2015 to repay our $200.0 million 6.20% notes prior to the original maturity date of January 15, 2017. The redemption price of $222.2 million included a make-whole premium of $19.2 million and accrued but unpaid interest of $3.0 million. The make-whole premium is included in "early extinguishment of debt" in the year ended December 31, 2015.

On August 3, 2015 we repaid the following mortgage loans, which had a weighted average interest rate of 7.9%, at par prior to their maturity date of November 1, 2015:



	Principal Payoff Amount
	(In millions)
Barracks Road	$	35.3
Brick Plaza	25.9
Wynnewood	25.5
Lawrence Park	25.0
Wildwood	22.0
Hauppauge	13.3
	$	147.0

On September 28, 2015, we issued $250.0 million of fixed rate senior notes that mature on January 15, 2021 and bear interest at 2.55%. The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were approximately $247.5 million.

In connection with the acquisition of Sunset Place on October 1, 2015, we assumed a mortgage loan with a face amount of $70.8 million and a fair value of $76.5 million. The mortgage loan bears interest at 5.62% and has a maturity date of September 1, 2020.

During 2015, 2014 and 2013, the maximum amount of borrowings outstanding under our revolving credit facility was $324.0 million, $79.5 million and $76.0 million, respectively. The weighted average amount of borrowings outstanding was $109.7 million, $12.5 million and $10.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 1.1%, 1.1% and 1.3%, respectively. The revolving credit facility requires an annual facility fee of $0.9 million. At December 31, 2015, our revolving credit facility had $53.5 million outstanding, and had no balance outstanding at December 31, 2014.

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, 2015, we were in compliance with all loan covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2015 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2016	$	5,665	$	9,812		$	—	$	15,477
2017	222,469		53,957		(1)	—		276,426
2018	15,477		275,507			—		290,984
2019	25,006		561			—		25,567
2020	64,687		623			150,000		215,310
Thereafter	138,690		3,140			1,594,200		1,736,030
	$	471,994	$	343,600		$	1,744,200	$	2,559,794	(2)

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(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, 2015, there was $53.5 million outstanding under this credit facility.


(2)	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2015 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, 2015, are as follows:




	(In thousands)
Year ending December 31,
2016	$	5,788
2017	5,797
2018	5,800
2019	5,800
2020	5,800
Thereafter	154,410
	183,395
Less amount representing interest	(111,775		)
Present value	$	71,620