Debt (Tables)

12 Months Ended

Dec. 31, 2015

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

Schedule of repaid loans or debt securities

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

Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures

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)

_____________________


(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.

Schedule of future minimum lease payments and their present value for property under capital leases

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