Summary of total debt outstanding |
The following is a summary of our total debt outstanding as of December 31, 2016 and 2015:
| | | | | | | | | | | | | | | | | | | Principal Balance as of December 31, | | Stated Interest Rate as of | | | Description of Debt | | | 2016 | | 2015 | | December 31, 2016 | | Stated Maturity Date | Mortgages payable | | | (Dollars in thousands) | | | | | Plaza El Segundo | | | $ | 175,000 |
| | $ | 175,000 |
| | 6.33 | % | | August 5, 2017 | The Grove at Shrewsbury (East) | | | 42,536 |
| | 43,557 |
| | 5.82 | % | | October 1, 2017 | The Grove at Shrewsbury (West) | | | 10,792 |
| | 11,024 |
| | 6.38 | % | | March 1, 2018 | Rollingwood Apartments | | | 21,283 |
| | 21,716 |
| | 5.54 | % | | May 1, 2019 | The Shops at Sunset Place | | | 68,634 |
| | 70,542 |
| | 5.62 | % | | September 1, 2020 | 29th Place | | | 4,553 |
| | 4,753 |
| | 5.91 | % | | January 31, 2021 | THE AVENUE at White Marsh | | | 52,705 |
| | 52,705 |
| | 3.35 | % | | January 1, 2022 | Montrose Crossing | | | 72,726 |
| | 74,329 |
| | 4.20 | % | | January 10, 2022 | Brook 35 | | | 11,500 |
| | 11,500 |
| | 4.65 | % | | July 1, 2029 | Chelsea | | | 6,576 |
| | 6,868 |
| | 5.36 | % | | January 15, 2031 | Subtotal | | | 466,305 |
| | 471,994 |
| | | | | Net unamortized premium and debt issuance costs | | | 4,812 |
| | 9,090 |
| | | | | Total mortgages payable | | | 471,117 |
| | 481,084 |
| | | | | Notes payable | | | | | | | | | | Escondido (municipal bonds) | | | — |
| | 9,400 |
| | | | October 1, 2016 | Revolving credit facility | | | — |
| | 53,500 |
| | LIBOR + 0.825% |
| | April 20, 2020 | Term loan | | | 275,000 |
| | 275,000 |
| | LIBOR + 0.90% |
| | November 21, 2018 | Various | | | 5,247 |
| | 5,700 |
| | 11.31 | % | | Various through 2028 | Subtotal | | | 280,247 |
| | 343,600 |
| | | | | Net unamortized debt issuance costs | | | (1,096 | ) | | (1,639 | ) | | | | | Total notes payable | | | 279,151 |
| | 341,961 |
| | | | | Senior notes and debentures | | | | | | | | | | 5.90% notes | | | 150,000 |
| | 150,000 |
| | 5.90 | % | | April 1, 2020 | 2.55% notes | | | 250,000 |
| | 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 |
| | 450,000 |
| | 4.50 | % | | December 1, 2044 | 3.625% notes | | | 250,000 |
| | — |
| | 3.625 | % | | August 1, 2046 | Subtotal | | | 1,994,200 |
| | 1,744,200 |
| | | | | Net unamortized (discount)/premium and debt issuance costs | | | (17,606 | ) | | (11,649 | ) | | | | | Total senior notes and debentures | | | 1,976,594 |
| | 1,732,551 |
| | | | | Capital lease obligations | | | | | | | | | | Various | | | 71,590 |
| | 71,620 |
| | Various |
| | Various through 2106 | Total debt and capital lease obligations | | | $ | 2,798,452 |
| | $ | 2,627,216 |
| | | | |
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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, 2016 are as follows: | | | | | | | | | | | | | | | | | | | | | | Mortgages Payable | | | Notes Payable | | | Senior Notes and Debentures | | Total Principal | | | | (In thousands) | | | Year ending December 31, | | | | | | | | | | | | 2017 | $ | 222,445 |
| | | $ | 462 |
| | | $ | — |
| | $ | 222,907 |
| | | 2018 | 15,477 |
| | | 275,513 |
| (1) | | — |
| | 290,990 |
| | | 2019 | 25,006 |
| | | 567 |
| | | — |
| | 25,573 |
| | | 2020 | 64,687 |
| | | 629 |
| (2) | | 150,000 |
| | 215,316 |
| | | 2021 | 5,984 |
| | | 700 |
| | | 250,000 |
| | 256,684 |
| | | Thereafter | 132,706 |
| | | 2,376 |
| | | 1,594,200 |
| | 1,729,282 |
| | | | $ | 466,305 |
| | | $ | 280,247 |
| | | $ | 1,994,200 |
| | $ | 2,740,752 |
| | (3) |
_____________________ | | (1) | Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option. |
| | (2) | Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2016, there was no outstanding balance under this credit facility. |
| | (3) | The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2016 due to the unamortized premium/(discount) and debt issuance costs on certain mortgages payable, notes payable, and senior notes. |
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