Debt (Tables)

12 Months Ended

Dec. 31, 2016

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

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.

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, 2016, are as follows:




	(In thousands)
Year ending December 31,
2017	$	5,797
2018	5,800
2019	5,800
2020	5,800
2021	5,800
Thereafter	148,235
	177,232
Less amount representing interest	(105,642		)
Present value	$	71,590