Debt

6 Months Ended

Jun. 30, 2011

7. Debt

Debt consists of the following:


	June 30, 2011		December 31, 2010
Non-recourse defeased debt		24,300		25,281
Community Development District debt		28,846		29,370

Total debt	$	53,146	$	54,651

The aggregate scheduled maturities of debt subsequent to June 30, 2011 are as follows (a)(b):


2011	$	1,001
2012		2,018
2013		1,586
2014		1,507
2015		18,188
Thereafter		28,846

Total	$	53,146


(a)		Includes debt defeased in connection with the sale of the Company's office portfolio in the amount of $24.3 million which matures in years 2011-2015.

(b)		Community Development District debt maturities are presented in the year of contractual maturity; however, earlier payments may be required when the properties benefited by the CDD are sold.

The Company had a $125 million revolving Credit Agreement (the "Credit Agreement") with Branch Banking and Trust Company. The Credit Agreement contained covenants relating to leverage, unencumbered asset value, net worth, liquidity and additional debt. The Credit Agreement also contained various restrictive covenants pertaining to acquisitions, investments, capital expenditures, dividends, share repurchases, asset dispositions and liens. The following includes a summary of the Company's more significant financial covenants:


	Covenant			June 30, 2011
Minimum consolidated tangible net worth	$	800,000		$	879,382
Ratio of total indebtedness to total asset value		50.0	%		3.83	%
Unencumbered leverage ratio		2.0	x		71.38	x
Minimum liquidity	$	20,000		$	324,054

The Company was in compliance with its debt covenants at June 30, 2011.

On June 28, 2011, the Company notified Branch Banking and Trust Company that it was exercising its right to early terminate the Credit Agreement which was scheduled to mature on September 19, 2012. The termination was effective on July 1, 2011. The description of the material terms of the Credit Agreement is set forth in the Company's Form 10-K for the year ended December 31, 2010. The Company did not incur any prepayment penalties in connection with the early termination of the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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