10. Debt

Debt at June 30, 2012 and December 31, 2011 consists of the following:


	June 30, 2012		December 31, 2011
Non-recourse defeased debt, interest payable monthly at 5.6% at June 30, 2012 and December 31, 2011, secured and paid by pledged treasury securities, due October 1, 2015 (includes unamortized premium of $1.7 million at June 30, 2012)	$	22,274	$	23,299
Community Development District debt, secured by certain real estate and standby note purchase agreements, due May 1, 2016 — May 1, 2039, bearing interest at 6.7% to 7.15% at June 30, 2012		29,429		30,159

Total debt	$	51,703	$	53,458

The aggregate maturities of debt subsequent to June 30, 2012 are as follows (a):


2012	$	993
2013		1,654
2014		1,580
2015		18,266
2016		84
Thereafter		29,126

Total	$	51,703

(a)	Includes debt defeased in connection with the sale of the Company’s office portfolio in the amount of $22.3 million.

Community Development District (“CDD”) bonds financed the construction of infrastructure improvements at several of the Company’s projects. The principal and interest payments on the bonds are paid by assessments on, or from sales proceeds of, the properties benefited by the improvements financed by the bonds. The Company has recorded a liability for CDD debt that is associated with platted property, which is the point at which the assessments become fixed or determinable. Additionally, the Company has recorded a liability for the balance of the CDD debt that is associated with unplatted property if it is probable and reasonably estimable that the Company will ultimately be responsible for repaying either as the property is sold by the Company or when assessed to the Company by the CDD. Accordingly, the Company has recorded debt of $29.4 million and $30.2 million related to CDD debt as of June 30, 2012 and December 31, 2011, respectively. Total outstanding CDD debt was $56.0 million at June 30, 2012 and $56.8 million at December 31, 2011.

In connection with the sale of the Company’s office building portfolio in 2007, the Company has approximately $22.3 million of defeased debt. The Company purchased treasury securities sufficient to satisfy the scheduled interest and principal payments contractually due under the mortgage debt agreement. These securities were placed into a collateral account for the sole purpose of funding the principal and interest payments as they become due. The indebtedness remains on the Company’s Consolidated Balance Sheets at June 30, 2012 and December 31, 2011 since the transaction was not considered to be an extinguishment of debt.