FINANCING ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate Properties [Line Items]

Schedule of Long-term Debt Instruments

Level	Ratio of Total Liabilities to Gross Asset Value	Applicable Margin
1	Less than 0.450 to 1.00	1.50	%
2	Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00	1.70	%
3	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	1.85	%
4	Equal to or greater than 0.550 to 1.00	2.05	%

Level	Ratio of Total Liabilities  to Gross Asset Value	5 Year Term Loan Applicable Margin	7 Year Term Loan Applicable Margin
1	Less than 0.450 to 1.00	1.35%	1.80%
2	Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00	1.45%	1.95%
3	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	1.60%	2.15%
4	Equal to or greater than 0.550 to 1.00	1.90%	2.35%

Carrying And Fair Values of Mortgage Loans

The estimated fair values of mortgage loans based on year-end interest rates and market conditions at December 31, 2013 and 2012 are as follows:

	2013				2012
(in millions of dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage loans	$	1,502.7	$	1,467.9	$	1,718.1	$	1,739.1

Mortgage Loan Activity

The following table presents the mortgage loans we have entered into or extended since January 1, 2012 relating to our consolidated properties:

Financing Date	Property	Amount Financed or Extended (in millions of dollars)	Stated Interest Rate	Maturity
2013 Activity:
February	Francis Scott Key Mall(1)(2)	$62.6	LIBOR plus 2.60%	March 2018
February	Lycoming Mall(3)	35.5	LIBOR plus 2.75%	March 2018
February	Viewmont Mall(1)	48.0	LIBOR plus 2.60%	March 2018
March	Dartmouth Mall	67.0	3.97% fixed	April 2018
September	Logan Valley Mall(4)	51.0	LIBOR plus 2.10%	September 2014
December	Wyoming Valley Mall(5)	78.0	5.17% fixed	December 2023
2012 Activity:
January	New River Valley Mall(6)	28.1	LIBOR plus 3.00%	January 2019
February	Capital City Mall	65.8	5.30% fixed	March 2022
July	Christiana Center(7)	50.0	4.64% fixed	August 2022
August	Cumberland Mall	52.0	4.40% fixed	August 2022
August	Cherry Hill Mall(8)	300.0	3.90% fixed	September 2022

⁽¹⁾  Interest only payments.

⁽²⁾  The mortgage loan may be increased by $7.9 million subject to certain prescribed conditions.

⁽³⁾  The initial amount of the mortgage loan was $28.0 million. We took additional draws of $5.0 million in October 2009 and $2.5 million in March 2010. The mortgage loan was amended in February 2013 to lower the interest rate to LIBOR plus 2.75% and to extend the maturity date to March 2018. In February 2013, the unamortized balance of the mortgage loan was $33.4 million before we borrowed an additional $2.1 million to bring the total amount financed to $35.5 million.

⁽⁴⁾  The initial amount of the mortgage loan was $68.0 million. We repaid $5.0 million in September 2011 and $12.0 million in September 2013. We exercised our right under the loan in September 2013 to extend the maturity date to September 2014.

⁽⁵⁾  Interest only payments until March 2015. Principal and interest payments commencing in April 2015.

⁽⁶⁾  Extension option modified the mortgage rate and payment terms. Interest only payments for the first five years. Principal and interest commence January 2017 based on a 25 year amortization schedule, with a balloon payment due in January 2019.

⁽⁷⁾  The property was sold in September 2013 and the buyer assumed the remaining $49.2 million mortgage loan.

⁽⁸⁾  Interest only payments for the first two years. Principal and interest payments commencing on October 1, 2014, with a balloon payment due in September 2022.

Consolidated Properties [Member]

Real Estate Properties [Line Items]

Timing of Principal Payments and Terms of Mortgage Loans

The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our mortgage loans of our consolidated properties as of December 31, 2013:

(in thousands of dollars) For the Year Ending December 31,	Principal Amortization		Balloon Payments(1)		Total
2014	$	17,457	$	51,000	$	68,457
2015	22,198		270,799		292,997
2016	13,321		243,745		257,066
2017	12,401		150,000		162,401
2018	12,075		141,532		153,607
2019 and thereafter	47,477		520,645		568,122
	$	124,929	$	1,377,721	$	1,502,650

⁽¹⁾The maturity date for the balloon payment due in 2014 may be extended pursuant to the terms of the applicable loan agreement.