Debt

Our debt consists of the following (in thousands):



	September 30, 2012		December 31, 2011
Debt payable to 2038 at 2.6% to 8.8% in 2012 and 1.5% to 8.8% in 2011	$	1,881,013	$	2,268,668
Unsecured notes payable under revolving credit facilities	250,000		166,500
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Industrial revenue bonds payable to 2015 at 2.4%	1,331		1,594
Total	$	2,227,419	$	2,531,837

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	September 30, 2012		December 31, 2011
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,831,791	$	2,014,834
Variable-rate debt	395,628		517,003
Total	$	2,227,419	$	2,531,837
As to collateralization:
Unsecured debt	$	1,254,804	$	1,510,932
Secured debt	972,615		1,020,905
Total	$	2,227,419	$	2,531,837

Effective September 30, 2011, we entered into an amended and restated $500 million unsecured revolving credit facility. The facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are currently 125 and 25 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we intend to maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30 day LIBOR rate plus a borrowing margin based on market liquidity.

The following table discloses certain information regarding our unsecured notes payable under our revolving credit facilities (in thousands, except percentages):



	September 30, 2012			December 31, 2011
Unsecured revolving credit facility:
Balance outstanding	$	250,000		$	145,000
Available balance	247,571			351,571
Letter of credit outstanding under facility	2,429			3,429
Variable interest rate (excluding facility fee)	1.2		%	1.3		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	—		$	21,500
Variable interest rate	—		%	1.5		%
Both facilities:
Maximum balance outstanding during the year	$	303,100		$	330,700
Weighted average balance	194,410			151,814
Year-to-date weighted average interest rate (excluding facility fee)	1.3		%	1.5		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040, as extended by the Sheridan Redevelopment Agency (“Agency”) in April 2011. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. For both periods ended at September 30, 2012 and December 31, 2011, we had $74.1 million outstanding for the debt service guaranty liability.

On August 29, 2011, we entered into a $200 million unsecured term loan; the proceeds of which were used to repay amounts outstanding under our revolving credit facility. The initial term of the loan was one year, which we repaid at par after nine months on May 31, 2012 at our option. In addition, $137.6 million fixed-rate medium term notes matured during 2012 at a weighted average interest rate of 5.2%.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At September 30, 2012 and December 31, 2011, the carrying value of such assets aggregated $1.6 billion and $1.7 billion, respectively.

Scheduled principal payments on our debt (excluding $250.0 million due under our revolving credit facilities, $21.0 million of certain capital leases, $10.8 million fair value of interest rate contracts, $2.9 million net premium/(discount) on debt, $12.3 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):



2012 remaining (1)	$	127,624
2013	315,520
2014	474,292
2015	275,999
2016	231,661
2017	142,096
2018	64,441
2019 (2)	153,724
2020	3,746
2021	2,763
Thereafter	64,470
Total	$	1,856,336

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(1)	Includes $54.1 million of our 3.95% convertible senior unsecured notes outstanding due 2026, which were called by us with a redemption date of November 8, 2012.


(2)	Includes $100.0 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We believe we were in compliance with our public debt and revolving credit facility covenants as of September 30, 2012.