Debt

Our debt consists of the following (in thousands):



	June 30, 2013		December 31, 2012
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	$	2,150,132	$	2,041,709
Unsecured notes payable under credit facilities	104,500		66,000
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%	1,055		1,246
Total	$	2,350,762	$	2,204,030

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



	June 30, 2013		December 31, 2012
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,103,023	$	1,992,599
Variable-rate debt	247,739		211,431
Total	$	2,350,762	$	2,204,030
As to collateralization:
Unsecured debt	$	1,540,756	$	1,270,742
Secured debt	810,006		933,288
Total	$	2,350,762	$	2,204,030

We maintain a $500 million unsecured revolving credit facility, which was last amended on April 18, 2013. This facility expires in April 2017, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2013, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 115 and 20 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 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 credit facilities (in thousands, except percentages):



	June 30, 2013			December 31, 2012
Unsecured revolving credit facility:
Balance outstanding	$	80,000		$	30,000
Available balance	418,821			467,571
Letter of credit outstanding under facility	1,179			2,429
Variable interest rate (excluding facility fee)	1.0		%	1.1		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	24,500		$	36,000
Variable interest rate	1.5		%	1.5		%
Both facilities:
Maximum balance outstanding during the period	$	265,500		$	303,100
Weighted average balance	77,094			157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.1		%	1.3		%

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 June 30, 2013 and December 31, 2012, we had $74.1 million outstanding for the debt service guaranty liability.

On March 22, 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares. In addition, $63.0 million of fixed-rate medium term notes matured during 2013 at a weighted average interest rate of 5.6%.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At June 30, 2013 and December 31, 2012, the carrying value of such assets aggregated $1.4 billion and $1.5 billion, respectively.

Scheduled principal payments on our debt (excluding $104.5 million due under our credit facilities, $21.0 million of certain capital leases, $6.8 million fair value of interest rate contracts, $(2.4) million net premium/(discount) on debt, $3.1 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):



2013 remaining	$	149,879
2014	474,020
2015	275,678
2016	226,027
2017	141,864
2018	64,157
2019 ⁽¹⁾	153,380
2020	3,342
2021	2,278
2022	304,815
Thereafter	348,264
Total	$	2,143,704

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(1)	Includes $100 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 June 30, 2013.