Debt

Our debt consists of the following (in thousands):



	September 30, 2014		December 31, 2013
Debt payable to 2038 at 2.6% to 8.6%	$	1,697,015	$	2,205,104
Unsecured notes payable under credit facilities	216,000		—
Debt service guaranty liability	73,740		73,740
Obligations under capital leases	21,000		21,000
Total	$	2,007,755	$	2,299,844

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



	September 30, 2014		December 31, 2013
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,676,607	$	2,136,265
Variable-rate debt	331,148		163,579
Total	$	2,007,755	$	2,299,844
As to collateralization:
Unsecured debt	$	1,371,931	$	1,572,057
Secured debt	635,824		727,787
Total	$	2,007,755	$	2,299,844

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 September 30, 2014, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 115 and 20 basis points, respectively. The facility also contains a competitive bid feature that allows 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):



	September 30, 2014			December 31, 2013
Unsecured revolving credit facility:
Balance outstanding	$	200,000		$	—
Available balance	296,946			497,821
Letters of credit outstanding under facility	3,054			2,179
Variable interest rate (excluding facility fee)	0.7		%	—		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	16,000		$	—
Variable interest rate	1.3		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	270,000		$	265,500
Weighted average balance	141,393			61,642
Year-to-date weighted average interest rate (excluding facility fee)	0.8		%	1.0		%

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. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both September 30, 2014 and December 31, 2013, we had $73.7 million outstanding for the debt service guaranty liability.

During 2014, $315 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.2%, and we redeemed all $100 million of our 8.1% senior unsecured notes. The majority of the 8.1% senior unsecured notes was redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest through the redemption date. In conjunction with the redemption in the third quarter of 2014, we wrote off $1.2 million of debt costs. During 2013, $173.6 million of fixed-rate medium term notes matured and were repaid at a weighted average interest rate of 5.4% and a $100 million 6% secured fixed-rate note payable was repaid prior to maturity.

In October 2013, we issued $250 million of 4.45% senior unsecured notes maturing in 2024. The notes were issued at 99.58% of the principal amount with a yield to maturity of 4.50%. The net proceeds received of $247.3 million were used to reduce all amounts outstanding under our $500 million unsecured revolving credit facility, and the remaining proceeds were invested in short-term instruments, which were used to pay down future debt maturities and for general business purposes.

In March 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.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At September 30, 2014 and December 31, 2013, the carrying value of such assets aggregated $1.1 billion and $1.2 billion, respectively.

Scheduled principal payments on our debt (excluding $216.0 million due under our credit facilities, $21.0 million of certain capital leases, $4.0 million fair value of interest rate contracts, $(3.1) million net premium/(discount) on debt, $4.5 million of non-cash debt-related items, and $73.7 million debt service guaranty liability) are due during the following years (in thousands):



2014 remaining	$	4,417
2015	239,702
2016	249,954
2017	145,357
2018	59,945
2019	53,556
2020	34,990
2021	1,883
2022	304,397
2023	301,494
Thereafter	295,897
Total	$	1,691,592

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 are not aware of any non-compliance with our public debt and revolving credit facility covenants as of September 30, 2014.