
	June 30, 2011		December 31, 2010

Debt payable to 2038 at 2.6% to 8.8%	$	2,316,914	$	2,389,532
Debt service guaranty liability		74,075		97,000
Unsecured notes payable under revolving credit facilities		177,850		80,000
Obligations under capital leases		45,383		21,000
Industrial revenue bonds payable to 2015 at 2.4%		1,754		1,916


Total	$	2,615,976	$	2,589,448

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


	June 30, 2011		December 31, 2010

As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,289,738	$	2,349,802
Variable-rate debt		326,238		239,646


Total	$	2,615,976	$	2,589,448


As to collateralization:
Unsecured debt	$	1,525,239	$	1,450,148
Secured debt		1,090,737		1,139,300


Total	$	2,615,976	$	2,589,448

Effective February 11, 2010, we entered into an amended and restated $500 million unsecured revolving credit facility. The facility expires in February 2013 and provides borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee are priced off a grid that is tied to our senior unsecured credit ratings, which are currently 275.0 and 50.0 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.

At June 30, 2011, $165.0 million was outstanding under our revolving credit facility at a variable interest rate of 1.3%. At December 31, 2010, no amounts under our revolving credit facility were outstanding. Letters of credit totaling $2.3 million and $52.4 million were outstanding under the revolving credit facility at June 30, 2011 and December 31, 2010, respectively. The balance outstanding under our unsecured and uncommitted overnight facility was $12.9 million and $80.0 million at June 30, 2011 and December 31, 2010, respectively, at a variable interest rate of 1.6% and 1.8%, respectively. The available balance under our revolving credit facility was $332.7 million and $447.6 million at June 30, 2011 and December 31, 2010, respectively. During 2011, the maximum balance and weighted average balance outstanding under both facilities combined were $180.0 million and $100.5 million, respectively, at a weighted average interest rate of 1.7%. During 2010, the maximum balance and weighted average balance outstanding under both facilities combined were $80.0 million and $12.2 million, respectively, at a weighted average interest rate of 1.8%.

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 1.4 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. At June 30, 2011 and December 31, 2010, respectively, we had $74.1 million and $97.0 million outstanding for the debt service guaranty liability.

At June 30, 2011 and December 31, 2010, respectively, we had $131.1 million and $129.9 million of 3.95% convertible senior unsecured notes outstanding due 2026. Interest is payable semi-annually in arrears on February 1 and August 1 of each year. The notes are redeemable for cash at our option beginning in August 2011 for the principal amount plus accrued and unpaid interest. Holders of the notes have the right to require us to repurchase their notes for cash equal to the principal of the notes plus accrued and unpaid interest in August 2011, 2016 and 2021 or in the event of a change in control.

The notes are convertible under certain circumstances for our common shares at an initial conversion rate of 20.3770 common shares per $1,000 of principal amount of the notes (an initial conversion price of $49.075). Although no events have occurred, the conversion rate could have been adjusted if certain change in control transactions or other specified events had occurred on or prior to August 4, 2011. Upon the conversion of the notes, we will deliver cash for the principal return, as defined, and cash or common shares, at our option, for the excess of the conversion value, as defined, over the principal return.

These notes are recorded at a discount of $.2 million and $1.3 million as of June 30, 2011 and December 31, 2010, respectively, which will be amortized through July 2011 resulting in an effective interest rate for both periods of 5.75%. For the three months ended June 30, 2011 and 2010, net interest expense associated with this debt totaled $2.0 million for both periods including the amortization of the discount totaling $.6 million and $.5 million, respectively. For both the six months ended June 30, 2011 and 2010, net interest expense associated with this debt totaled $4.0 million including the amortization of the discount totaling $1.1 million for each period. The carrying value of the equity component as of both June 30, 2011 and December 31, 2010 was $23.4 million.

Subsequent to June 30, 2011, $77.2 million of the 3.95% convertible senior unsecured notes were redeemed for cash in accordance with the provisions described above, and we paid our fixed rate 7% unsecured notes in the amount of $117.7 million at maturity. In addition, we entered into a one year term loan in the amount of $200 million at a borrowing rate that floats at a margin over LIBOR of which the proceeds were used to pay down amounts outstanding under our revolving credit facility.

Scheduled principal payments on our debt (excluding $177.9 million due under our revolving credit facilities, $45.4 million of certain capital leases, $7.6 million fair value of interest rate contracts, $3.7 million net premium/(discount) on debt, $10.9 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):


2011 remaining	$	161,171
2012		307,228
2013		315,094
2014		473,863
2015		245,603
2016		231,311
2017		142,119
2018		64,411
2019		153,747
2020		3,658
Thereafter (1)		198,291

Total	$	2,296,496

(1)

Includes $131.3 million of our 3.95% convertible senior unsecured notes outstanding due 2026, of which $77.2 million have been redeemed on August 1, 2011.

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 all restrictive covenants as of June 30, 2011.