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

Effective September 30, 2011, we entered into an amended and restated $500 million unsecured revolving credit facility. The facility expires in September 2015, 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 are priced off a grid that is tied to our senior unsecured credit ratings, which are currently 125.0 and 25.0 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 February 11, 2010, we entered into an amended and restated $500 million unsecured revolving credit facility, which was amended and replaced on September 30, 2011 as described above. The facility provided borrowing rates that floated at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee were priced off a grid that was tied to our senior unsecured credit ratings, which were 275.0 and 50.0 basis points, respectively.

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 September 30, 2011, $185.0 million was outstanding under our revolving credit facility at a variable interest rate of 1.2%. 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 September 30, 2011 and December 31, 2010, respectively. The balance outstanding under our unsecured and uncommitted overnight facility was $10.3 million and $80.0 million at September 30, 2011 and December 31, 2010, respectively, at a variable interest rate of 1.5% and 1.8%, respectively. The available balance under our revolving credit facility was $312.7 million and $447.6 million at September 30, 2011 and December 31, 2010, respectively. During 2011, the maximum balance and weighted average balance outstanding under both facilities combined were $330.7 million and $144.5 million, respectively, at a weighted average interest rate of 1.6%. 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 September 30, 2011 and December 31, 2010, respectively, we had $74.1 million and $97.0 million outstanding for the debt service guaranty liability.

At September 30, 2011 and December 31, 2010, respectively, we had $54.1 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 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 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). 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 were recorded at a discount of $1.3 million as of December 31, 2010, which was amortized through July 2011, resulting in an effective interest rate as of September 30, 2011 and December 31, 2010 of 5.56% and 5.75%, respectively. For the three months ended September 30, 2011 and 2010, net interest expense associated with this debt totaled $1.0 million and $2.0 million, respectively, including the amortization of the discount totaling $.2 million and $.5 million, respectively. For the nine months ended September 30, 2011 and 2010, net interest expense associated with this debt totaled $5.0 million and $6.0 million, respectively, including the amortization of the discount totaling $1.3 million and $1.7 million, respectively. The carrying value of the equity component as of both September 30, 2011 and December 31, 2010 was $23.4 million.

On August 29, 2011, we entered into a $200 million unsecured term loan of which the proceeds were used to pay down amounts outstanding under our revolving credit facility. The initial term of the loan is one year and can be repaid at par after nine months at our option. Borrowing rates under the agreement float at a margin over LIBOR and are priced off a grid that is tied to our senior unsecured credit ratings, which is currently 125.0 basis points.

During the three months ended September 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.

Various leases and properties, and current and future rentals from those lease and properties, collateralize certain debt. At September 30, 2011 and December 31, 2010, the carrying value of such property aggregated $1.7 billion and $1.8 billion, respectively.

Scheduled principal payments on our debt (excluding $195.3 million due under our revolving credit facilities, $45.4 million of certain capital leases, $11.2 million fair value of interest rate contracts, $3.1 million net premium/(discount) on debt, $10.5 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			$ 8,109
2012			507,195
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)			121,129

Total			$ 2,266,239

(1)

Includes $54.1 million of our 3.95% convertible senior unsecured notes outstanding due 2026, which may be called by us at any time and have future put options in 2016 and 2021.

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 September 30, 2011.