Mortgages and Notes Payable

The Company had outstanding mortgages and notes payable of $945,216 and $1,197,489 as of December 31, 2014 and 2013, respectively. Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 8.5% at December 31, 2014 and the mortgages and notes payable mature between 2014 and 2027. Interest rates, including imputed rates, ranged from 3.6% to 8.5% at December 31, 2013. The weighted-average interest rate at December 31, 2014 and 2013 was approximately 5.2% and 5.3%, respectively.

The Company has a $400,000 unsecured revolving credit facility with KeyBank National Association (“KeyBank”), as agent. The unsecured revolving credit facility matures in February 2017 but can be extended until February 2018 at the Company’s option. The unsecured revolving credit facility bears interest at LIBOR plus 0.95% to 1.725% (1.15% as of December 31, 2014). At December 31, 2014, the unsecured revolving credit facility had no amounts outstanding, outstanding letters of credit of $14,644 and availability of $385,356, subject to covenant compliance.

The Company also has a five-year $250,000 unsecured term loan facility from KeyBank, as agent. The unsecured term loan matures in February 2018, requires regular payments of interest only at interest rates ranging from LIBOR plus 1.10% to 2.10% (1.35% as of December 31, 2014). The Company entered into interest rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.09% through February 2018 on the $250,000 of outstanding LIBOR-based borrowings.

In addition, the Company also has a $255,000 unsecured term loan from Wells Fargo Bank, National Association (“Wells Fargo”), as agent. The term loan matures in January 2019. The term loan requires regular payments of interest only at interest rates ranging from LIBOR plus 1.50% to 2.25% (1.75% as of December 31, 2014). The Company may prepay any outstanding borrowings under the term loan facility at a premium through January 12, 2016 and at par thereafter. The Company entered into interest rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings.

The unsecured revolving credit facility and the unsecured term loans are subject to financial covenants, which the Company was in compliance with at December 31, 2014.

The Company had $25,000 and $35,551 secured term loans with KeyBank, which were satisfied in January 2012 and the Company recognized debt satisfaction charges of $1,578 as a result of the satisfaction.

Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, excluding discontinued operations, of $(7,016), $(11,811) and $12 for the years ended December 31, 2014, 2013 and 2012, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $3,441, $2,397 and $3,062 in interest, including discontinued operations, for the years ended 2014, 2013 and 2012, respectively.

Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. In addition, certain mortgages are cross-collateralized and cross-defaulted.

Scheduled principal and balloon payments for mortgages, notes payable, credit facility borrowings and term loans for the next five years and thereafter are as follows:



Year ending December 31,	Total
2015	$	170,440
2016	154,337
2017	93,469
2018	292,297
2019	358,835
Thereafter	380,838
	$	1,450,216