Notes Payable and Unsecured Credit Facilities

9 Months Ended

Sep. 30, 2012

Notes Payable and Unsecured Credit Facilities

On September 13, 2012, the Company amended its Line of Credit to increase the borrowing capacity by $200 million to a total of $800.0 million. The maturity date was extended by one year, and the Line of Credit will expire in September 2016, subject to one, one-year extension at the Company's option. The amended Line of Credit bears interest at an annual rate of LIBOR plus 117.5 basis points and is subject to adjustment based on the higher of the Company's corporate credit ratings from Moody's and S&P.

On January 15, 2012 the Company repaid the maturing balance of $192.4 million of 6.75% ten-year unsecured notes. Since December 31, 2011, the Company has borrowed $25.0 million, net of repayments, on its $800.0 million Line of Credit, and borrowed $150 million on its Term Loan, of which it repaid the entire balance on July 20, 2012. As a result of repaying the Term Loan, the Company wrote-off approximately $852,000 in loan costs. The Company assumed debt, net of premiums, of $12.8 million in connection with the acquisition of Grand Ridge Plaza on June 21, 2012.

The Company’s outstanding debt at September 30, 2012 and December 31, 2011 consists of the following (in thousands):



		2012	2011
Notes payable:
Fixed rate mortgage loans	$	446,358	439,880
Variable rate mortgage loans		12,222	12,665
Fixed rate unsecured loans		1,297,832	1,489,895
Total notes payable		1,756,412	1,942,440
Unsecured credit facilities		65,000	40,000
Total	$	1,821,412	1,982,440

As of September 30, 2012, scheduled principal payments and maturities on notes payable were as follows (in thousands):



Scheduled Principal Payments and Maturities by Year:		Scheduled Principal Payments	Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2012	$	2,022	—	—		2,022
2013		7,595	16,330	—		23,925
2014		7,091	27,183	150,000		184,274
2015		5,618	46,485	350,000		402,103
2016		5,487	14,161	65,000		84,648
Beyond 5 Years		24,605	297,009	800,000		1,121,614
Unamortized debt (discounts) premiums, net		—	4,994	(2,168	)	2,826
Total	$	52,418	406,162	1,362,832		1,821,412

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities balances outstanding as of September 30, 2012.

The Company believes it was in compliance at September 30, 2012 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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