Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2014

Notes Payable and Unsecured Credit Facilities

The Company’s debt outstanding as of June 30, 2014 and December 31, 2013 consists of the following (in thousands):



		2014	2013
Notes payable:
Fixed rate mortgage loans	$	511,036	444,245
Variable rate mortgage loans		37,755	37,100
Fixed rate unsecured loans		1,397,272	1,298,352
Total notes payable		1,946,063	1,779,697
Unsecured credit facilities:
Line of Credit		10,000	—
Term Loan		75,000	75,000
Total unsecured credit facilities		85,000	75,000
Total debt outstanding	$	2,031,063	1,854,697

Significant loan activity since December 31, 2013, excluding scheduled principal payments, includes:


•	On February 14, 2014, the Company assumed debt of $319,000, net of premiums, related to the Shops at Mira Vista acquisition.


•	On March 7, 2014, the Company assumed debt of $77.7 million, net of premiums, related to the Fairfield Portfolio acquisition.


•	On April 15, 2014, the Company repaid $150.0 million of 4.95% ten-year unsecured public debt.


•	On May 1, 2014, the Company repaid $6.6 million on a mortgage loan maturing in 2014.


•	On May 26, 2014, the Company issued $250.0 million of 3.75% ten-year unsecured public debt, which matures on June 15, 2024.

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On June 27, 2014, the Company amended its existing senior unsecured term loan facility (the "Term Loan"). The amendment established a new Term Loan size of $165.0 million, extended the maturity date to June 27, 2019 and reduced the applicable interest rate. The Term Loan will bear interest at LIBOR plus a ratings based margin of 1.15% per annum, subject to adjustment from time to time based on changes to the Company's corporate credit rating, and is subject to a fee of 0.2% per annum on the undrawn balance. Remaining deferred loan costs were expensed upon amending the Term Loan and new loan costs incurred were capitalized. The Company has $75.0 million outstanding and may elect to borrow up to an additional $90.0 million through August 31, 2015.


•	During 2014, the Company drew approximately $655,000 on a construction loan for the planned redevelopment of a center acquired in 2013.


•	The Company borrowed a net $10.0 million on its $800.0 million Line of Credit (the "Line") to fund acquisitions and development costs during the six months ended June 30, 2014.

As of June 30, 2014, 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
2014	$	3,826	9,000	—		12,826
2015		6,358	82,675	350,000		439,033
2016		5,867	41,442	10,000		57,309
2017		5,121	115,989	400,000		521,110
2018		4,165	57,358	—		61,523
Beyond 5 Years		17,224	190,955	725,000		933,179
Unamortized debt premiums (discounts), net		—	8,811	(2,728	)	6,083
Total	$	42,561	506,230	1,482,272		2,031,063

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.

The Company believes it was in compliance as of June 30, 2014 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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