Notes Payable and Unsecured Credit Facilities

9 Months Ended

Sep. 30, 2014

Notes Payable and Unsecured Credit Facilities

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



		2014	2013
Notes payable:
Fixed rate mortgage loans	$	521,719	444,245
Variable rate mortgage loans		29,125	37,100
Fixed rate unsecured loans		1,397,399	1,298,352
Total notes payable		1,948,243	1,779,697
Unsecured credit facilities:
Term Loan		75,000	75,000
Total unsecured credit facilities		75,000	75,000
Total debt outstanding	$	2,023,243	1,854,697

Significant financing 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.

•

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 bears 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 $1.0 million on a construction loan for the planned redevelopment of a center acquired in 2013.


•	On July 1, 2014, the Company repaid $6.9 million on a mortgage loan maturing in 2015.


•	On August 27, 2014, the Company encumbered a recently completed development property, owned in a consolidated joint venture, with a $10 million interest only mortgage loan at a fixed rate of 3.78%, maturing in September 2024.


•	On September 30, 2014, the Company, through a consolidated joint venture, refinanced a maturing variable rate mortgage. The new mortgage of $10 million has a fixed rate of 3.41% and matures in October 2024, with principal and interest due monthly.

As of September 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	$	1,970	—	—		1,970
2015		6,618	75,937	350,000		432,555
2016		6,135	41,442	—		47,577
2017		5,399	116,098	400,000		521,497
2018		4,453	57,358	—		61,811
Beyond 5 Years		26,091	201,324	725,000		952,415
Unamortized debt premiums (discounts), net		—	8,019	(2,601	)	5,418
Total	$	50,666	500,178	1,472,399		2,023,243

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

The Company was in compliance as of September 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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