Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2015

Notes Payable and Unsecured Credit Facilities

The Company’s debt outstanding as of March 31, 2015 and December 31, 2014 consists of the following (in thousands):



	2015		2014
Notes payable:
Fixed rate mortgage loans	$	460,885	518,993
Variable rate mortgage loans ⁽¹⁾	31,190		29,839
Fixed rate unsecured loans	1,397,652		1,397,525
Total notes payable	1,889,727		1,946,357
Unsecured credit facilities:
Line of Credit	30,000		—
Term Loan	75,000		75,000
Total unsecured credit facilities	105,000		75,000
Total debt outstanding	$	1,994,727	2,021,357

⁽¹⁾ An interest rate swap is in place to fix the interest rate on this variable rate mortgage loan. See note 5.

The weighted average contractual interest rates were 5.2% and 1.3% on the fixed rate and variable rate debt, respectively, at March 31, 2015. Significant financing activity since December 31, 2014, excluding scheduled principal payments, includes:


•	The Company repaid two mortgages totaling $55.8 million that were scheduled to mature during 2015;


•	The Company drew $1.4 million on a construction loan for the ongoing redevelopment of a shopping center; and


•	The Company borrowed $30.0 million, net of repayments, on its $800.0 million Line of Credit (the "Line").

As of March 31, 2015, 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
2015	$	4,724	20,391	350,000		375,115
2016	6,135		41,442	30,000		77,577
2017	5,399		116,316	400,000		521,715
2018	4,452		57,358	—		61,810
2019	3,443		106,000	75,000		184,443
Beyond 5 Years	22,648		97,390	650,000		770,038
Unamortized debt premiums (discounts), net	—		6,377	(2,348	)	4,029
Total	$	46,801	445,274	1,502,652		1,994,727

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

The Company was in compliance as of March 31, 2015 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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