Contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of guarantees

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015:

	As of March 31, 2016									Obligation recorded to reflect guaranty
Unconsolidated Affiliate	Company's Ownership Interest	Outstanding Balance		Percentage Guaranteed by the Operating Partnership		Maximum Guaranteed Amount		Debt Maturity Date (1)		3/31/2016		12/31/2015
West Melbourne I, LLC - Phase I	50%	$	43,297	20%	(2)	$	8,659	Feb-2018	(3)	$	99	$	99
West Melbourne I, LLC - Phase II	50%	16,737		20%	(2)	3,347		Feb-2018	(3)	87		87
Port Orange I, LLC	50%	58,558		20%	(2)	11,712		Feb-2018	(3)	148		148
Fremaux Town Center JV, LLC - Phase I	65%	40,530		15%		6,207		Aug-2016	(4)	62		62
Fremaux Town Center JV, LLC - Phase II	65%	29,935		50%	(5)	16,050		Aug-2016	(4)	161		161
Ambassador Town Center JV, LLC	65%	33,574		100%	(6)	45,307		Dec-2017	(7)	462		462
Ambassador Infrastructure, LLC	65%	11,137		100%	(8)	11,700		Dec-2017	(7)	177		177
				Total guaranty liability						$	1,196	$	1,196

(1) Excludes any extension options.

(2) The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5.

(3) The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019.

(4) The loan has twoone-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018.

(5) Phase II of the development opened in the fourth quarter of 2015. Once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year and a debt service coverage ratio of 1.30 to 1.00 is met.

(6) Once construction is complete, the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics.

(7) The loan has twoone-year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019.

(8) The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("PILOT") payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists.