Mortgage and Other Indebtedness (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of mortgage and other indebtedness

Mortgage and other indebtedness consisted of the following:

	June 30, 2016				December 31, 2015
	Amount			Weighted- Average Interest Rate (1)	Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating properties (2) (3)	$	2,613,566		5.66%	$	2,736,538		5.68%
Senior unsecured notes due 2023 (4)	446,349			5.25%	446,151			5.25%
Senior unsecured notes due 2024 (5)	299,936			4.60%	299,933			4.60%
Other	—			—%	2,686			3.50%
Total fixed-rate debt	3,359,851			5.51%	3,485,308			5.53%
Variable-rate debt:
Non-recourse term loans on operating properties	19,266			2.88%	16,840			2.49%
Recourse term loans on operating properties	25,921			3.05%	25,635			2.97%
Unsecured lines of credit	388,912			1.65%	398,904			1.54%
Unsecured term loans	800,000			1.89%	800,000			1.82%
Total variable-rate debt	1,234,099			1.86%	1,241,379			1.76%
Total fixed-rate and variable-rate debt	4,593,950			4.53%	4,726,687			4.54%
Unamortized deferred financing costs	(15,234		)		(16,059		)
Liabilities related to assets held for sale (3)	(38,237		)		—
Total mortgage and other indebtedness	$	4,540,479			$	4,710,628

(1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

(2) The Operating Partnership had four interest rate swaps on notional amounts totaling $101,151 as of December 31, 2015 related to four variable-rate loans on consolidated operating properties to effectively fix the interest rate on the respective loans.  Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016.

(3) Includes a $38,237 mortgage loan secured by Fashion Square that is classified on the condensed consolidated balance sheets as Liabilities Related to Assets Held for Sale. See Note 4.

(4) The balance is net of an unamortized discount of $3,651 and $3,849 as of June 30, 2016 and December 31, 2015, respectively.

(5) The balance is net of an unamortized discount of $64 and $67 as of June 30, 2016 and December 31, 2015, respectively.

Schedule of line of credit facilities

The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2016:     

	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date
Wells Fargo - Facility A	$	500,000	$	—	(1)	October 2019	October 2020	(2)
First Tennessee	100,000		3,200		(3)	October 2019	October 2020	(4)
Wells Fargo - Facility B	500,000		385,712		(5)	October 2020
	$	1,100,000	$	388,912

(1) There was $350 outstanding on this facility as of June 30, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.

(2) The extension option is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility.

(3) Up to $20,000 of the capacity on this facility can be used for letters of credit.

(4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility.

(5) There was an additional $5,464 outstanding on this facility as of June 30, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.

Schedule of covenant compliance

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2016:

Ratio	Required	Actual
Debt to total asset value	< 60%	48%
Unencumbered asset value to unsecured indebtedness	> 1.6x	2.3x
Unencumbered NOI to unsecured interest expense	> 1.75x	5.0x
EBITDA to fixed charges (debt service)	> 1.5x	2.4x

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2016:

Ratio	Required	Actual
Total debt to total assets	< 60%	53%
Secured debt to total assets	< 45% (1)	31%
Total unencumbered assets to unsecured debt	> 150%	223%
Consolidated income available for debt service to annual debt service charge	> 1.5x	3.3x

(1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.

Schedule of fixed rate loans

The following table presents the loans, secured by the related consolidated properties, that were entered into in 2016:

Date	Property	Stated Interest Rate	Maturity Date		Amount Financedor Extended
June	Hamilton Place (1)	4.36%	June 2026		$	107,000
June	Statesboro Crossing (2)	LIBOR + 1.80%	June 2017	(3)	11,035
April	Hickory Point Mall (4)	5.85%	December 2018	(5)	27,446

(1) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities.

(2) The loan was modified to extend the maturity date.

(3) The loan has a one-year extension option at the Company's election for an outside maturity date of June 2018.

(4) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but future amortization payments have been eliminated.

(5) The loan has a one-year extension option at the Company's election for an outside maturity date of December 2019.

Construction Loan

The following table presents the construction loan, secured by the related consolidated property, that was entered into in 2016:

Date	Property	Stated Interest Rate		Maturity Date		Amount Financed
May	The Outlet Shoppes of Laredo (1)	LIBOR + 2.5%	(2)	May 2019	(3)	$	91,300

(1) The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes of Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan.

(2) The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met.

(3) The loan has one24-month extension option, which is at the joint venture's election, for an outside maturity date of May 2021.

The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016:

Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid
June	Hamilton Place (1)	5.86%	August 2016	$	98,181
April	CoolSprings Crossing (2)	4.54%	April 2016	11,313
April	Gunbarrel Pointe (2)	4.64%	April 2016	10,083
April	Stroud Mall (2)	4.59%	April 2016	30,276
April	York Galleria (2)	4.55%	April 2016	48,337

(1) The Company retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information.

(2) The Company used proceeds from dispositions to retire the loan.

Schedule of principal repayments

As of June 30, 2016, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows: 

2016	$	327,669
2017	842,315
2018	710,542
2019	126,468
2020	596,563
Thereafter	1,990,738
	4,594,295
Net unamortized premiums	(345		)
	$	4,593,950

Schedule of pay fixed/receive variable swap

Instrument Type	Location in Condensed Consolidated Balance Sheet	Notional Amount Outstanding	Designated Benchmark Interest Rate	Strike Rate	Fair Value at 6/30/16		Fair Value at 12/31/15			Maturity Date
Pay fixed/ Receive   variable Swap	Accounts payable and accrued liabilities	$48,337 (amortizing to $48,337)	1-month LIBOR	2.149%	$	—	$	(208	)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$30,276 (amortizing to $30,276)	1-month LIBOR	2.187%	—		(133		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$11,313 (amortizing to $11,313)	1-month LIBOR	2.142%	—		(48		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$10,083 (amortizing to $10,083)	1-month LIBOR	2.236%	—		(45		)	April 2016
					$	—	$	(434	)

Schedule of gain (loss) recognized in other comprehensive income (loss)

	Gain Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI into Earnings (Effective  Portion)	Loss Recognized in Earnings (Effective Portion)					Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Three Months Ended June 30,					Three Months Ended June 30,						Three Months Ended June 30,
	2016		2015			2016		2015				2016		2015
Interest rate contracts	$	—	$	570	Interest Expense	$	—	$	(646	)	Interest Expense	$	—	$	—

	Gain Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI into Earnings (Effective  Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Six Months Ended June 30,					Six Months Ended June 30,							Six Months Ended June 30,
	2016		2015			2016			2015				2016		2015
Interest rate contracts	$	434	$	930	Interest Expense	$	(443	)	$	(1,169	)	Interest Expense	$	—	$	—