XML 65 R46.htm IDEA: XBRL DOCUMENT v3.7.0.1
Mortgage and Other Indebtedness (Details)
1 Months Ended 3 Months Ended
Mar. 31, 2017
USD ($)
loan
extension_option
credit_line
Feb. 28, 2017
USD ($)
Jan. 31, 2017
USD ($)
Mar. 31, 2017
USD ($)
loan
extension_option
credit_line
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 4.65%     4.65%   4.82%
Long-term debt, percentage bearing fixed interest, amount $ 3,389,900,000     $ 3,389,900,000   $ 3,594,379,000
Mortgage and other indebtedness amount carrying value 1,149,563,000     1,149,563,000   888,770,000
Total fixed-rate and variable-rate debt 4,539,463,000     4,539,463,000   4,483,149,000
Unamortized deferred financing costs (16,983,000)     (16,983,000)   (17,855,000)
Total mortgage and other indebtedness, net $ 4,522,480,000     4,522,480,000   $ 4,465,294,000
Repayments of Long-term Debt       159,726,000    
Gain on extinguishment of debt       $ 4,055,000 $ 6,000  
Minimum            
Debt Instrument [Line Items]            
Notice required to redeem debt, term       30 days    
Maximum            
Debt Instrument [Line Items]            
Notice required to redeem debt, term       60 days    
Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 5.46%     5.46%   5.48%
Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 2.28%     2.28%   2.15%
Wells Fargo Bank            
Debt Instrument [Line Items]            
Letter of credit, outstanding $ 150,000     $ 150,000    
Senior Unsecured Notes | Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 5.25%     5.25%    
Senior Notes Due 2024            
Debt Instrument [Line Items]            
Long-term debt, percentage bearing fixed interest, amount $ 299,941,000     $ 299,941,000   $ 299,939,000
Unamortized debt discount 59,000     59,000   $ 61,000
Debt instrument, face amount $ 300,000,000     $ 300,000,000    
Senior Notes Due 2024 | Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 4.60%     4.60%   4.60%
Senior Notes Due 2026            
Debt Instrument [Line Items]            
Long-term debt, percentage bearing fixed interest, amount $ 394,367,000     $ 394,367,000   $ 394,260,000
Unamortized debt discount 5,633,000     5,633,000   $ 5,740,000
Debt instrument, face amount $ 400,000,000     $ 400,000,000    
Senior Notes Due 2026 | Minimum            
Debt Instrument [Line Items]            
Secured debt to total assets (as a percent) 40.00%     40.00%    
Senior Notes Due 2026 | Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 5.95%     5.95%   5.95%
Senior Notes Due 2023 and 2024 | Minimum            
Debt Instrument [Line Items]            
Secured debt to total assets (as a percent) 40.00%     40.00%    
Senior Notes Due 2023 and 2024 | Maximum            
Debt Instrument [Line Items]            
Secured debt to total assets (as a percent) 45.00%     45.00%    
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Minimum            
Debt Instrument [Line Items]            
Debt instrument, increase in variable interest rate 0.25%     0.25%    
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Maximum            
Debt Instrument [Line Items]            
Debt instrument, increase in variable interest rate 1.00%     1.00%    
Unsecured Debt            
Debt Instrument [Line Items]            
Number of unsecured term loans | loan 3     3    
Non-recourse loans on operating properties            
Debt Instrument [Line Items]            
Long-term debt, percentage bearing fixed interest, amount $ 2,248,936,000     $ 2,248,936,000   $ 2,453,628,000
Mortgage and other indebtedness amount carrying value $ 16,488,000     16,488,000   $ 19,055,000
Debt instrument, default minimum       $ 50,000,000    
Non-recourse loans on operating properties | Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 5.53%     5.53%   5.55%
Non-recourse loans on operating properties | Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 2.90%     2.90%   3.13%
Senior Notes Due 2023            
Debt Instrument [Line Items]            
Long-term debt, percentage bearing fixed interest, amount $ 446,656,000     $ 446,656,000   $ 446,552,000
Unamortized debt discount 3,344,000     3,344,000   $ 3,448,000
Debt instrument, face amount $ 450,000,000     $ 450,000,000    
Senior Notes Due 2023 | Fixed Rate Interest            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 5.25%     5.25%   5.25%
Recourse term loans on operating properties            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value $ 24,727,000     $ 24,727,000   $ 24,428,000
Debt instrument, default minimum       $ 150,000,000    
Recourse term loans on operating properties | Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 3.46%     3.46%   3.29%
Construction loan            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value $ 56,243,000     $ 56,243,000   $ 39,263,000
Construction loan | Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 3.28%     3.28%   3.12%
Unsecured lines of credit            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value $ 252,105,000     $ 252,105,000   $ 6,024,000
Unsecured lines of credit | Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 2.03%     2.03%   1.82%
Unsecured term loans            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value $ 800,000,000     $ 800,000,000   $ 800,000,000
Unsecured term loans | Variable Rate Interest Member            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 2.23%     2.23%   2.04%
Debt Covenant Requirement | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Secured debt to total assets (as a percent) 45.00%     45.00%    
Total debt to total asset value (as a percent) 60.00%     60.00%    
Total Unencumbered Assets to Unsecured Debt (as a percent) 150.00%     150.00%    
Consolidated income available for debt service to annual debt service charge (as a percent) 150.00%     150.00%    
Debt Covenant Requirement | Unsecured Credit Facility and Term Loan            
Debt Instrument [Line Items]            
Total debt to total asset value (as a percent) 60.00%     60.00%    
Total Unencumbered Assets to Unsecured Debt (as a percent) 160.00%     160.00%    
Unencumbered NOI to unsecured interest expense (as a percent) 175.00%     175.00%    
EBITDA to fixed charges (debt service) (as a percent) 150.00%     150.00%    
Debt Covenant Ratios Actual | Senior Unsecured Notes            
Debt Instrument [Line Items]            
Secured debt to total assets (as a percent) 27.00%     27.00%    
Total debt to total asset value (as a percent) 53.00%     53.00%    
Total Unencumbered Assets to Unsecured Debt (as a percent) 211.00%     211.00%    
Consolidated income available for debt service to annual debt service charge (as a percent) 310.00%     310.00%    
Debt Covenant Ratios Actual | Unsecured Credit Facility and Term Loan            
Debt Instrument [Line Items]            
Total debt to total asset value (as a percent) 49.00%     49.00%    
Total Unencumbered Assets to Unsecured Debt (as a percent) 230.00%     230.00%    
Unencumbered NOI to unsecured interest expense (as a percent) 370.00%     370.00%    
EBITDA to fixed charges (debt service) (as a percent) 250.00%     250.00%    
Treasury Rate | Senior Notes Due 2024            
Debt Instrument [Line Items]            
Derivative, basis spread on variable rate 0.35%     0.35%    
Treasury Rate | Senior Notes Due 2026            
Debt Instrument [Line Items]            
Derivative, basis spread on variable rate 0.50%     0.50%    
Treasury Rate | Senior Notes Due 2023            
Debt Instrument [Line Items]            
Derivative, basis spread on variable rate 0.40%     0.40%    
Unsecured lines of credit            
Debt Instrument [Line Items]            
Number of unsecured term loans | credit_line 3     3    
Mortgage and other indebtedness amount carrying value $ 252,105,000     $ 252,105,000    
Loan agreement, basis spread on variable rate (as a percentage)       1.20%    
Annual facility Fee (percent)       0.25%    
Total Capacity 1,100,000,000     $ 1,100,000,000    
Unsecured lines of credit | Minimum            
Debt Instrument [Line Items]            
Loan agreement, basis spread on variable rate (as a percentage)       0.875%    
Annual facility Fee (percent)       0.125%    
Unsecured lines of credit | Maximum            
Debt Instrument [Line Items]            
Loan agreement, basis spread on variable rate (as a percentage)       1.55%    
Annual facility Fee (percent)       0.30%    
Wells Fargo - Facility A            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value 0     $ 0    
Total Capacity 500,000,000     500,000,000    
Unsecured Line of Credit, First Tennessee            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value 27,400,000     27,400,000    
Total Capacity 100,000,000     100,000,000    
Wells Fargo - Facility B            
Debt Instrument [Line Items]            
Mortgage and other indebtedness amount carrying value 224,705,000     224,705,000    
Total Capacity 500,000,000     500,000,000    
Wells Fargo Bank            
Debt Instrument [Line Items]            
Total Capacity 30,000,000     30,000,000    
First Tennessee Bank            
Debt Instrument [Line Items]            
Total Capacity 20,000,000     20,000,000    
Unsecured Term Loan 2            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 350,000,000     $ 350,000,000    
Loan agreement, basis spread on variable rate (as a percentage)       1.35%    
Number of extension options available | extension_option 2     2    
Debt instrument, option extension term (in years)       1 year    
Interest Rate at Repayment Date 2.13%     2.13%    
Unsecured term loans            
Debt Instrument [Line Items]            
Debt instrument, face amount $ 400,000,000     $ 400,000,000    
Loan agreement, basis spread on variable rate (as a percentage)       1.50%    
Interest Rate at Repayment Date 2.28%     2.28%    
Unsecured Term Loan 3            
Debt Instrument [Line Items]            
Weighted Average Interest Rate (percent) 2.53%     2.53%    
Debt instrument, face amount $ 50,000,000     $ 50,000,000    
Loan agreement, basis spread on variable rate (as a percentage)       1.55%    
Wells Fargo Bank            
Debt Instrument [Line Items]            
Line of credit, extension fee (percent)       0.15%    
Wells Fargo Bank | Unsecured Line of Credit, First Tennessee            
Debt Instrument [Line Items]            
Line of credit, extension fee (percent)       0.20%    
Chesterfield Mall and Wausau Center | Mortgages            
Debt Instrument [Line Items]            
Total mortgage and other indebtedness, net 157,689,000     $ 157,689,000    
Debt instrument, default amount 157,689,000     157,689,000    
Outlet Shoppes at Atlanta - Ridgewalk | Mortgages            
Debt Instrument [Line Items]            
Debt instrument, default amount $ 2,466,000     $ 2,466,000    
Midland Mall | Mortgages            
Debt Instrument [Line Items]            
Debt instrument, default amount     $ 31,953,000      
Gain on extinguishment of debt     $ 4,055,000      
The Plaza at Fayette Mall            
Debt Instrument [Line Items]            
Interest Rate at Repayment Date     5.67%      
Repayments of Long-term Debt     $ 37,146,000      
The Shoppes at St Clair            
Debt Instrument [Line Items]            
Interest Rate at Repayment Date     5.67%      
Repayments of Long-term Debt     $ 18,827,000      
Hamilton Corner            
Debt Instrument [Line Items]            
Interest Rate at Repayment Date   5.67%        
Repayments of Long-term Debt   $ 14,227,000        
Layton Hills Mall            
Debt Instrument [Line Items]            
Interest Rate at Repayment Date 5.66%     5.66%    
Repayments of Long-term Debt $ 89,526,000