MORTGAGES, NOTES AND LOANS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2013

MORTGAGES, NOTES AND LOANS PAYABLE

Summary of Mortgages, notes and loans payable

	March 31,		Weighted-Average		December 31,		Weighted-Average
	2013(1)		Interest Rate(2)		2012(3)		Interest Rate(2)
Fixed-rate debt:
Collateralized mortgages, notes and loans payable	$	14,620,117	4.73	%	$	14,225,011	4.88	%
Corporate and other unsecured loans	634,717		6.68	%	729,590		6.51	%
Total fixed-rate debt	15,254,834		4.81	%	14,954,601		4.96	%
Variable-rate debt:
Collateralized mortgages, notes and loans payable	980,532		3.41	%	1,012,265		3.42	%
Total Mortgages, notes and loans payable	$	16,235,366	4.72	%	$	15,966,866	4.86	%
Variable-rate debt:
Junior Subordinated Notes	$	206,200	1.75	%	$	206,200	1.76	%

(1) Includes ($21.0) million of debt market rate adjustments.

(2) Represents the weighted-average interest rates on our principal balances, excluding the effects of deferred finance costs.

(3) Includes ($23.3) million of debt market rate adjustments.

Summary of the entity significant loan refinancings

Property	Original Loan		Original Rate		New Loan		New Rate		Net Proceeds		Maturity
	(dollars in millions)
Willowbrook Mall	$	146.5	6.82	%	$	360.0	3.55	%	$	213.5	March 2025
Pembroke Lakes Mall	119.0		4.94	%	260.0		3.56	%	141.0		March 2025
Valley Plaza Mall	86.0		3.90	%	240.0		3.75	%	154.0		March 2025

Schedule of unsecured debt obligations

	March 31,		Weighted-Average		December 31,		Weighted-Average
	2013(2)		Interest Rate		2012		Interest Rate
Unsecured fixed-rate debt:
TRCLLC Bonds - 2010 Indenture(1) (3)	$	608,688	6.75	%	$	608,688	6.75	%
HHC Note(1)	17,830		4.41	%	19,347		4.41	%
TRCLLC Bonds - 1995 Indenture	—		—		91,786		5.38	%
Total unsecured fixed-rate debt	$	626,518	6.68	%	$	719,821	6.51	%

(1) Matures from November 2015 through December 2015.

(2) Excludes a net market rate premium of $8.2 million that increases the total amount that appears outstanding in our Consolidated Balance Sheets.  The market rate premium amortizes as a reduction to interest expense over the life of the respective loan.

(3) We repaid $608.7 million of corporate unsecured bonds on May 1, 2013 (Note 16).