DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Summary of total secured notes payable outstanding

The following is a summary of our total secured notes payable outstanding as of September 30, 2020 and December 31, 2019 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	September 30, 2020		December 31, 2019		as of September 30, 2020
Torrey Reserve—VCI, VCII, VCIII (1)(2)	$	—	$	6,498	6.36	%	June 1, 2020
Solana Crossing I-II (1)(2)	—		10,270		5.91	%	June 1, 2020
Solana Beach Towne Centre (1)(2)	—		34,235		5.91	%	June 1, 2020
City Center Bellevue (3)	111,000		111,000		3.98	%	November 1, 2022
	111,000		162,003

Debt issuance costs, net of accumulated amortization of $334 and $449, respectively	(87)		(124)
Total Secured Notes Payable Outstanding	$	110,913	$	161,879

(1)Loan repaid in full, without premium or penalty, on March 2, 2020.

(2)Principal payments based on a 30-year amortization schedule.

(3)Interest only.

The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of September 30, 2020 and December 31, 2019 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	September 30, 2020		December 31, 2019		as of September 30, 2020
Term Loan A	$	100,000	$	100,000	Variable		(1)	January 9, 2021
Senior Guaranteed Notes, Series A	150,000		150,000		4.04	%	(2)	October 31, 2021
Term Loan B	100,000		100,000		Variable		(3)	March 1, 2023
Term Loan C	50,000		50,000		Variable		(4)	March 1, 2023
Senior Guaranteed Notes, Series F	100,000		100,000		3.78	%	(5)	July 19, 2024
Senior Guaranteed Notes, Series B	100,000		100,000		4.45	%		February 2, 2025
Senior Guaranteed Notes, Series C	100,000		100,000		4.50	%		April 1, 2025
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(6)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(7)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(8)	July 30, 2030
	1,200,000		1,200,000
Debt issuance costs, net of accumulated amortization of $8,601 and $7,835, respectively	(3,453)		(4,220)
Total Unsecured Notes Payable	$	1,196,547	$	1,195,780

(1)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan A at approximately 4.08% through its stated maturity date, subject to adjustments based on our consolidated leverage ratio. In October 2020, the operating partnership exercised an option to extend the maturity date of Term Loan A to January 9, 2022.

(2)The Operating Partnership entered into a one-month forward-starting seven years swap contract on August 19, 2014, which was settled on September 19, 2014 at a gain of approximately $1.6 million. The forward-starting seven-year swap contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

(3)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan B at approximately 3.15% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan B is approximately 2.65%, subject to adjustments based on our consolidated leverage ratio.

(4)The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C at approximately 3.14% through its maturity date, subject to adjustments based on our consolidated leverage ratio. Effective March 1, 2018, the effective interest rate associated with Term Loan C is approximately 2.64%, subject to adjustments based on our consolidated leverage ratio.

(5)The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85% per annum.

(6)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. Each of the forward-starting interest swap rate contracts were deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.87% per annum.

(7)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.

(8)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.