Notes Payable and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Notes Payable and Long-Term Debt

At December 31, 2014 and 2013, notes payable and long-term debt consisted of the following (in millions):

	2014			2013
Revolving Credit loans, (2.37% for 2014 and 2.53% for 2013)	$	169.8		$	112.1
Term Loans:
6.90%, payable through 2020	80.0			85.0
5.55%, payable through 2026	50.0			50.0
5.53%, payable through 2024	37.5			37.5
5.56%, payable through 2026	25.0			25.0
3.90%, payable through 2024	75.0			75.0
4.35%, payable through 2026	25.0			25.0
4.15%, payable through 2024, secured by Pearl Highlands Center (a)	93.6			61.8
2.08%, payable through 2021, secured by Kailua Town Center III (b)	11.2			11.3
2.82%, payable through 2016, secured by The Shops at Kukui'ula (c)	40.5			44.0
2.78%, payable through 2016, secured by Kahala Estate Properties (d)	35.2			42.0
5.39%, payable through 2015, secured by Waianae Mall	19.1			19.9
5.19%, payable through 2019	10.2			11.9
6.38%, payable through 2017, secured by Midstate Hayes	8.3			8.3
1.17%, payable through 2021, secured by asphalt terminal (e)	8.0			8.9
1.85%, payable through 2017	7.9			10.7
3.31%, payable through 2018	6.3			8.0
2.00%, payable through 2018	2.2			2.9
2.65%, payable through 2016	1.2			1.8
5.50%, payable through 2014, secured by Little Cottonwood Center	—			6.1
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr.	—			3.2
3.05%, payable through 2014, secured by Maui Mall (f)	—			60.0
5.00%, payable through 2014	—			0.3
Total debt	706.0			710.7
Less debt (premium) discount	(0.4		)	(1.8		)
Total debt (contractual)	705.6			708.9
Less current portion	(74.5		)	(105.2		)
Add debt premium (discount)	0.4			1.8
Long-term debt	$	631.5		$	605.5

(a) On December 1, 2014, the Company refinanced and increased the amount of the loan secured by Pearl Highlands Center.

(b) Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate.

(c) Loan has a stated interest rate of LIBOR plus 2.66%.

(d) Loan has a stated interest rate of LIBOR plus 2.63%.

(e) Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate.

(f) Loan has a stated interest rate of LIBOR plus 3.00%. The loan was used as temporary financing for the acquisition of the Kailua Portfolio in December 2013. The loan was paid off with reverse 1031 proceeds from Maui Mall on January 6, 2014.