Debt (Tables)

12 Months Ended

Dec. 31, 2017

The following is a summary of our total debt outstanding as of December 31, 2017 and 2016:



	Principal Balance as of December 31,						Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2017			2016			December 31, 2017		December 31, 2017
Mortgages payable	(Dollars in thousands)
The Grove at Shrewsbury (West)	$	10,545		$	10,792		6.38	%	March 1, 2018
Rollingwood Apartments	20,820			21,283			5.54	%	May 1, 2019
The Shops at Sunset Place	66,603			68,634			5.62	%	September 1, 2020
29th Place	4,341			4,553			5.91	%	January 31, 2021
Sylmar Towne Center	17,362			—			5.39	%	June 6, 2021
Plaza Del Sol	8,579			—			5.23	%	December 1, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	71,054			72,726			4.20	%	January 10, 2022
Azalea	40,000			—			3.73	%	November 1, 2025
Bell Gardens	13,184			—			4.06	%	August 1, 2026
Plaza El Segundo	125,000			175,000			3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600			42,536			3.77	%	September 1, 2027
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	6,268			6,576			5.36	%	January 15, 2031
Subtotal	491,561			466,305
Net unamortized premium and debt issuance costs	(56		)	4,812
Total mortgages payable	491,505			471,117
Notes payable
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2018
Revolving credit facility	41,000			—			LIBOR + 0.825%		April 20, 2020
Various	4,819			5,247			11.31	%	Various through 2028
Subtotal	320,819			280,247
Net unamortized debt issuance costs	(554		)	(1,096		)
Total notes payable	320,265			279,151
Senior notes and debentures
5.90% notes	—			150,000			5.90	%	April 1, 2020
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
3.25% notes	475,000			—			3.25	%	July 15, 2027
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
4.50% notes	550,000			450,000			4.50	%	December 1, 2044
3.625% notes	250,000			250,000			3.625	%	August 1, 2046
Subtotal	2,419,200			1,994,200
Net unamortized discount and debt issuance costs	(17,760		)	(17,606		)
Total senior notes and debentures	2,401,440			1,976,594
Capital lease obligations
Various	71,556			71,590			Various		Various through 2106
Total debt and capital lease obligations	$	3,284,766		$	2,798,452

Mortgage loans assumed in acquisition

The mortgage loans are secured by the individual properties with the following contractual terms:



	Principal		Stated Interest Rate		Maturity Date
	(in millions)
Sylmar Towne Center	$	17.5	5.39	%	June 6, 2021
Plaza Del Sol	8.6		5.23	%	December 1, 2021
Azalea	40.0		3.73	%	November 1, 2025
Bell Gardens	13.3		4.06	%	August 1, 2026

Schedule of principal payments on mortgages payable, notes payable, senior notes and debentures

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2017 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2018	$	16,228	$	275,506	(1)	$	—	$	291,734
2019	25,820		563			—		26,383
2020	65,539		41,624		(2)	—		107,163
2021	30,541		694			250,000		281,235
2022	117,018		771			250,000		367,789
Thereafter	236,415		1,661			1,919,200		2,157,276
	$	491,561	$	320,819		$	2,419,200	$	3,231,580	(3)

_____________________


(1)	Our $275.0 million unsecured term loan matures on November 21, 2018, subject to a one-year extension at our option.


(2)	Our $800.0 million revolving credit facility matures on April 20, 2020, subject to two six-month extensions at our option. As of December 31, 2017, there was $41.0 million outstanding under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet as of December 31, 2017 due to the unamortized premium/(discount) and debt issuance costs on mortgage loans, notes payable, and senior notes.

Schedule of future minimum lease payments and their present value for property under capital leases

Future minimum lease payments and their present value for property under capital leases as of December 31, 2017, are as follows:




	(In thousands)
Year ending December 31,
2018	$	5,800
2019	5,800
2020	5,800
2021	5,800
2022	5,810
Thereafter	142,425
	171,435
Less amount representing interest	(99,879		)
Present value	$	71,556