Debt (Tables)

12 Months Ended

Dec. 31, 2018

The following is a summary of our total debt outstanding as of December 31, 2018 and 2017:



	Principal Balance as of December 31,						Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2018			2017			December 31, 2018		December 31, 2018
Mortgages payable	(Dollars in thousands)
The Grove at Shrewsbury (West)	$	—		$	10,545		6.38	%	March 1, 2018
Rollingwood Apartments	20,331			20,820			5.54	%	May 1, 2019
The Shops at Sunset Place	64,453			66,603			5.62	%	September 1, 2020
29th Place	4,117			4,341			5.91	%	January 31, 2021
Sylmar Towne Center	17,006			17,362			5.39	%	June 6, 2021
Plaza Del Sol	8,409			8,579			5.23	%	December 1, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	69,310			71,054			4.20	%	January 10, 2022
Azalea	40,000			40,000			3.73	%	November 1, 2025
Bell Gardens	12,936			13,184			4.06	%	August 1, 2026
Plaza El Segundo	125,000			125,000			3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600			43,600			3.77	%	September 1, 2027
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Chelsea	5,941			6,268			5.36	%	January 15, 2031
Subtotal	475,308			491,561
Net unamortized premium and debt issuance costs	(929		)	(56		)
Total mortgages payable	474,379			491,505
Notes payable
Term loan	275,000			275,000			LIBOR + 0.90%		November 21, 2019
Revolving credit facility	—			41,000			LIBOR + 0.825%		April 20, 2020
Various	4,392			4,819			11.31	%	Various through 2028
Subtotal	279,392			320,819
Net unamortized debt issuance costs	(365		)	(554		)
Total notes payable	279,027			320,265
Senior notes and debentures
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			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			550,000			4.50	%	December 1, 2044
3.625% notes	250,000			250,000			3.625	%	August 1, 2046
Subtotal	2,419,200			2,419,200
Net unamortized discount and debt issuance costs	(14,921		)	(17,760		)
Total senior notes and debentures	2,404,279			2,401,440
Capital lease obligations
Various	71,519			71,556			Various		Various through 2106
Total debt and capital lease obligations	$	3,229,204		$	3,284,766

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, 2018 are as follows:



	Mortgages Payable			Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2019	$	25,795	(1)	$	275,551		$	—	$	301,346
2020	65,539			613		(2)	—		66,152
2021	30,541			682			250,000		281,223
2022	117,018			758			250,000		367,776
2023	730			787			275,000		276,517
Thereafter	235,685			1,001			1,644,200		1,880,886
	$	475,308		$	279,392		$	2,419,200	$	3,173,900	(3)

_____________________


(1)	2019 maturities include a $20.3 million mortgage loan, which was paid off at par on January 31, 2019, prior to its original maturity date.


(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, 2018, there was no outstanding balance under this credit facility.


(3)	The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on mortgage loans, notes payable, and senior notes as of December 31, 2018.

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, 2018, are as follows:




	(In thousands)
Year ending December 31,
2019	$	5,800
2020	5,800
2021	5,800
2022	5,810
2023	60,013
Thereafter	82,862
	166,085
Less amount representing interest	(94,566		)
Present value	$	71,519