Debt

12 Months Ended

Dec. 31, 2021

Debt Instruments [Abstract]

Debt Disclosure [Text Block]

DEBT

The following is a summary of our total debt outstanding as of December 31, 2021 and 2020:

	Principal Balance as of December 31,				Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2021		2020		December 31, 2021		December 31, 2021
Mortgages payable	(Dollars in thousands)
Sylmar Towne Center	$	—	$	16,236	5.39	%	June 6, 2021
Plaza Del Sol	—		8,041		5.23	%	December 1, 2021
THE AVENUE at White Marsh	—		52,705		3.35	%	January 1, 2022
Montrose Crossing	—		65,596		4.20	%	January 10, 2022
Azalea	40,000		40,000		3.73	%	November 1, 2025
Bell Gardens	12,127		12,408		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
Hoboken (24 Buildings) (1)	56,450		56,450		LIBOR + 1.95%		December 15, 2029
Various Hoboken (14 Buildings)	31,817		32,705		Various (2)		Various through 2029
Chelsea	4,851		5,234		5.36	%	January 15, 2031
Hoboken (1 Building) (3)	16,234		16,560		3.75	%	July 1, 2042
Subtotal	341,579		486,035
Net unamortized debt issuance costs and premium	(1,586)		(1,924)
Total mortgages payable, net	339,993		484,111
Notes payable
Revolving credit facility	—		—		LIBOR + 0.775%		January 19, 2024
Term loan	300,000		400,000		LIBOR + 0.80%		April 16, 2024
Various	2,635		3,270		11.31	%	Various through 2028
Subtotal	302,635		403,270
Net unamortized debt issuance costs	(1,169)		(494)
Total notes payable, net	301,466		402,776
Senior notes and debentures
2.75% notes	275,000		275,000		2.75	%	June 1, 2023
3.95% notes	600,000		600,000		3.95	%	January 15, 2024
1.25% notes	400,000		400,000		1.25	%	February 15, 2026
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
3.20% notes	400,000		400,000		3.20	%	June 15, 2029
3.50% notes	400,000		400,000		3.50	%	June 1, 2030
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	3,419,200		3,419,200
Net unamortized debt issuance costs and premium	(13,112)		(14,712)
Total senior notes and debentures	3,406,088		3,404,488
Total debt	$	4,047,547	$	4,291,375

_____________________

1)On November 26, 2019, we entered into two interest rate swap agreements that fix the interest rate on the mortgage loan at 3.67%.

2)The interest rates on these mortgages range from 3.91% to 5.00%.

3)This mortgage loan has a fixed interest rate, however, the rate resets every five years until maturity. The current interest rate is fixed until July 1, 2022, and the loan is prepayable at par anytime after this date.

On April 16, 2021, we repaid $100.0 million of our existing $400.0 million term loan, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the initial maturity date to April 16, 2024, along with two one-year extensions, at our option.

In 2021, we repaid the following mortgage loans, at par, prior to their original maturity date:

Property	Repayment Date	Principal
		(in millions)
Sylmar Towne Center	February 5, 2021	$	16.2
Plaza Del Sol	September 1, 2021	$	7.9
Montrose Crossing	October 12, 2021	$	64.1
The AVENUE at White Marsh	November 2, 2021	$	52.7

During 2021, 2020 and 2019, the maximum amount of borrowings outstanding under our revolving credit facility was $150.0 million, $990.0 million and $116.5 million, respectively. The weighted average amount of borrowings outstanding was $19.6 million, $138.5 million and $26.8 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 0.9%, 1.5% and 3.2%, respectively. The revolving credit facility requires an annual facility fee of $1.0 million. At December 31, 2021 and December 31, 2020, our revolving credit facility had no balance outstanding.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders’ equity and debt coverage ratios and a maximum ratio of debt to net worth. As of December 31, 2021, we were in compliance with all default related debt covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2021 are as follows:

	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2022	$	3,351	$	744		$	—	$	4,095
2023	3,549		758			275,000		279,307
2024	3,688		300,659		(1)(2)	600,000		904,347
2025	48,033		383			—		48,416
2026	26,657		54			429,200		455,911
Thereafter	256,301		37			2,115,000		2,371,338
	$	341,579	$	302,635		$	3,419,200	$	4,063,414	(3)

 _____________________

(1)Our $300.0 million term loan matures on April 16, 2024 plus two one-year extensions, at our option.

(2)Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option. As of December 31, 2021, there was no balance outstanding under this credit facility.

(3)The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net debt issuance costs and premium/discount on mortgage loans, notes payable, and senior notes as of December 31, 2021.