FINANCING ACTIVITY (Tables)

12 Months Ended

Dec. 31, 2014

Real Estate Properties [Line Items]

Schedule of Long-term Debt Instruments

Level	Ratio of Total Liabilities  to Gross Asset Value	5 Year Term Loan Applicable Margin	7 Year Term Loan Applicable Margin
1	Less than 0.450 to 1.00	1.35%	1.80%
2	Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00	1.45%	1.95%
3	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	1.60%	2.15%
4	Equal to or greater than 0.550 to 1.00	1.90%	2.35%

Level	Ratio of Total Liabilities to Gross Asset Value	Applicable Margin
1	Less than 0.450 to 1.00	1.50	%
2	Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00	1.70	%
3	Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00	1.85	%
4	Equal to or greater than 0.550 to 1.00	2.05	%

Carrying And Fair Values of Mortgage Loans

The estimated fair values of mortgage loans based on year-end interest rates and market conditions at December 31, 2014 and 2013 are as follows:

	2014				2013
(in millions of dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
Mortgage loans	$	1,407.9	$	1,415.5	$	1,502.7	$	1,467.9

Mortgage Loan Activity

The following table presents the mortgage loans we have entered into or extended since January 1, 2013 relating to our consolidated properties:

Financing Date	Property	Amount Financed or Extended (in millions of dollars)	Stated Interest Rate	Maturity
2013 Activity:
February	Francis Scott Key Mall(1)(2)	$62.6	LIBOR plus 2.60%	March 2018
February	Lycoming Mall(3)	35.5	LIBOR plus 2.75%	March 2018
February	Viewmont Mall(1)	48.0	LIBOR plus 2.60%	March 2018
March	Dartmouth Mall	67.0	3.97% fixed	April 2018
September	Logan Valley Mall(4)	51.0	LIBOR plus 2.10%	September 2014
December	Wyoming Valley Mall(5)	78.0	5.17% fixed	December 2023

⁽¹⁾  Interest only payments.

⁽²⁾  The mortgage loan may be increased by $5.8 million subject to certain prescribed conditions.

⁽³⁾  The initial amount of the mortgage loan was $28.0 million. We took additional draws of $5.0 million in October 2009 and $2.5 million in March 2010. The mortgage loan was amended in February 2013 to lower the interest rate to LIBOR plus 2.75% and to extend the maturity date to March 2018. In February 2013, the unamortized balance of the mortgage loan was $33.4 million before we borrowed an additional $2.1 million to bring the total amount financed to $35.5 million.

⁽⁴⁾  The initial amount of the mortgage loan was $68.0 million. We repaid $5.0 million in September 2011 and $12.0 million in September 2013. We exercised our right under the loan in September 2013 to extend the maturity date to September 2014. We repaid the loan in July 2014.

⁽⁵⁾  Interest only payments until March 2015. Principal and interest payments commencing in April 2015.

Consolidated Properties [Member]

Real Estate Properties [Line Items]

Timing of Principal Payments and Terms of Mortgage Loans

The following table outlines the timing of principal payments and balloon payments pursuant to the terms of our mortgage loans of our consolidated properties as of December 31, 2014:

(in thousands of dollars) For the Year Ending December 31,	Principal Amortization		Balloon Payments		Total
2015	$	20,923	$	270,799	$	291,722
2016	12,830		219,480		232,310
2017	12,411		150,000		162,411
2018	12,085		141,532		153,617
2019	12,450		28,050		40,500
2020 and thereafter	34,792		492,595		527,387
	$	105,491	$	1,302,456	$	1,407,947