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FINANCING ACTIVITY (Tables)
 12 Months Ended
Dec. 31, 2015
Real Estate Properties [Line Items]  
Schedule of Long-term Debt Instruments
 
 
Applicable Margin
Level


Ratio of Total Liabilities
to Gross Asset Value
2013 Revolving Facility
 
2014 7-Year Term Loan
 
2014 5-Year Term Loan
 
2015 5-Year Term Loan
 
1
Less than 0.450 to 1.00
1.20%
 
1.80%
 
1.35%
 
1.35%
 
2
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00
1.25%
 
1.95%
 
1.45%
 
1.45%
 
3
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00
1.30%
(1) 
2.15%
(1) 
1.60%
(1) 
1.60%
(1) 
4
Equal to or greater than 0.550 to 1.00
1.55%
 
2.35%
 
1.90%
 
1.90%
 
 
 
Applicable Margin
Level


Ratio of Total Liabilities
to Gross Asset Value
2013 Revolving Facility
 
2014 7-Year Term Loan
 
2014 5-Year Term Loan
 
2015 5-Year Term Loan
 
1
Less than 0.450 to 1.00
1.20%
 
1.80%
 
1.35%
 
1.35%
 
2
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00
1.25%
 
1.95%
 
1.45%
 
1.45%
 
3
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00
1.30%
(1) 
2.15%
(1) 
1.60%
(1) 
1.60%
(1) 
4
Equal to or greater than 0.550 to 1.00
1.55%
 
2.35%
 
1.90%
 
1.90%
 
Carrying And Fair Values of Mortgage Loans
The estimated fair values of our consolidated mortgage loans (excluding mortgage loans on held for sale properties) based on year-end interest rates and market conditions at December 31, 2015 and 2014 are as follows: 
 
2015
 
2014
(in millions of dollars)
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Mortgage loans
$
1,325.5

 
$
1,323.3

 
$
1,407.9

 
$
1,415.5
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
2015 Activity:
 
 
 
 
 
 
 
March
Francis Scott Key Mall(1)(2)
 
$
5.8

 
LIBOR plus 2.60%
 
March 2018
June
Patrick Henry Mall(3)
 
96.2

 
4.35% fixed
 
July 2025
September
Willow Grove Park Mall(4)
 
170.0

 
3.88% fixed
 
October 2025
 
 
 
 
 
 
 
 
2013 Activity:
 
 
 
 
 
 
 
February
Francis Scott Key Mall(1)(2)
 
62.6

 
LIBOR plus 2.60%
 
March 2018
February
Lycoming Mall(5)
 
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(6)
 
51.0

 
LIBOR plus 2.10%
 
September 2014
December
Wyoming Valley Mall
 
78.0

 
5.17% fixed
 
December 2023
 
(1)  
Interest only payments.
(2)  
The mortgage loan was increased by $5.8 million in 2015.
(3)  
We used the proceeds of the mortgage loan to repay the $83.8 million mortgage loan plus accrued interest and incurred a $0.8 million prepayment penalty. The balance of the proceeds were used for general corporate purposes.
(4)  
We used the proceeds of the mortgage loan to repay the $133.6 million mortgage loan plus accrued interest. The balance of the proceeds were used for general corporate purposes.
(5)  
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.
(6) 
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 mortgage loan in July 2014.


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, 2015:
(in thousands of dollars)
For the Year Ending December 31,
Principal
Amortization
 
Balloon
Payments
 
Total
2016
$
15,989

 
$
219,480

 
$
235,469

2017
16,244

 
150,000

 
166,244

2018
16,952

 
116,469

 
133,421

2019
17,692

 
—

 
17,692

2020
18,090

 
27,161

 
45,251

2021 and thereafter
52,034

 
675,384

 
727,418

 
$
137,001

 
$
1,188,494

 
$
1,325,495