Debt

Our debt consists of the following (in thousands):



	March 31, 2013		December 31, 2012
Debt payable to 2038 at 2.6% to 8.6% in 2013 and 2.6% to 8.8% in 2012	$	2,227,395	$	2,041,709
Unsecured notes payable under credit facilities	—		66,000
Debt service guaranty liability	74,075		74,075
Obligations under capital leases	21,000		21,000
Industrial revenue bonds payable to 2015 at 2.4%	1,150		1,246
Total	$	2,323,620	$	2,204,030

The grouping of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	March 31, 2013		December 31, 2012
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,179,715	$	1,992,599
Variable-rate debt	143,905		211,431
Total	$	2,323,620	$	2,204,030
As to collateralization:
Unsecured debt	$	1,438,838	$	1,270,742
Secured debt	884,782		933,288
Total	$	2,323,620	$	2,204,030

Effective September 30, 2011, we entered into an amended and restated $500 million unsecured revolving credit facility. At March 31, 2013, the facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. The borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, are 125 and 25 basis points, respectively. The facility also contains a competitive bid feature that will allow us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Subsequent to March 31, 2013, we amended our $500 million unsecured revolving credit facility. The amendment reduces the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, by 10 and five basis points, respectively. In addition, the maturity date has been extended to 2017, and we have two consecutive six month extensions available.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintain for cash management purposes. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin based on market liquidity.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):



	March 31, 2013			December 31, 2012
Unsecured revolving credit facility:
Balance outstanding	$	—		$	30,000
Available balance	497,571			467,571
Letter of credit outstanding under facility	2,429			2,429
Variable interest rate (excluding facility fee)	—		%	1.1		%
Unsecured and uncommitted overnight facility:
Balance outstanding	$	—		$	36,000
Variable interest rate	—		%	1.5		%
Both facilities:
Maximum balance outstanding during the period	$	265,500		$	303,100
Weighted average balance	114,956			157,447
Year-to-date weighted average interest rate (excluding facility fee)	1.1		%	1.3		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040, as extended by the Sheridan Redevelopment Agency (“Agency”) in April 2011. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. For both periods ended at March 31, 2013 and December 31, 2012, we had $74.1 million outstanding for the debt service guaranty liability.

On March 22, 2013, we issued $300 million of 3.5% senior unsecured notes maturing in 2023. The notes were issued at 99.53% of the principal amount with a yield to maturity of 3.56%. The net proceeds received of $296.6 million were used to reduce amounts outstanding under our $500 million unsecured revolving credit facility, which included borrowings used to redeem $75 million of our 6.75% Series D Cumulative Redeemable Preferred Shares. In addition, $63.0 million of fixed-rate medium term notes matured during the quarter at a weighted average interest rate of 5.6%.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At March 31, 2013 and December 31, 2012, the carrying value of such assets aggregated $1.5 billion for both periods.

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $8.9 million fair value of interest rate contracts, $(2.5) million net premium/(discount) on debt, $1.5 million of non-cash debt-related items, and $74.1 million debt service guaranty liability) are due during the following years (in thousands):



2013 remaining	$	247,465
2014	473,103
2015	274,707
2016	223,198
2017	140,830
2018	63,057
2019 ⁽¹⁾	152,211
2020	2,099
2021	957
2022	303,410
Thereafter	339,312
Total	$	2,220,349

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(1)	Includes $100 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option.

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We believe we were in compliance with our public debt and revolving credit facility covenants as of March 31, 2013.