Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2012

Notes Payable and Unsecured Credit Facilities

On January 15, 2012 the Company repaid the maturing balance of $192.4 million of 6.75% ten-year unsecured notes. Since December 31, 2011, the Company has borrowed $115.0 million, net of repayments, on its $600.0 million Line of Credit, and $150.0 million on its $250.0 million Term Loan. In connection with the acquisition of Grand Ridge Plaza on June 21, 2012, the Company assumed debt with a carrying value of $11.7 million. See note 11 for repayments made after June 30, 2012.

The Company’s outstanding debt at June 30, 2012 and December 31, 2011 consists of the following (in thousands):



		2012	2011
Notes payable:
Fixed rate mortgage loans	$	448,037	439,880
Variable rate mortgage loans		12,534	12,665
Fixed rate unsecured loans		1,297,728	1,489,895
Total notes payable		1,758,299	1,942,440
Unsecured credit facilities		305,000	40,000
Total	$	2,063,299	1,982,440

As of June 30, 2012, scheduled principal payments and maturities on notes payable were as follows (in thousands):



Scheduled Principal Payments and Maturities by Year:		Scheduled Principal Payments	Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2012	$	3,883	—	—		3,883
2013		7,595	16,333	—		23,928
2014		7,091	28,400	150,000		185,491
2015		5,618	46,485	505,000		557,103
2016		5,487	14,161	150,000		169,648
Beyond 5 Years		24,606	299,081	800,000		1,123,687
Unamortized debt (discounts) premiums, net		—	1,831	(2,272	)	(441	)
Total	$	54,280	406,291	1,602,728		2,063,299

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities balances outstanding as of June 30, 2012.

The Company believes it was in compliance at June 30, 2012 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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