Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2013

Notes Payable and Unsecured Credit Facilities

Since December 31, 2012, the Company has repaid $25.0 million, net of borrowings, on its $800.0 million Line of Credit (the "Line"). On March 4, 2013, the Company entered into an interest only mortgage for $8.3 million on a recently completed development property at a fixed rate of 3.3%, maturing on April 1, 2020. Further, the Company assumed debt of $7.5 million with the DIK of Hilltop Village on March 20, 2013, which is interest only with a fixed rate of 5.6% and matures on April 6, 2016.

The Company’s outstanding debt at March 31, 2013 and December 31, 2012 consists of the following (in thousands):



		2013	2012
Notes payable:
Fixed rate mortgage loans	$	475,443	461,914
Variable rate mortgage loans		11,960	12,041
Fixed rate unsecured loans		1,298,040	1,297,936
Total notes payable		1,785,443	1,771,891
Unsecured credit facilities		145,000	170,000
Total	$	1,930,443	1,941,891

As of March 31, 2013, 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
2013	$	5,791	16,317	—		22,108
2014		7,383	26,912	150,000		184,295
2015		5,747	62,435	350,000		418,182
2016		5,487	21,661	145,000		172,148
2017		4,584	84,484	400,000		489,068
Beyond 5 Years		20,021	220,993	400,000		641,014
Unamortized debt (discounts) premiums, net		—	5,588	(1,960	)	3,628
Total	$	49,013	438,390	1,443,040		1,930,443

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities balances outstanding as of March 31, 2013.

The Company believes it was in compliance at March 31, 2013 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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