Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2013

Notes Payable and Unsecured Credit Facilities

The Company’s debt outstanding as of June 30, 2013 and December 31, 2012 consists of the following (in thousands):



		2013	2012
Notes payable:
Fixed rate mortgage loans	$	457,071	461,914
Variable rate mortgage loans		11,909	12,041
Fixed rate unsecured loans		1,298,144	1,297,936
Total notes payable		1,767,124	1,771,891
Unsecured credit facilities
Line		25,000	70,000
Term Loan		100,000	100,000
Total unsecured credit facilities		125,000	170,000
Total debt outstanding	$	1,892,124	1,941,891

Fixed rate mortgage loans decreased $4.8 million primarily due to the following:


•	The Company paid off the $16.3 million maturing balance of 7.1% secured borrowings on May 1, 2013.


•	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.


•	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 5.57% and matures on April 6, 2016.

Further, since December 31, 2012, the Company has repaid $45.0 million, net of borrowings, on its $800.0 million Line of Credit (the "Line").

As of June 30, 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	$	3,877	—	—		3,877
2014		7,383	26,853	150,000		184,236
2015		5,747	62,435	350,000		418,182
2016		5,487	21,661	125,000		152,148
2017		4,584	84,593	400,000		489,177
Beyond 5 Years		20,021	220,993	400,000		641,014
Unamortized debt (discounts) premiums, net		—	5,346	(1,856	)	3,490
Total	$	47,099	421,881	1,423,144		1,892,124

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.

The Company believes it was in compliance as of June 30, 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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