Mortgage and Other Indebtedness (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of mortgage and other indebtedness

Mortgage and other indebtedness consisted of the following:

	June 30, 2015			December 31, 2014
	Amount		Weighted- Average Interest Rate (1)	Amount		Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating properties (2)	$	3,151,072	5.63%	$	3,252,730	5.62%
Senior unsecured notes due 2023 (3)	445,958		5.25%	445,770		5.25%
Senior unsecured notes due 2024 (4)	299,930		4.60%	299,925		4.60%
Other	4,375		3.50%	5,639		3.50%
Total fixed-rate debt	3,901,335		5.50%	4,004,064		5.50%
Variable-rate debt:
Non-recourse term loans on operating properties	16,980		2.31%	17,121		2.29%
Recourse term loans on operating properties	11,104		2.90%	7,638		2.91%
Construction loans	1,273		2.68%	454		2.66%
Unsecured lines of credit	453,513		1.58%	221,183		1.56%
Unsecured term loans	450,000		1.69%	450,000		1.71%
Total variable-rate debt	932,870		1.67%	696,396		1.69%
Total	$	4,834,205	4.76%	$	4,700,460	4.93%

(1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.

(2) The Operating Partnership had four interest rate swaps on notional amounts totaling $103,387 as of June 30, 2015 and $105,584 as of December 31, 2014 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans.  Therefore, these amounts were reflected in fixed-rate debt at June 30, 2015 and December 31, 2014.

(3) The balance is net of an unamortized discount of $4,042 and $4,230 as of June 30, 2015 and December 31, 2014, respectively.

(4) The balance is net of an unamortized discount of $70 and $75 as of June 30, 2015 and December 31, 2014, respectively.

Schedule of line of credit facilities

The following summarizes certain information about the Company's unsecured lines of credit as of June 30, 2015:     

	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date (1)
Wells Fargo - Facility A	$	600,000	$	32,041	(2)	November 2015	November 2016
First Tennessee	100,000		17,200		(3)	February 2016	N/A
Wells Fargo - Facility B	600,000		404,272		(4)	November 2016	November 2017
	$	1,300,000	$	453,513

(1) The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility.

(2) There was an additional $800 outstanding on this facility as of June 30, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

(3) There was an additional $113 outstanding on this facility as of June 30, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit.

(4) There was an additional $6,110 outstanding on this facility as of June 30, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

Schedule of covenant compliance

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of June 30, 2015:

Ratio	Required	Actual
Debt to total asset value	< 60%	50%
Unencumbered asset value to unsecured indebtedness	> 1.60x	2.3x
Unencumbered NOI to unsecured interest expense	> 1.75x	4.2x
EBITDA to fixed charges (debt service)	> 1.5x	2.2x

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of June 30, 2015:

Ratio	Required	Actual
Total debt to total assets	< 60%	54%
Secured debt to total assets	< 45% (1)	35%
Total unencumbered assets to unsecured debt	> 150%	223%
Consolidated income available for debt service to annual debt service charge	> 1.5x	3.2x

(1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.

Schedule of fixed rate loans

The Company has repaid the following loan, secured by the related Property, since January 1, 2015:

Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid
2015:
May	Imperial Valley Mall (1)	4.99%	September 2015	$	49,486

(1) The Company retired the loan with borrowings from its credit facilities.

The following table presents the construction loan, secured by the related Property, that was entered into since January 1, 2015:

Date	Property	Stated Interest Rate	Maturity Date	Amount Financed
2015:
May	The Outlet Shoppes at Atlanta - Phase II (1)	LIBOR + 2.50%	December 2019	$	6,200

(1) The Operating Partnership has guaranteed 100% of the loan, which had an outstanding balance of $1,273 at June 30, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion as well as the parcel development project at The Outlet Shoppes at Atlanta as both loans are cross-collateralized. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met.

Schedule of principal repayments

As of June 30, 2015, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows: 

2015	$	475,959
2016	1,027,540
2017	477,305
2018	680,336
2019	116,644
Thereafter	2,054,771
	4,832,555
Net unamortized premiums	1,650
	$	4,834,205

Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk

As of June 30, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount Outstanding
Interest Rate Swaps	4	$	103,387

Schedule of pay fixed/receive variable swap

Instrument Type	Location in Condensed Consolidated Balance Sheet	Notional Amount Outstanding	Designated Benchmark Interest Rate	Strike Rate	Fair Value at 6/30/15			Fair Value at 12/31/14			Maturity Date
Pay fixed/ Receive  variable Swap	Accounts payable and accrued liabilities	$49,973 (amortizing to $48,337)	1-month LIBOR	2.149%	$	(680	)	$	(1,064	)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$31,297 (amortizing to $30,276)	1-month LIBOR	2.187%	(434		)	(681		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$11,696 (amortizing to $11,313)	1-month LIBOR	2.142%	(158		)	(248		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$10,421 (amortizing to $10,083)	1-month LIBOR	2.236%	(149		)	(233		)	April 2016
					$	(1,421	)	$	(2,226	)

Schedule of gain (loss) recognized in other comprehensive income (loss)

	Gain Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI into Earnings (Effective  Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Three Months Ended June 30,					Three Months Ended June 30,							Three Months Ended June 30,
	2015		2014			2015			2014				2015		2014
Interest rate hedges	$	570	$	370	Interest Expense	$	(646	)	$	(551	)	Interest Expense	$	—	$	—
	Gain Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI into Earnings (Effective  Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Six Months Ended June 30,					Six Months Ended June 30,							Six Months Ended June 30,
	2015		2014			2015			2014				2015		2014
Interest rate contracts	$	930	$	774	Interest Expense	$	(1,169	)	$	(1,099	)	Interest Expense	$	—	$	—