XML 55 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Contingencies (Tables)
 9 Months Ended
Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Schedule of guarantees
The following table represents the Company's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013:
 
 
As of September 30, 2014
 
Obligation recorded to reflect guaranty
Unconsolidated Affiliate
 
Company's
Ownership
Interest
 
Outstanding
Balance
 
Percentage
Guaranteed by the
Company
 
Maximum
Guaranteed
Amount
 
Debt
Maturity
Date (1)
 

9/30/14
 

12/31/13
West Melbourne I, LLC -
Phase I
 
50%
 
$
40,435

 
25%
 
$
10,109

 
Nov-2015
(2) 
$
65

 
$
65

West Melbourne I, LLC -
Phase II
 
50%
 
10,757

 
25%
(3) 
2,689

 
Nov-2015
(2) 
65

 
65

Port Orange I, LLC
 
50%
 
61,102

 
25%
 
15,276

 
Nov-2015
(2) 
157

 
157

JG Gulf Coast Town Center LLC - Phase III
 
50%
 
5,840

 
100%
 
5,840

 
Jul-2015
 
—

 
—

Fremaux Town Center JV, LLC - Phase I
 
65%
 
37,640

 
50%
(4) 
21,789

 
Aug-2016 
(5) 
472

 
460

Fremaux Town Center JV, LLC - Phase II
 
65%
 
2,045

 
100%
(6) 
32,100

 
Aug-2016
(5) 
321

 
—

 
 
 
 
 
 
Total guaranty liability
 
$
1,080

 
$
747

(1)
Excludes any extension options.
(2)
The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of November 2017.
(3)
The guaranty was reduced from 100% to 25% in the third quarter of 2014 when Carmike Cinema became operational in August 2014.
(4)
The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the first quarter of 2014, the loan was modified and extended to increase the capacity to $47,291, which increased the maximum guaranteed amount. The loan was amended and modified in August 2014 to reduce the guaranty from 100% to 50%. The guaranty will be reduced to 25% upon the opening of LA Fitness and payment of contractual rent. The guaranty will be further reduced to 15% when Phase I of the development has been open for one year and the debt service coverage ratio of 1.30 to 1.00 is met.
(5)
The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018.
(6)
The Company received a 1% fee for this guaranty when the loan was issued in August 2014. The guaranty will be reduced to 50% upon the closing of the Dillard's outparcel sale. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year, the debt service coverage ratio of 1.30 to 1.00 is met and Dillard's is operational.