MORTGAGE AND OTHER INDEBTEDNESS

Debt of the Company

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that the Operating Partnership has a direct or indirect ownership interest in, is the borrower on all of the Company's debt.

CBL is a limited guarantor of the Notes, issued by the Operating Partnership in November 2013 and October 2014, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and two unsecured term loans as of December 31, 2014.

CBL also had guaranteed 100% of the debt secured by The Promenade in D'Iberville, MS. The loan was paid off in the fourth quarter of 2014. See below for further information on this retirement of debt.

Debt of the Operating Partnership

Mortgage and other indebtedness consisted of the following:



	December 31, 2014			December 31, 2013
	Amount		Weighted Average Interest Rate ⁽¹⁾	Amount		Weighted Average Interest Rate ⁽¹⁾
Fixed-rate debt:
Non-recourse loans on operating Properties ⁽²⁾	$	3,252,730	5.62%	$	3,527,830	5.54%
Senior unsecured notes due 2023 ⁽³⁾	445,770		5.25%	445,374		5.25%
Senior unsecured notes due 2024 ⁽⁴⁾	299,925		4.60%	—		—%
Other ⁽⁵⁾	5,639		3.50%	—		—%
Financing obligation⁽⁶⁾	—		—%	17,570		8.00%
Total fixed-rate debt	4,004,064		5.50%	3,990,774		5.52%
Variable-rate debt:
Non-recourse term loans on operating Properties	17,121		2.29%	133,712		3.14%
Recourse term loans on operating Properties	7,638		2.91%	51,300		1.87%
Construction loans	454		2.66%	2,983		2.17%
Unsecured lines of credit	221,183		1.56%	228,754		1.57%
Unsecured term loans	450,000		1.71%	450,000		1.71%
Total variable-rate debt	696,396		1.69%	866,749		1.91%
Total	$	4,700,460	4.93%	$	4,857,523	4.88%


(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 $105,584 as of December 31, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2014 and 2013.


(3)	In November 2013, the Operating Partnership issued $450,000 of senior unsecured notes in a public offering. The balance at December 31, 2014 is net of an unamortized discount of $4,230. See below for additional information.


(4)	The Operating Partnership issued $300,000 of senior unsecured notes in a public offering in October 2014. The balance at December 31, 2014 includes an unamortized discount of $75. See below for additional information.


(5)	A subsidiary of the Management Company entered into a term loan in May 2014.


(6)	This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. In the first quarter of 2014, the Company purchased the noncontrolling interest as described below.

Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $3,916,571 at December 31, 2014.

Senior Unsecured Notes

In October 2014, the Operating Partnership issued $300,000 of the 2024 Notes, which bear interest at 4.60% payable semiannually beginning April 15, 2015 and mature on October 15, 2024. The interest rate will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The 2024 Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the 2024 Notes to be redeemed. The 2024 Notes may be redeemed prior to July 15, 2024 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2024 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.35%, plus accrued and unpaid interest. CBL is a limited guarantor of the Operating Partnership's obligations under the 2024 Notes, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. On or after July 15, 2024, the 2024 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest. After deducting underwriting and other offering expenses of $2,245 and a discount of $75, the net proceeds from the sale of the 2024 Notes were approximately $297,680, which the Operating Partnership used to reduce the outstanding balances on its credit facilities.

In November 2013, the Operating Partnership issued $450,000 of the 2023 Notes, which bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023. The interest rate will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The 2023 Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the 2023 Notes to be redeemed. The 2023 Notes may be redeemed prior to September 1, 2023 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2023 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2023 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.40%, plus accrued and unpaid interest. On or after September 1, 2023, the 2023 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest. After deducting underwriting and other offering expenses of $4,152 and a discount of $4,626, the net proceeds from the sale of the 2023 Notes were $441,222, which the Operating Partnership used to reduce the outstanding balances on its credit facilities.

Financing Obligation

In the first quarter of 2014, the Company exercised its right to acquire the 12.0% noncontrolling interest in Pearland Town Center, which was accounted for as a financing obligation upon its sale in October 2011, from its joint venture partner. The $17,948 purchase price represents the partner's unreturned capital plus accrued and unpaid preferred return at a rate of 8.0%. See Note 5 for additional information.

Unsecured Lines of Credit

The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit.

Each facility bears interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. As of December 31, 2014, the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from Fitch, is LIBOR plus 140 basis points. Additionally, the Company pays an annual facility fee that ranges from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2014, the annual facility fee was 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 1.56% at December 31, 2014.

The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2014:



	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date⁽¹⁾
Facility A	$	600,000	$	63,716	⁽²⁾	November 2015	November 2016
First Tennessee	100,000		2,200		⁽³⁾	February 2016	N/A
Facility B	600,000		155,267		⁽⁴⁾	November 2016	November 2017
	$	1,300,000	$	221,183


(1)	The extension options on both facilities 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 December 31, 2014 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 December 31, 2014 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 December 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

Unsecured Term Loans

In the third quarter of 2013, the Company closed on a five-year $400,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The loan bears interest at a variable-rate of LIBOR plus 150 basis points based on the Company's current credit ratings and has a maturity date of July 2018. At December 31, 2014, the outstanding borrowings of $400,000 had an interest rate of 1.67%.

In the first quarter of 2013, under the terms of the Company's amended and restated agreement with First Tennessee Bank, NA, the Company obtained a $50,000 unsecured term loan that bore interest at a variable-rate of LIBOR plus 190 basis points and matures in February 2018. At December 31, 2014, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.05%.

See Note 19 for information related to a reduction in the interest rate on the $50,000 unsecured term loan that occurred subsequent to December 31, 2014.

Other

In the second quarter of 2014, a consolidated, joint venture subsidiary of the Management Company closed on a $7,000 term loan which bears interest at a fixed rate of 3.50% and matures in May 2017. At December 31, 2014, the loan had an outstanding balance of $5,639.

In the second quarter of 2014, the subsidiary of the Management Company also obtained a $3,500 revolving line of credit, which bears interest at a variable rate of LIBOR plus 249 basis points and matures in June 2017. At December 31, 2014, the revolver had no amount outstanding.

Fixed-Rate Debt

As of December 31, 2014, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.05% to 8.50%. Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $7,414 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through December 2024, with a weighted-average maturity of 4.19 years.

Financings

The following table presents the fixed-rate loans, secured by the related Properties, that were entered into since January 1, 2013:



Date	Property⁽¹⁾	Stated Interest Rate	Maturity Date	Amount Financed
2014:
November	The Outlet Shoppes of the Bluegrass ⁽²⁾	4.045%	December 2024	$	77,500

2013:
October	The Outlet Shoppes at Atlanta ⁽³⁾	4.90%	November 2023	$	80,000


(1)	This Property is owned in a consolidated joint venture and the Company's share of the remaining excess proceeds was used to reduce outstanding balances on the Company's credit facilities.


(2)	A portion of the net proceeds from the non-recourse mortgage loan was used to retire a $47,931 recourse construction loan.


(3)	A portion of the net proceeds from the non-recourse mortgage loan was used to repay a $53,080 recourse construction loan.

Loan Repayments

The Company repaid the following fixed-rate loans, secured by the related Properties, since January 1, 2013:



Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid ⁽¹⁾
2014:
December	Janesville Mall ⁽²⁾	8.38%	April 2016	$	2,473
October	Mall del Norte	5.04%	December 2014	113,400
January	St. Clair Square ⁽³⁾	3.25%	December 2016	122,375

2013:
December	Northpark Mall	5.75%	March 2014	$	32,684
June	Mid Rivers Mall ⁽⁴⁾	5.88%	May 2021	88,410
April	South County Center ⁽⁵⁾	4.96%	October 2013	71,740
January	Westmoreland Mall	5.05%	March 2013	63,639


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


(2)	The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement.


(3)	The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement.


(4)	The Company recorded an $8,936 loss on extinguishment of debt, which consisted of an $8,708 prepayment fee and $228 of unamortized debt issuance costs.


(5)	The Company recorded a loss on extinguishment of debt of $172 from the write-off of an unamortized discount.

The following is a summary of the Company's 2014 dispositions for which the Property securing the related fixed-rate debt was transferred to the lender:



				Balance of Non-recourse Debt		Gain on Extinguishment of Debt
Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Balance of Non-recourse Debt		Gain on Extinguishment of Debt
October	Columbia Place⁽¹⁾	5.45%	September 2013	$	27,265	$	27,171
September	Chapel Hill Mall ⁽¹⁾	6.10%	August 2016	68,563		18,296
January	Citadel Mall ⁽²⁾	5.68%	April 2017	68,169		43,932
				$	163,997	$	89,399


(1)	The Company conveyed the Mall to the lender through a deed-in-lieu of foreclosure.


(2)	The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt.

Variable-Rate Debt

Non-recourse term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2014, interest rates on such non-recourse loans varied from 1.97% to 2.91%. These loans mature at various dates from June 2016 to April 2019, with a weighted-average maturity of 2.47 years, and have extension options of up to two years.

Financings

The following table presents the variable-rate loans, secured by the related Properties, that were entered into since January 1, 2013:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financed ⁽²⁾
2014:
April	The Outlet Shoppes at Oklahoma City - Phase II⁽³⁾	LIBOR + 2.75%	April 2019	⁽⁴⁾	$	6,000

2013:
June	Statesboro Crossing	LIBOR + 1.80%	June 2016	⁽⁵⁾	$	11,400


(1)	Excludes any extension options.


(2)	Proceeds were used to reduce the balances on the Company's credit facilities unless otherwise noted.


(3)	Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement.


(4)	The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021.


(5)	The non-recourse loan has two one-year extension options, which are at the Company's option, for an outside maturity date of June 2018.

Loan Repayments

The Company repaid the following variable-rate loans, secured by the related Properties, since January 1, 2013:



Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid ⁽¹⁾
2014:
December	The Promenade	1.87%	December 2014	$	47,670

2013:
September	The Forum at Grandview	3.19%	September 2013	$	10,200
July	Alamance Crossing West	3.20%	December 2013	16,000
February	Statesboro Crossing	1.21%	February 2013	13,460


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

Construction Loans

Financings

The following table presents the construction loans, secured by the related Properties, that were entered into since January 1, 2013:



Date	Property	Stated Interest Rate	Maturity Date		Amount Financed
2014:
December	The Outlet Shoppes at Atlanta - Parcel Development ⁽¹⁾	LIBOR + 2.50%	December 2019		$	2,435
April	The Outlet Shoppes at Oklahoma City - Phase III ⁽²⁾	LIBOR + 2.75%	April 2019	⁽³⁾	5,400
April	The Outlet Shoppes at El Paso - Phase II ⁽²⁾	LIBOR + 2.75%	April 2018		7,000

2013:
August	The Outlet Shoppes of the Bluegrass⁽⁴⁾	LIBOR + 2.00%	August 2016		$	60,200


(1)	The Operating Partnership has guaranteed 100% of the loan, which had an outstanding balance of $454 at December 31, 2014. The guaranty will terminate once construction is complete and certain debt and operational metrics are met.


(2)	The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until certain financial and operational metrics are met.


(3)	The construction loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021.


(4)	The Operating Partnership had guaranteed 100% of the recourse construction loan. The loan was retired as described above with the proceeds from a fixed-rate non-recourse mortgage loan in November 2014. The loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of August 2018.

Loan Repayments

The Company repaid the following construction loans, secured by the related Properties, since January 1, 2013:



Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid
2014:
November	The Outlet Shoppes of the Bluegrass ⁽¹⁾	2.15%	August 2016	$	47,931

2013:
October	The Outlet Shoppes of Atlanta ⁽²⁾	2.93%	August 2015	$	53,080


(1)	The joint venture retired the recourse construction loan with a portion of the proceeds from a $77,500 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit.


(2)	The joint venture retired the recourse construction loan with a portion of the proceeds from an $80,000 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit.

Covenants and Restrictions

The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum net worth requirements, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at December 31, 2014.

Unsecured Lines of Credit and Unsecured Term Loans

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2014:



Ratio	Required	Actual
Debt to total asset value	< 60%	49.1%
Unencumbered asset value to unsecured indebtedness	> 1.60x	2.5x
Unencumbered NOI to unsecured interest expense	> 1.75x	4.1x
EBITDA to fixed charges (debt service)	> 1.50x	2.2x

The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements for the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Prior to the Company obtaining an investment grade rating in May 2013, the obligations of the Company under the agreements were unconditionally guaranteed, jointly and severally, by any subsidiary of the Company to the extent such subsidiary was a material subsidiary and was not otherwise an excluded subsidiary, as defined in the agreements. Once the Company obtained an investment grade rating, guarantees by material subsidiaries were no longer required by the agreements.

Senior Unsecured Notes

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2014:



Ratio	Required	Actual
Total debt to total assets	< 60%	53.7%
Secured debt to total assets	<45% ⁽¹⁾	37.0%
Total unencumbered assets to unsecured debt	>150%	235.8%
Consolidated income available for debt service to annual debt service charge	> 1.50x	3.1x


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

The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes.

Other

Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office building, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.

Scheduled Principal Payments

As of December 31, 2014, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:



2015	$	594,672
2016	763,868
2017	491,189
2018	678,512
2019	114,337
Thereafter	2,054,773
	4,697,351
Net unamortized premiums	3,109
	$	4,700,460

Of the $594,672 of scheduled principal payments in 2015, $464,867 relates to the maturing principal balances of seven operating Property loans, $63,716 relates to an unsecured line of credit and $66,089 represents scheduled principal amortization.

The Company has extension options available at its election, subject to continued compliance with the terms of the facilities, related to the maturities of its unsecured credit facilities, including a 2016 extension on the unsecured line of credit with a 2015 maturity date. The credit facilities may be used to retire loans maturing in 2015 as well as to provide additional flexibility for liquidity purposes.

Interest Rate Hedging Instruments

The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI/L and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2014 and 2013:



Instrument Type	Location in Consolidated Balance Sheet	Notional Amount	Designated Benchmark Interest Rate	Strike Rate		Fair Value at 12/31/14			Fair Value at 12/31/13			Maturity Date
Cap	Intangible lease assets and other assets	$ 122,375 (amortizing to $122,375)	3-month LIBOR	5.000	%	N/A			$	—		January 2014

Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$ 51,037 (amortizing to $48,337)	1-month LIBOR	2.149	%	$	(1,064	)	$	(1,915	)	April 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$ 31,960 (amortizing to $30,276)	1-month LIBOR	2.187	%	(681		)	(1,226		)	April 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$ 11,946 (amortizing to $11,313)	1-month LIBOR	2.142	%	(248		)	(446		)	April 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$ 10,641 (amortizing to $10,083)	1-month LIBOR	2.236	%	(233		)	(420		)	April 2016
						$	(2,226	)	$	(4,007	)



Hedging Instrument	Gain (Loss) Recognized in OCI/L (Effective Portion)							Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion)	Loss Recognized in Earnings (Effective Portion)									Location of Gain (Loss) Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	2014		2013		2012				2014			2013			2012				2014		2013		2012
Interest rate contracts	$	1,782	$	1,815	$	(207	)	Interest Expense	$	(2,195	)	$	(2,297	)	$	(2,267	)	Interest Expense	$	—	$	—	$	—

As of December 31, 2014, the Company expects to reclassify approximately $1,923 of losses currently reported in AOCI to interest expense within the next twelve months due to the amortization of its outstanding interest rate contracts. Fluctuations in fair values of these derivatives between December 31, 2014 and the respective dates of termination will vary the projected reclassification amount.

See Notes 2 and 15 for additional information regarding the Company’s interest rate hedging instruments.

Interest Rate
Derivative

Number of
Instruments

Notional
Amount

Interest Rate Swaps