Condensed combined financial statement information of these unconsolidated affiliates is as follows:



	December 31,
	2014			2013
ASSETS:
Investment in real estate assets	$	2,266,252		$	2,167,227
Accumulated depreciation	(619,558		)	(555,174		)
	1,646,694			1,612,053
Developments in progress	75,877			103,161
Net investment in real estate assets	1,722,571			1,715,214
Other assets	170,554			168,799
Total assets	$	1,893,125		$	1,884,013

LIABILITIES:
Mortgage and other indebtedness	$	1,512,826		$	1,468,422
Other liabilities	42,517			48,203
Total liabilities	1,555,343			1,516,625

OWNERS' EQUITY:
The Company	198,261			213,664
Other investors	139,521			153,724
Total owners' equity	337,782			367,388
Total liabilities and owners’ equity	$	1,893,125		$	1,884,013



	Year Ended December 31,
	2014			2013			2012
Total revenues	$	250,248		$	243,215		$	251,628
Depreciation and amortization	(79,059		)	(76,323		)	(82,534		)
Other operating expenses	(73,218		)	(72,166		)	(76,567		)
Income from operations	97,971			94,726			92,527
Interest income	1,358			1,359			1,365
Interest expense	(74,754		)	(76,934		)	(84,421		)
Gain on sales of real estate assets	1,697			102			2,063
Net income	$	26,272		$	19,253		$	11,534

2014 Financings

The following table presents the loan activity of the Company's unconsolidated affiliates in 2014:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financed or Extended
December	Ambassador Town Center ⁽²⁾	LIBOR + 1.80%	December 2017	⁽³⁾	$	48,200
December	Ambassador Town Center - Infrastructure Improvements ⁽⁴⁾	LIBOR + 2.00%	December 2017	⁽³⁾	11,700
November	Hammock Landing - Phase II ⁽⁵⁾	LIBOR + 2.25%	November 2015	⁽⁶⁾	16,757
August	Fremaux Town Center - Phase I ⁽⁷⁾	LIBOR + 2.00%	August 2016	⁽⁸⁾	47,291
August	Fremaux Town Center - Phase II ⁽⁹⁾	LIBOR + 2.00%	August 2016	⁽⁸⁾	32,100
July	Coastal Grand - Myrtle Beach ⁽¹⁰⁾	4.09%	August 2024		126,000
February	Fremaux Town Center - Phase I ⁽¹¹⁾	LIBOR + 2.125%	March 2016		47,291


(1)	Excludes any extension options.

(2)

The unconsolidated 65/35 joint venture closed on a construction loan for the development of Ambassador Town Center, a community center located in Lafayette, LA. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The construction loan had an outstanding balance of $715 at December 31, 2014. The interest rate will be reduced to LIBOR + 1.60% once certain debt service and operational metrics are met.


(3)	The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of December 2019.

(4)

The unconsolidated 65/35 joint venture was formed to construct certain infrastructure improvements related to the development of Ambassador Town Center. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The infrastructure construction loan had an outstanding balance of $725 at December 31, 2014. Under a PILOT program, in lieu of ad valorem taxes, Ambassador and other contributing landowners will make annual PILOT payments to Ambassador Infrastructure, which will be used to repay the infrastructure construction loan.


(5)	The $10,757 construction loan was amended and restated to increase the loan by $6,000 to finance the construction of Academy Sports. The interest rate will be reduced to LIBOR + 2.00% once Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions.


(6)	The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017.


(7)	Fremaux amended and modified its Phase I construction loan to change the maturity date and interest rate. Additionally, the Operating Partnership's guarantee of the loan was reduced from 100% to 50% of the outstanding principal loan amount. See Note 14 for further information on future guarantee reductions.


(8)	The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of August 2018.


(9)	The Operating Partnership's guaranty of the construction loan was reduced in the fourth quarter of 2014 from 100% to 50% upon the land closing with Dillard's. See Note 14 for further information on future guaranty reductions.

(10)

Two subsidiaries of Mall of South Carolina L.P. and Mall of South Carolina Outparcel L.P., closed on a non-recourse loan, secured by Coastal Grand-Myrtle Beach in Myrtle Beach, SC. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $75,238 as well as to pay off $18,000 of subordinated notes to the Company and its joint venture partner, each of which held $9,000. See Note 10 for additional information. Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce balances on its lines of credit.

(11)

Fremaux amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Operating Partnership had guaranteed 100% of the loan. The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. See footnote 7 and footnote 8 above for information on the extension and modification of the Phase I loan in August 2014.

2013 Financings

The following table presents the loan activity of the Company's unconsolidated affiliates in 2013:



Date	Property	Stated Interest Rate	Maturity Date ⁽¹⁾		Amount Financed or Extended
December	The Pavilion at Port Orange - Phase I⁽²⁾	LIBOR + 2.0%	November 2015	⁽³⁾	$	62,600
December	Hammock Landing - Phase I ⁽⁴⁾	LIBOR + 2.0%	November 2015	⁽³⁾	41,068
December	Hammock Landing - Phase II ⁽⁵⁾	LIBOR + 2.25%	November 2015	⁽³⁾	10,757
March	Renaissance Center - Phase II ⁽⁶⁾	3.49%	April 2023		16,000
March	Friendly Center⁽⁷⁾	3.48%	April 2023		100,000
March	Fremaux Town Center - Phase I ⁽⁸⁾	LIBOR + 2.125%	March 2016		46,000


(1)	Excludes any extension options.


(2)	The construction loan was extended and modified to reduce the capacity from $64,950 to $62,600, reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0% and extend the maturity date. The Operating Partnership has guaranteed 25% of the construction loan.


(3)	The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017.


(4)	The loan was amended and restated to extend the maturity date and reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0%. The Operating Partnership has guaranteed 25% of the loan.

(5)

A construction loan to build a Carmike Cinema has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. The Operating Partnership's guaranty was reduced from 100% to 25% in the third quarter of 2014 when the Carmike Cinema became operational. See the table above for information on the extension and modification of the Phase II loan in November 2014.


(6)	Net proceeds from the loan were used to retire a $15,700 loan that was scheduled to mature in April 2013.


(7)	Net proceeds from the loan were used to retire four loans, scheduled to mature in April 2013 and with an aggregate balance of $100,000, that were secured by Friendly Center, Friendly Center Office Building, First National Bank Building, Green Valley Office Building, First Citizens Bank Building, Wachovia Office Building and Bank of America Building.


(8)	The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. The Operating Partnership had guaranteed 100% of the construction loan. The loan was amended and restated in February 2014 and August 2014, as described above.