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CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantees
The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2014 and 2013:
 
 
As of December 31, 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)
 
12/31/14
 

12/31/13
West Melbourne I, LLC -
Phase I
 
50%
 
$
40,243

 
25%
 
$
10,061

 
Nov-2015
(2) 
$
101

 
$
65

West Melbourne I, LLC -
Phase II
 
50%
 
13,579

 
N/A
(3) 
8,700

 
Nov-2015
(2) 
87

 
65

Port Orange I, LLC
 
50%
 
60,814

 
25%
 
15,204

 
Nov-2015
(2) 
153

 
157

JG Gulf Coast Town Center LLC - Phase III
 
50%
 
5,694

 
100%
 
5,694

 
Jul-2015
 
—

 
—

Fremaux Town Center JV, LLC - Phase I
 
65%
 
41,648

 
50%
(4) 
21,789

 
Aug-2016
(5) 
236

 
460

Fremaux Town Center JV, LLC - Phase II
 
65%
 
4,041

 
50%
(6) 
16,050

 
Aug-2016
(5) 
161

 
—

Ambassador Town Center JV, LLC
 
65%
 
715

 
100%
(7) 
48,200

 
Dec-2017
(8) 
482

 
—

Ambassador Infrastructure, LLC
 
65%
 
725

 
100%
(9) 
11,700

 
Dec-2017
(8) 
177

 
—

 
 
 
 
 
 
Total guaranty liability
 
$
1,397

 
$
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 the third quarter of 2014. In the fourth quarter of 2014, the loan was amended and restated to add funding for the construction of Academy Sports. The guaranty was also amended to cap the maximum guaranteed amount at $8,700 unless a monetary default event occurs related to Carmike Cinema or Academy Sports. The guaranty will be reduced to 25% once Academy Sports is operational and paying contractual rent.
(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 was reduced to 50% upon the land closing with Dillard's in the fourth quarter of 2014. 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.
(7)
The Company received a 1% fee for this guaranty when the loan was issued in December 2014. Once construction is complete the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of Ambassador Town Center and its related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics.
(8)
The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019.
(9)
The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of the year following any calendar year during which the PILOT payments received by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists.

Schedule of Future Obligations Under Operating Leases
The future obligations under these operating leases at December 31, 2014, are as follows:

2015
$
859

2016
877

2017
885

2018
894

2019
903

Thereafter
27,810

 
$
32,228