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Mortgage and Other Indebtedness (Tables) | 6 Months Ended
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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 |  | $ | — |  |  | $ | — |

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