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Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2015
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 condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014:
|  | As of June 30, 2015 |  | Obligation recorded to reflect guaranty
Unconsolidated Affiliate |  | Company's Ownership Interest |  | Outstanding Balance |  | Percentage Guaranteed by the Operating Partnership |  | Maximum Guaranteed Amount |  | Debt Maturity Date (1) |  | 6/30/2015 |  | 12/31/2014
West Melbourne I, LLC - Phase I |  | 50% |  | $ | 39,859 |  |  | 25% |  | $ | 9,965 |  |  | Nov-2015 | (2) | $ | 101 |  |  | $ | 101 |
West Melbourne I, LLC - Phase II |  | 50% |  | 15,556 |  |  | N/A | (3) | 8,700 |  |  | Nov-2015 | (2) | 87 |  |  | 87 |
Port Orange I, LLC |  | 50% |  | 59,396 |  |  | 25% |  | 14,849 |  |  | Nov-2015 | (2) | 153 |  |  | 153 |
JG Gulf Coast Town Center, LLC - Phase III |  | 50% |  | 5,401 |  |  | 100% |  | 5,401 |  |  | Jul-2015 |  | — |  |  | — |
Fremaux Town Center JV, LLC - Phase I |  | 65% |  | 41,199 |  |  | 15% | (4) | 6,307 |  |  | Aug-2016 | (5) | 236 |  |  | 236 |
Fremaux Town Center JV, LLC - Phase II |  | 65% |  | 13,013 |  |  | 50% | (6) | 16,050 |  |  | Aug-2016 | (5) | 161 |  |  | 161 |
Ambassador Town Center JV, LLC |  | 65% |  | 2,524 |  |  | 100% | (7) | 47,077 |  |  | Dec-2017 | (8) | 482 |  |  | 482 |
Ambassador Infrastructure, LLC |  | 65% |  | 2,423 |  |  | 100% | (9) | 11,700 |  |  | Dec-2017 | (8) | 177 |  |  | 177 |
|  |  |  |  |  | Total guaranty liability |  | $ | 1,397 |  |  | $ | 1,397 |
(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) | 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 Operating Partnership received a 1% fee for this guaranty when the loan was issued in March 2013. In the second quarter of 2015, the guaranty was reduced to 15% as the requirement of being open for one year was met, LA Fitness opened and began paying contractual rent and a debt service coverage ratio of 1.30 to 1.00 was achieved.
(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 Operating Partnership received a 1% fee for this guaranty when the loan was issued in August 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 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 Operating Partnership 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 Operating Partnership 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 payment-in-lieu of taxes ("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.

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