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CONTINGENCIES (Tables) | 12 Months Ended
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Dec. 31, 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 consolidated balance sheets as of December 31, 2015 and 2014:
|  | As of December 31, 2015 |  | 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) |  | 12/31/15 |  | 12/31/14
West Melbourne I, LLC - Phase I |  | 50% |  | $ | 39,475 |  |  | 25% |  | $ | 9,869 |  |  | Feb-2016 | (2) | $ | 99 |  |  | $ | 101 |
West Melbourne I, LLC - Phase II |  | 50% |  | 16,757 |  |  | 25% | (3) | 4,189 |  |  | Feb-2016 | (2) | 87 |  |  | 87 |
Port Orange I, LLC |  | 50% |  | 58,820 |  |  | 25% |  | 14,705 |  |  | Feb-2016 | (2) | 148 |  |  | 153 |
JG Gulf Coast Town Center LLC - Phase III |  | 50% |  | 5,092 |  |  | —% | (4) | — |  |  | Jul-2017 |  | — |  |  | — |
Fremaux Town Center JV, LLC - Phase I |  | 65% |  | 40,530 |  |  | 15% | (5) | 6,207 |  |  | Aug-2016 | (6) | 62 |  |  | 236 |
Fremaux Town Center JV, LLC - Phase II |  | 65% |  | 27,404 |  |  | 50% | (7) | 16,050 |  |  | Aug-2016 | (6) | 161 |  |  | 161 |
Ambassador Town Center JV, LLC |  | 65% |  | 21,418 |  |  | 100% | (8) | 45,307 |  |  | Dec-2017 | (9) | 462 |  |  | 482 |
Ambassador Infrastructure, LLC |  | 65% |  | 8,629 |  |  | 100% | (10) | 11,700 |  |  | Dec-2017 | (9) | 177 |  |  | 177 |
|  |  |  |  |  | Total guaranty liability |  | $ | 1,196 |  |  | $ | 1,397 |
(1) | Excludes any extension options.
(2) | Subsequent to December 31, 2015, the loan was modified and extended to February 2018 with a one-year extension option. See Note 19 for more information.
(3) | The guaranty was reduced to 25% in the fourth quarter of 2015 as Academy Sports is operational and paying contractual rent.
(4) | The guaranty was removed when the loan was refinanced in the third quarter of 2015. See Note 5 for more information.
(5) | The Company 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 for 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.
(6) | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018.
(7) | The Company 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.
(8) | 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.
(9) | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019.
(10) | 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 such year as PILOT payments received and attributed to the prior calendar year 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, 2015, are as follows:
2016 |  | $ | 877 |
2017 |  | 885 |
2018 |  | 894 |
2019 |  | 903 |
2020 |  | 913 |
Thereafter |  | 26,814 |
|  | $ | 31,286 |

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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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