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CONTINGENCIES (Tables)
 12 Months Ended
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