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Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2016
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 March 31, 2016 and December 31, 2015:
|  | As of March 31, 2016 |  | 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) |  | 3/31/2016 |  | 12/31/2015
West Melbourne I, LLC - Phase I |  | 50% |  | $ | 43,297 |  |  | 20% | (2) | $ | 8,659 |  |  | Feb-2018 | (3) | $ | 99 |  |  | $ | 99 |
West Melbourne I, LLC - Phase II |  | 50% |  | 16,737 |  |  | 20% | (2) | 3,347 |  |  | Feb-2018 | (3) | 87 |  |  | 87 |
Port Orange I, LLC |  | 50% |  | 58,558 |  |  | 20% | (2) | 11,712 |  |  | Feb-2018 | (3) | 148 |  |  | 148 |
Fremaux Town Center JV, LLC - Phase I |  | 65% |  | 40,530 |  |  | 15% |  | 6,207 |  |  | Aug-2016 | (4) | 62 |  |  | 62 |
Fremaux Town Center JV, LLC - Phase II |  | 65% |  | 29,935 |  |  | 50% | (5) | 16,050 |  |  | Aug-2016 | (4) | 161 |  |  | 161 |
Ambassador Town Center JV, LLC |  | 65% |  | 33,574 |  |  | 100% | (6) | 45,307 |  |  | Dec-2017 | (7) | 462 |  |  | 462 |
Ambassador Infrastructure, LLC |  | 65% |  | 11,137 |  |  | 100% | (8) | 11,700 |  |  | Dec-2017 | (7) | 177 |  |  | 177 |
|  |  |  |  |  | Total guaranty liability |  | $ | 1,196 |  |  | $ | 1,196 |
(1) | Excludes any extension options.
(2) | The guaranty was reduced from 25% to 20% when the loan was modified and extended in February 2016. See Note 5.
(3) | The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019.
(4) | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018.
(5) | Phase II of the development opened in the fourth quarter of 2015. 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 and a debt service coverage ratio of 1.30 to 1.00 is met.
(6) | 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 related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics.
(7) | The loan has two one-year extension options, which are the unconsolidated affiliate's election, for an outside maturity date of December 2019.
(8) | The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("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.

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