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Mortgage Loans Payable And Secured Revolving Credit Facilities | 12 Months Ended
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Dec. 31, 2011
Mortgage Loans Payable And Secured Revolving Credit Facilities [Abstract] |
Mortgage Loans Payable And Secured Revolving Credit Facilities | Note 10. Mortgage Loans Payable and Secured Revolving Credit Facilities Secured debt is comprised of the following at December 31, 2011 and 2010:
| December 31, 2011 | December 31, 2010 (a)
| Balance outstanding | Interest rates | Balance outstanding | Interest rates
| Weighted average | Range | Weighted average | Range
Description
Fixed-rate mortgages | $ | 525,259,000 | 5.8 | % | 5.0% - 7.6% | $ | 487,957,000 | 5.9 | % | 5.0% - 7.6%
Variable-rate mortgage |  | 63,768,000 | 3.0 | % |  |  | 62,568,000 | 2.5 | % |
Totalproperty-specific mortgages |  | 589,027,000 | 5.5 | % |  |  | 550,525,000 | 5.6 | % |
Stabilized property credit facility |  | 74,035,000 | 5.5 | % |  |  | 29,535,000 | 5.5 | % |
Development property credit facility |  | 92,282,000 | 2.5 | % |  |  | 103,062,000 | 2.5 | % |
| $ | 755,344,000 | 5.2 | % |  | $ | 683,122,000 | 5.1 | % |
Mortgage loans payable related to real estate held forsale/conveyance - discontinued operations (a)
Fixed-rate mortgages | $ | 103,704,000 | 5.7 | % | 5.0% - 6.5% | $ | 135,991,000 | 5.6 | % | 5.0% - 6.5%
Variable-rate mortgage |  | 18,900,000 | 5.9 | % |  |  | 21,000,000 | 5.9 | % |
| $ | 122,604,000 | 5.7 | % |  | $ | 156,991,000 | 5.6 | % |
(a) Restated to reflect the reclassifications ofproperties subsequently treated as "held for sale/conveyance". Mortgage loans payable Mortgage loan activity for 2011 and 2010 is summarized as follows:
| Years ended December 31,
| 2011 | 2010
Balance, beginning of year | $ | 550,525,000 |  | $ | 541,979,000 |
New mortgage borrowings and assumptions |  | 45,791,000 |  |  | 26,984,000 |
Repayments |  | (7,289,000 | ) |  | (18,438,000 | )
Balance, end of the year | $ | 589,027,000 |  | $ | 550,525,000 |
On July 6, 2011, the Company refinanced a property that had collateralized the development property credit facility. The new fixed-rate mortgage, aggregating $16.5 million, bears interest at 5.2% per annum, with principal payments based on a 25-year amortization schedule, and maturing in July 2021. The proceeds reduced the balances under the development property credit facility and the stabilized property credit facility by $10.8 million and $5.7 million, respectively. During 2010, the Company completed a $10.6 million fixed-rate mortgage loan payable on a previously unencumbered property, with an interest rate of 5.5% per annum. The property was previously included in the collateral pool for the Company's secured revolving stabilized property credit facility. In addition, the Company refinanced three properties in 2010. The new fixed-rate mortgage loans payable aggregated $15.0 million and bear interest at a weighted average of 6.2% per annum. The variable-rate mortgage represents a $70.7 million construction facility, as amended in November 2011, pursuant to which the Company has pledged its joint venture ground-up development property in Pottsgrove, Pennsylvania as collateral for borrowings thereunder. The facility is guaranteed by the Company and will expire in October 2013, subject to a one-year extension option. Borrowings under the facility bear interest at the Company's option at either LIBOR plus a spread of 275 bps or the agent bank's prime rate plus a spread of 125 bps, with principal payable based on a 30-year amortization schedule. Borrowings outstanding under the facility aggregated $63.8 million at December 31, 2011, and such borrowings bore interest at a rate of 3.0% per annum. Amended, Restated and Consolidated Credit Facility On January 26, 2012, the Company entered into a $300 million secured credit facility ("Credit Facility"). The Credit Facility amends, restates and consolidates the Company's prior $185 million stabilized property revolving credit facility ($74,035,000 outstanding at December 31, 2011, bearing interest at 5.5% per annum) and its $150 million development property credit facility ($92,282,000 outstanding at December 31, 2011, bearing interest at 2.5% per annum) that were due to expire on January 31, 2012 and June 13, 2012, respectively. In anticipation of the new Credit Facility, the Company determined to forego its one-year extension option applicable to the stabilized property credit revolving facility. The new Credit Facility is comprised of a four-year $75 million term loan and a three-year $225 million revolving credit facility, subject to collateral in place (the Company has pledged 27 of its shopping center properties as collateral for such borrowings, including seven properties which are being treated as "real estate held for sale/conveyance"). In connection with the new Credit Facility, the Company paid participating lender fees, and closing and transaction costs of approximately $3.7 million. Borrowings under the new Credit Facility are initially priced at LIBOR plus 275 bps (a total of 3.0% per annum at closing) and can range from LIBOR plus 200 to 300 bps based on the Company's leverage ratio. Subject to customary conditions, the term loan and the revolving credit facility may both be extended for one additional year at the Company's option. Under an accordion feature, the Credit Facility can be increased to $500 million, subject to customary conditions, collateral in place and lending commitments from participating banks. The Credit Facility contains financial covenants including, but not limited to, maximum debt leverage, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the Credit Facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company's failure to comply with these covenants or the occurrence of an event of default under the Credit Facility could result in the acceleration of the Company's debt and other financial obligations under the Credit Facility. The Credit Facility will be available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes. Based on covenant measurements and collateral in place at the closing, the Company was permitted to draw up to approximately $232.8 million, of which approximately $62.8 million remained available as of that date (after payment of closing costs, fees and expenses). Scheduled Principal Payments Scheduled principal payments on mortgage loans payable and secured revolving credit facilities at December 31, 2011, due on various dates from 2012 to 2029, are as follows (reflecting the amended, restated and consolidated credit facility concluded on January 26, 2012):
2012 |  | 38,980,000 |
2013 |  | 125,328,000 | (a)
2014 |  | 106,436,000 |
2015 |  | 168,642,000 | (b)
2016 |  | 173,937,000 | (c)
Thereafter |  | 142,021,000 |
| $ | 755,344,000 |
(a) Includes $62.2 million subject to a one-year extension option. (b) Includes $91.3 million subject to a one-year extension option. (c) Includes $75.0 million subject to a one-year extension option.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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