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Debt | 9 Months Ended
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Sep. 30, 2012
Debt [Abstract] |
Debt | Note 7. Debt Amended, Restated and Consolidated Credit Facility On January 26, 2012, the Company entered into a $300 million secured credit facility (the “Credit Facility”), which amended, restated and consolidated its $185 million stabilized property revolving credit facility and its $150 million development property credit facility. The two prior facilities were due to expire on January 31, 2012 and June 13, 2012, respectively. The 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. In connection with the Credit Facility, the Company paid participating lender fees and closing and transaction costs of approximately $4.0 million. In addition, the Company wrote off $2.6 million of unamortized fees associated with the terminated stabilized property and development credit facilities. Borrowings under the Credit Facility are priced at LIBOR plus 275 bps (a weighted average rate of 3.0% per annum at September 30, 2012), 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 related debt. The Credit Facility is available to fund acquisitions, redevelopment and remaining development activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes. As of September 30, 2012, the Company has $18.0 million outstanding under the revolving credit portion of the Credit Facility, and had $164.9 million available for additional borrowings as of the date. A significant portion of the revolving credit availability is the result of the application of net cash proceeds from the sale of 4.8 million shares of the Company’s Series B Preferred Stock during September 2012 (see Note 9). In October 2012, the Company redeemed 4.5 million shares of its Series A Preferred Stock for a total cash outlay of $114.1 million which was drawn on its Credit Facility. Derivative financial instruments At September 30, 2012, the Company had approximately $31.6 million of mortgage loans payable subject to interest rate swaps. Such interest rate swaps converted LIBOR-based variable rates to fixed annual rates of 5.2% to 6.5% per annum. At that date, the Company had accrued liabilities of $1.8 million (included in accounts payable and accrued liabilities on the consolidated balance sheet) relating to the fair value of interest rate swaps applicable to existing mortgage loans payable. Charges and/or credits relating to the changes in fair values of such interest rate swaps are made to accumulated other comprehensive (loss) income, noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as appropriate. The following is a summary of the derivative financial instruments held by the Company and the Cedar/RioCan joint venture at September 30, 2012 and December 31, 2011:
|  |  |  |  | Notional values |  |  |  | Balance |  | Fair value
Designation/ |  |  |  |  | September 30, |  |  |  | December 31, |  | Maturity |  | sheet |  | September 30, |  | December 31,
Cash flow | Derivative |  | Count |  | 2012 |  | Count |  | 2011 |  | dates |  | location |  | 2012 |  | 2011
| Interest |  |  |  |  |  |  |  |  |  |  |  | Accrued |  |  |  |
| rate swaps |  |  |  |  |  |  |  |  |  |  |  | liabilities |  |  |  |
Qualifying | Consolidated |  | 3 |  | $ 31,595,000 |  | 3 |  | $ 32,091,000 |  | 2013-2018 |  | Consolidated |  | $ 1,841,000 |  | $ 2,053,000
| Cedar/RioCan |  |  |  |  |  |  |  |  |  |  |  | Cedar/RioCan |  |  |  |
Qualifying | Joint Venture |  | 1 |  | $ 13,892,000 |  | 1 |  | $ 14,182,000 |  | 2016 |  | Joint Venture |  | $ 2,235,000 |  | $ 2,419,000
The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2012 and 2011, respectively:
|  |  | Amount of gain (loss) recognized in other
|  |  | comprehensive income (loss) (effective portion)
Designation/ |  |  | Three months ended September 30, |  | Nine months ended September 30,
Cash flow | Derivative |  | 2012 |  | 2011 |  | 2012 |  | 2011
Qualifying | Consolidated |  | $ 174,000 |  | $ (676,000) |  | $ 483,000 |  | $ (265,000)
| Cedar/RioCan |  |  |  |  |  |  |  |
Qualifying | Joint Venture |  | $ 20,000 |  | $ - |  | $ 78,000 |  | $ -
As of September 30, 2012, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of September 30, 2012, if a counterparty were to default, the Company would receive a net interest benefit.

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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 Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 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 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. + Details
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