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Mortgage Loans Payable And Secured Revolving Credit Facilities | 12 Months Ended
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Dec. 31, 2012
Mortgage Loans Payable And Secured Revolving Credit Facilities [Abstract] |
Mortgage Loans Payable And Secured Revolving Credit Facilities | Note 11. Mortgage Loans Payable and Secured Revolving Credit Facilities Secured debt is comprised of the following at December 31, 2012 and 2011:
|  | December 31, 2012 |  | December 31, 2011 (a)
|  |  |  | Interest rates |  |  |  | Interest rates
|  | Balance |  | Weighted |  |  |  | Balance |  | Weighted |  |
Description |  | outstanding |  | average |  | Range |  | outstanding |  | average |  | Range
Fixed-rate mortgages (b) |  | $ 544,799,000 |  | 5.6% |  | 3.1% - 7.5% |  | $ 522,975,000 |  | 5.9% |  | 5.0% - 7.6%
Variable-rate mortgage |  | 60,417,000 |  | 3.0% |  |  |  | 63,768,000 |  | 3.0% |  |
Total property-specific mortgages |  | 605,216,000 |  | 5.3% |  |  |  | 586,743,000 |  | 5.5% |  |
Corporate Credit Facility: |  |  |  |  |  |  |  |  |  |  |  |
Revolving facility |  | 81,000,000 |  | 2.8% |  |  |  | - |  | - |  |
Term loan |  | 75,000,000 |  | 2.8% |  |  |  | - |  | - |  |
Stabilized property credit facility |  | - |  | - |  |  |  | 74,035,000 |  | 5.5% |  |
Development property credit facility |  | - |  | - |  |  |  | 92,282,000 |  | 2.5% |  |
|  | $ 761,216,000 |  | 4.8% |  |  |  | $ 753,060,000 |  | 5.2% |  |
Mortgage loans payable related to real estate held for sale/conveyance - discontinued operations (a)
Fixed-rate mortgages |  | $ 23,258,000 |  | 6.1% |  | 5.2% - 6.5% |  | $ 105,988,000 |  | 5.7% |  | 5.0% - 6.5%
Variable-rate mortgage |  | - |  | - |  |  |  | 18,900,000 |  | 5.9% |  |
|  | $ 23,258,000 |  | 6.1% |  |  |  | $ 124,888,000 |  | 5.7% |  |
(a) Restated to reflect the reclassifications of properties subsequently treated as "held for sale/conveyance".
(b) At December 31, 2012 and 2011, the Company had approximately $31.4 million and $32.1 million, respectively, of mortgage loans payable subject to interest rate swaps which converted LIBOR-based variable rates to fixed annual rates ranging from 5.2% to 6.5% per annum.
Mortgage loans payable Mortgage loan activity for 2012 and 2011 is summarized as follows:
|  | Years ended December 31,
|  | 2012 |  | 2011
Balance, beginning of year (a) |  | $ 586,743,000 |  | $ 548,121,000
New mortgage borrowings and assumptions (b) |  | 74,605,000 |  | 45,791,000
Repayments |  | (56,132,000) |  | (7,169,000)
Balance, end of the year |  | $ 605,216,000 |  | $ 586,743,000
(a) Restated to reflect the reclassifications of properties subsequently treated as "held for sale/conveyance".
(b) Includes $1.5 million increase relating to Franklin Village Plaza purchase accounting allocations.
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 250 bps (a weighted average rate of 2.8% per annum at December 31, 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 December 31, 2012, the Company has $81.0 million outstanding under the revolving credit portion of the Credit Facility, and had $81.8 million available for additional borrowings as of th at date. Scheduled Principal Payments Scheduled principal payments on mortgage loans payable and the Credit Facility at December 31, 2012, due on various dates from 2012 to 2029, are as follows:
2013 |  | $ 119,050,000 | (a)
2014 |  | 107,786,000 |
2015 |  | 154,766,000 | (b)
2016 |  | 214,939,000 | (c)
2017 |  | 63,384,000 |
Thereafter |  | 101,291,000 |
|  | $ 761,216,000 |
(a) Includes $59.7 million subject to a one-year extension option. (b) Includes $81.0 million subject to a one-year extension option. (c) Includes $75.0 million subject to a one-year extension option. Derivative financial instruments At December 31, 2012, the Company had approximately $31.4 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 $1.6 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 December 31, 2012 and December 31, 2011:
|  |  |  |  | Notional values |  |  |  | Balance |  | Fair value
Designation/ |  |  |  |  | December 31, |  |  |  | December 31, |  | Maturity |  | sheet |  | December 31, |  | December 31,
Cash flow | Derivative |  | Count |  | 2012 |  | Count |  | 2011 |  | dates |  | location |  | 2012 |  | 2011
| Interest |  |  |  |  |  |  |  |  |  |  |  | Accrued |  |  |  |
| rate swaps |  |  |  |  |  |  |  |  |  |  |  | liabilities |  |  |  |
Qualifying | Consolidated |  | 3 |  | $ 31,417,000 |  | 3 |  | $ 32,091,000 |  | 2013-2018 |  | Consolidated |  | $ 1,577,000 |  | $ 2,053,000
| Cedar/RioCan |  |  |  |  |  |  |  |  |  |  |  | Cedar/RioCan |  |  |  |
Qualifying | Joint Venture |  | - |  | $ - |  | 1 |  | $ 14,182,000 |  | - |  | Joint Venture |  | $ - |  | $ 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 2012, 2011 and 201 0, respectively:
|  |  | Amount of gain (loss) recognized in other
|  |  | comprehensive income (loss) (effective portion)
Designation/ |  |  | Years ended December 31,
Cash flow | Derivative |  | 2012 |  | 2011 |  | 2010
Qualifying | Consolidated |  | $ 836,000 |  | $ (398,000) |  | $ (670,000)
| Cedar/RioCan |  |  |  |  |  |
Qualifying | Joint Venture |  | $ 118,000 |  | $ (118,000) |  | $ -
As of December 31, 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 December 31, 2012, if a counterparty were to default, the Company would receive a net interest benefit. On January 20, 2010, the Company paid approximately $5.5 million to terminate interest rate swaps applicable to the financing for its development joint venture project in Stroudsburg, Pennsylvania.

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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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