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Mortgage Loans Payable And Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2013
Mortgage Loans Payable And Credit Facility [Abstract]  
Schedule Of Debt Related To Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

December 31, 2012

 

 

 

 

Interest rates

 

 

 

Interest rates

 

 

Balance

 

Weighted

 

 

 

Balance

 

Weighted

 

 

Description

 

outstanding

 

average

 

Range

 

outstanding

 

average

 

Range

Fixed-rate mortgages (a)

 

$            458,207,000 

 

5.5%

 

3.1% - 7.5%

 

$            528,751,000 

 

5.6%

 

3.1% - 7.5%

Variable-rate mortgage

 
58,085,000 

 

2.9%

 

 

 
60,417,000 

 

3.0%

 

 

Total property-specific mortgages

 
516,292,000 

 

5.2%

 

 

 
589,168,000 

 

5.3%

 

 

Unsecured credit facility:

 

 

 

 

 

 

 

 

 

 

 

 

Revolving facility

 
153,500,000 

 

2.3%

 

 

 

 -

 

n/a

 

 

Term loan

 
50,000,000 

 

2.3%

 

 

 

 -

 

n/a

 

 

 

 
203,500,000 

 

2.3%

 

 

 

 -

 

n/a

 

 

Secured credit facility:

 

 

 

 

 

 

 

 

 

 

 

 

Revolving facility

 

 -

 

n/a

 

 

 
81,000,000 

 

2.8%

 

 

Term loan

 

 -

 

n/a

 

 

 
75,000,000 

 

2.8%

 

 

 

 

 -

 

n/a

 

 

 
156,000,000 

 

2.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$            719,792,000 

 

4.3%

 

 

 

$            745,168,000 

 

4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) At December 31, 2012, the Company had two mortgage loans payable aggregating approximately $19.3 million subject to interest rate swaps which converted the LIBOR-based variable rates to fixed annual rates of 5.4% and 6.5% per annum. These loans were repaid during 2013.

 

Schedule Of Mortgage Loan Activity

 

 

 

 

 

 

 

Years ended December 31,

 

 

2013

 

2012

Balance, beginning of year (a)

 

$    589,168,000

 

$    570,372,000

New mortgage borrowings and assumptions (b)

 

 -

 
74,605,000 

Repayments

 
(72,876,000)

 
(55,809,000)

Balance, end of the year

 

$    516,292,000

 

$    589,168,000

 

 

 

 

 

(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 in 2012.

 

Schedule Of Debt Included In Discontinuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

December 31, 2012

 

 

 

 

Interest rates

 

 

 

Interest rates

 

 

Balance

 

Weighted

 

 

 

Balance

 

Weighted

 

 

Description

 

outstanding

 

average

 

Range

 

outstanding

 

average

 

Range

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate mortgages (a)

 

$              22,848,000 

 

5.4%

 

5.2% - 6.1%

 

$              39,306,000 

 

5.7%

 

5.2% - 6.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) At December 31, 2013 and 2012, the Company had a mortgage loan payable of approximately $11.9 million and $12.2 million, respectively, subject to an interest rate swap which converted the LIBOR-based variable rate to a fixed annual rate of 5.2% per annum.

 

Schedule Of Principal Payments On Mortgage Loans Payable And Credit Facility

 

 

 

 
2014 

 

$    157,823,000

(a)
2015 

 
68,821,000 

 
2016 

 
293,039,000 

(b)
2017 

 
62,962,000 

 
2018 

 
70,199,000 

 

Thereafter

 
66,948,000 

 

 

 

$    719,792,000

 

 

 

 

 

 

 

(a)

Substantially all 2014 debt requirements will be refinanced from the proceeds of the unsecured term loans which closed on February 11, 2014 (see above).

 (b)  Includes $153.5 million subject to two one-year extension options.

 

Summary Of The Derivative Financial Instruments Held

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional values

 

 

 

Balance

 

Fair value

Designation/

 

 

 

 

December 31,

 

 

 

December 31,

 

Maturity

 

sheet

 

December 31,

 

December 31,

Cash flow

Derivative

 

Count

 

2013

 

Count

 

2012

 

date

 

location

 

2013

 

2012

 

Interest

 

 

 

 

 

 

 

 

 

 

 

Accrued

 

 

 

 

 

rate swaps

 

 

 

 

 

 

 

 

 

 

 

liabilities

 

 

 

 

Qualifying

Consolidated

 

1 

 

$         11,894,000 

(a)

3 

 

$       31,417,000 

(a)

2018

 

Consolidated

 

$              647,000 

 

$         1,577,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) For the years ended December 31, 2013 and 2012, $11.9 million and $12.2 million, respectively, are included in mortgage loans payable - real estate held for sale/conveyance on the consolidated balance sheets.

 

Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity

 

 

 

 

 

 

 

 

 

 

 

Amount of gain recognized in other

 

 

 

comprehensive income (loss) (effective portion)

Designation/

 

 

Years ended December 31,

Cash flow

Derivative

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

Qualifying

Consolidated

 

$         1,260,000 

(a)

$            836,000 

 

$          (398,000)

 

Cedar/RioCan

 

 

 

 

 

 

Qualifying

Joint Venture

 

$                       - 

 

$            118,000 

 

$          (118,000)

 

 

 

 

 

 

 

 

(a) For the year ended December 31, 2013, $1,058,000 was reclassified from other comprehensive income to interest expense in the consolidated statements of operations, of which $309,000 was included in discontinued operations.