Debt Disclosure [Text Block] | 6. Indebtedness Mortgage Debt Total mortgage indebtedness at June 30, 2017 December 31, 2016 June 30, December 31, Face amount of mortgage loans $ 1,411,895 $ 1,610,429 Fair value adjustments, net 9,884 12,661 Debt issuance cost, net (4,253 ) (5,010 ) Carrying value of mortgage loans $ 1,417,526 $ 1,618,080 A roll forward of mortgage indebtedness from December 31, 2016 June 30, 2017 Balance at December 31, 2016 $ 1,618,080 Debt amortization payments (10,974 ) Repayment of debt (63,000 ) Debt issuances, net of debt issuance costs 213,574 Debt cancelled upon partial paydown (24,250 ) Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments (314,595 ) Amortization of fair value and other adjustments (1,929 ) Amortization of debt issuance costs 620 Balance at June 30, 2017 $ 1,417,526 On April 25, 2017, $87.3 On May 10, 2017 49% 5 the Company closed on non-recourse mortgage loans encumbering The Arboretum, Gateway Centers, and Oklahoma City Properties. The following table summarizes the key terms of each mortgage loan: Property Principal Debt issuance costs Net debt issuance Interest Rate Maturity Date The Arboretum $ 59,400 $ (452 ) $ 58,948 4.13 % June 1, 2027 Gateway Centers 112,500 (709 ) 111,791 4.03 % June 1, 2027 Oklahoma City Properties 43,279 (427 ) 42,852 3.90 % June 1, 2027 Total $ 215,179 $ (1,588 ) $ 213,591 The Arboretum and Gateway Centers loans require monthly interest only payments until July 1, 2021, July 1, 2022, three June 30, 2017, Unsecured Debt The following table identifies our total unsecured debt outstanding at June 30, 2017 December 31, 2016: June 30, December 31, Notes payable: (1) Face amount $ 250,000 $ 250,000 Debt issuance costs and debt discount, net (2,000 ) (2,363 ) Total carrying value of notes payable $ 248,000 $ 247,637 Unsecured term loans: (7) Face amount - Term Loan (2)(3) $ 500,000 $ 500,000 Face amount - December 2015 Term Loan (4) 340,000 340,000 Face amount - June 2015 Term Loan (5) 500,000 500,000 Debt issuance costs, net (5,003 ) (5,478 ) Total carrying value of unsecured term loans $ 1,334,997 $ 1,334,522 Revolving credit facility: (2)(6) Face amount $ — $ 308,000 Debt issuance costs, net — (1,835 ) Total carrying value of revolving credit facility $ — $ 306,165 ( 1 The unsecured notes payable consist of the 3.850% 0.028% April 1, 2020. ( 2 The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." ( 3 The Term Loan bears interest at one 1.45% May 30, 2018, one 12 $200.0 2.04% August 1, 2018. June 30, 2017, one 1.45%, 2.68% ( 4 The December 2015 one 1.80% January 10, 2023. $340.0 3.51% ( 5 The June 2015 one 1.45% March 2, 2020. $500.0 2.56% June 30, 2018. ( 6 The Revolver provides borrowings on a revolving basis up to $900.0 one 1.25%, May 30, 2018, two six June 30, 2017, $899.7 $0.3 June 30, 2017, one 1.25%, 2.48%. ( 7 While we have interest rate swap agreements in place that fix the LIBOR portion of the rates as noted above, the spread over LIBOR could vary in the future based upon changes to the Company's credit rating. Covenants Our unsecured debt agreements contain financial and other covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2017, The total balance of mortgages was approximately $1.4 June 30, 2017. June 30, 2017, 27 one one 32 one four may may not two On March 30, 2017, $40.0 May 18, 2017, not May 10, 2017 On June 6, 2016, June 3, 2016, $99.5 not June 1, 2016 October 27, 2016, On June 30, 2016, $87.3 not June 1, 2016 April 25, 2017, $63.0 Upon the discounted payoff of the mortgage note payable secured for Mesa Mall, the Company recognized a gain of $21.2 $24.3 $3.1 which is included in gain on extinguishment of debt, net in the accompanying consolidated statements of operations and comprehensive income for the three six June 30, 2017. three six June 30, 2016, $34.1 $115.3 At June 30, 2017, no June 30, 2017. Fair Value of Debt The carrying values of our variable-rate loans approximate their fair values. We estimate the fair values of fixed-rate mortgages and fixed-rate unsecured debt (including variable-rate unsecured debt swapped to fixed-rate) using cash flows discounted at current borrowing rates. The book value and fair value of these financial instruments and the related discount rate assumptions as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Book value of fixed-rate mortgages (1) $ 1,160,795 $ 1,359,329 Fair value of fixed-rate mortgages $ 1,199,183 $ 1,403,103 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.83 % 3.79 % Book value of fixed-rate unsecured debt (1) $ 1,290,000 $ 1,290,000 Fair value of fixed-rate unsecured debt $ 1,267,988 $ 1,261,858 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 2.87 % 2.86 % ( 1 |