Notes to Consolidated Financial Statements (Dollars in thousands, except share and per share amounts and where indicated as in millions or billions) Allowance for Credit Losses We record a provision for credit losses based on our judgment of a tenant’s creditworthiness, ability to pay and probability of collection.
In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable.
Accounts are written off when they are deemed to be no longer collectible.
Presented below is the activity in the allowance for credit losses and includes the activities related to discontinued operations during the following years:
## Table 0 ##
Income Taxes We and a subsidiary of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification.
In order to maintain this REIT status, the regulations require us to distribute at least 90% of our taxable income to stockholders and meet certain other asset and income tests as well as other requirements.
We intend to continue to adhere to these requirements and maintain our REIT status and that of the REIT subsidiaries.
As REITs, these entities will generally not be liable for federal corporate income taxes as long as they continue to distribute in excess of 100% of their taxable income.
Thus, we made no provision for federal income taxes for these entities in the accompanying consolidated financial statements.
If Simon Property or the REIT subsidiaries fail to qualify as a REIT, we or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify.
If we lose our REIT status we could not elect to be taxed as a REIT for four years unless our failure to qualify was due to reasonable cause and certain other conditions were satisfied.
We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries.
This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that don’t qualify as “rents from real property”.
For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse.
A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized.
An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income.
As of December 31, 2008 and 2007, we had a net deferred tax asset of $8.9 million and $19.8 million, respectively, related to our TRS subsidiaries.
The net deferred tax asset is included in deferred costs and other assets in the accompanying consolidated balance sheets and consists primarily of operating losses and other carryforwards for federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries.
No valuation allowance has been recorded as we believe these amounts will be realized.
State income, franchise or other taxes were not significant in any of the periods presented.
The income tax benefit in 2007 results primarily from the tax deductibility of a $55.1 million impairment charge.
Reclassifications We made certain reclassifications of prior period amounts in the financial statements to conform to the 2008 presentation.
The reclassifications were to amounts reported in the consolidated statement of cash flows and had no impact on previously reported operating results.
Contractual Obligations and Off-balance Sheet Arrangements In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of December 31, 2014, and subsequent years thereafter (dollars in thousands) assuming the obligations remain outstanding through initial maturities including applicable exercise of available extension options:
## Table 1 ##
(1) Represents principal maturities only and therefore, excludes net premiums of $9,022.
(2) Variable rate interest payments are estimated based on the LIBOR rate at December 31, 2014.
(3) Represents contractual commitments for capital projects and services at December 31, 2014.
Our share of estimated 2015 development, redevelopment and expansion activity is further discussed below in the ‘‘Development Activity’’ section.
(4) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options.
Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 7 to the notes to consolidated financial statements.
Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity.
The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt.
As of December 31, 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $223.5 million (of which we have a right of recovery from our venture partners of $78.7 million).
Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.
We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not required contractually or otherwise.
Acquisitions and Dispositions Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements.
Most of our partners are institutional investors who have a history of direct investment in retail real estate.
We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions).
If we determine it is in our stockholders’ best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner’s interest.
If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities.
Acquisitions.
On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million.
On April 10, 2014, through our joint venture with McArthurGlen, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership of this property to 45%.
On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership.
Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition.
The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014.
We now own 100% of this property.
On January 10, 2014, we acquired one of our partner’s redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement.
The amount paid to acquire the interests in
thousands) assuming the obligations remain outstanding through initial maturities including applicable exercise of available extension options:
## Table 2 ##
(1) Represents principal maturities only and therefore, excludes net discounts of $104.
(2) Variable rate interest payments are estimated based on the LIBOR rate at December 31, 2015.
(3) Represents contractual commitments for capital projects and services at December 31, 2015.
Our share of estimated 2016 development, redevelopment and expansion activity is further discussed below under ‘‘Development Activity’’.
(4) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options.
Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 7 to the notes to consolidated financial statements.
Our joint ventures typically fund their cash needs through secured debt financings obtained by and in the name of the joint venture entity.
The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt.
As of December 31, 2015, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $353.7 million (of which we have a right of recovery from our venture partners of $112.8 million).
Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount.
We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not required contractually or otherwise.
Acquisitions and Dispositions Buy-sell, marketing rights, and other exit mechanisms are common in real estate partnership agreements.
Most of our partners are institutional investors who have a history of direct investment in retail real estate.
We and our partners in our joint venture properties may initiate these provisions (subject to any applicable lock up or similar restrictions).
If we determine it is in our stockholders’ best interests for us to purchase the joint venture interest and we believe we have adequate liquidity to execute the purchase without hindering our cash flows, then we may initiate these provisions or elect to buy our partner’s interest.
If we decide to sell any of our joint venture interests, we expect to use the net proceeds to reduce outstanding indebtedness or to reinvest in development, redevelopment, or expansion opportunities.
Acquisitions.
On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust, for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million.
In February 2016, our European outlet joint venture acquired a 75% interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $34.9 million.
Dispositions.
We continue to pursue the disposition of properties that no longer meet our strategic criteria or that are not a primary retail venue within their trade area.
During 2015, we disposed of our interests in three unconsolidated retail properties.
The aggregate gain recognized on these transactions was approximately $43.6 million.
In January of 2016, we disposed of our interests in two residential properties and a consolidated retail property.
The aggregate gain from these transactions was $36.8 million.
Joint Venture Formation Activity On April 13, 2015, we announced a joint venture with Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture.
We contributed
Mortgage and Unsecured Debt As of December 31, 2016 (Dollars in thousands)
## Table 3 ##
(1) Variable rate loans based on 1M LIBOR plus interest rate spreads ranging from 80 bps to 290 bps.1M LIBOR as of December 31, 2016 was 0.77%.
(2) Requires monthly payment of interest only.
(3) Includes applicable extension available at the Applicable Borrower’s option.
(4) Variable rate loans based on 1M CDOR plus interest rate spreads ranging from 130 bps to 185 bps.1M CDOR at December 31, 2016 was 0.94%.
(5) Amount shown in USD equivalent.
CAD Equivalent is 278.7 million.
(6) Requires annual payment of interest only.
(7) Variable rate loans based on Cost of Fund plus interest rate spread of 150 bps.
Cost of Fund as of December 31, 2016 was 3.48%.
(8) Amount shown in USD equivalent.
Euro equivalent is 750.0 million.
(9) Amount shown in USD equivalent.
Ringgit equivalent is 48.7 million.
(10) Amount shown in USD equivalent.
Euro equivalent is 500.0 million.
(11) Variable rate loan based on 3M EURIBOR plus an interest rate spread of 200 bps.3M EURIBOR at December 31, 2016 was -0.32%.
In addition, 3M EURIBOR is capped at 1.00%.
(12) Variable rate loans based on 1M YEN LIBOR or 6M YEN LIBOR plus interest rate spreads ranging from 25 bps to 40 bps.
As of December 31, 2016, 1M YEN LIBOR and 6M YEN LIBOR were -0.08% and 0.01%, respectively.
(13) Amount shown in USD equivalent.
Euro equivalent is 750.0 million.
(14) Requires semi-annual payments of interest only.
(15) $3.5 Billion Supplemental Credit Facility.
As of December 31, 2016, the Supplemental Credit Facility — USD Currency bears interest at LIBOR + 80 bps, the Supplemental Credit Facility — Yen Currency bears interest at Yen LIBOR + 80 bps and the Supplemental Credit Facility — Euro Currency bears interest at 1M EURO LIBOR + 80 bps and provide for different pricing based upon our investment grade rating.
As of December 31, 2016, $6.2 billion was available after outstanding borrowings and letters of credit under our Credit Facilities.
(16) Reflects the latest maturity date and weighted average interest rate of all outstanding tranches of commercial paper at December 31, 2016.
(17) Amount shown in USD equivalent.
Won equivalent is 352.7 billion.
(18) Amount shown in USD equivalent.
Euro equivalent is 75.0 million.
(19) Loans secured by these three properties are cross-collateralized and cross-defaulted.
(20) Loans secured by these two properties are cross-collateralized and cross-defaulted.

<table><tr><td></td><td colspan="3">For the Year Ended December 31,</td></tr><tr><td></td><td>2008</td><td>2007</td><td>2006</td></tr><tr><td>Balance at Beginning of Year</td><td>$33,810</td><td>$32,817</td><td>$35,239</td></tr><tr><td>Consolidation of previously unconsolidated entities</td><td>—</td><td>495</td><td>321</td></tr><tr><td>Provision for Credit Losses</td><td>24,037</td><td>9,672</td><td>9,730</td></tr><tr><td>Accounts Written Off</td><td>-13,197</td><td>-9,174</td><td>-12,473</td></tr><tr><td>Balance at End of Year</td><td>$44,650</td><td>$33,810</td><td>$32,817</td></tr></table>
<table><tr><td> </td><td> 2015</td><td> 2016 and 2017</td><td> 2018 and 2019</td><td> After 2019</td><td> Total</td></tr><tr><td>Long Term Debt -1</td><td>$1,174,796</td><td>$5,935,795</td><td>$3,952,670</td><td>$9,780,710</td><td>$20,843,971</td></tr><tr><td>Interest Payments -2</td><td>907,771</td><td>1,430,850</td><td>972,343</td><td>2,462,576</td><td>5,773,540</td></tr><tr><td>Consolidated Capital Expenditure Commitments -3</td><td>366,113</td><td></td><td>—</td><td>—</td><td>366,113</td></tr><tr><td>Lease Commitments -4</td><td>29,775</td><td>70,657</td><td>63,679</td><td>907,110</td><td>1,071,221</td></tr></table>
<table><tr><td> </td><td> 2016</td><td> 2017 and 2018</td><td> 2019 and 2020</td><td> After 2020</td><td> Total</td></tr><tr><td>Long Term Debt -1</td><td>$2,928,580</td><td>$4,067,342</td><td>$5,767,151</td><td>$9,739,204</td><td>$22,502,277</td></tr><tr><td>Interest Payments -2</td><td>827,835</td><td>1,297,715</td><td>965,978</td><td>2,438,097</td><td>5,529,625</td></tr><tr><td>Consolidated Capital Expenditure Commitments -3</td><td>156,867</td><td>—</td><td>—</td><td>—</td><td>156,867</td></tr><tr><td>Lease Commitments -4</td><td>30,474</td><td>61,431</td><td>51,839</td><td>984,431</td><td>1,128,175</td></tr></table>
<table><tr><td>Property Name</td><td>Interest Rate</td><td>Face Amount</td><td></td><td colspan="2">Annual Debt Service -1</td><td>Maturity Date</td></tr><tr><td>Woodfield Mall</td><td>4.50%</td><td>425,000</td><td></td><td>19,125</td><td>-2</td><td>03/05/24</td></tr><tr><td>Yeoju Premium Outlets</td><td>4.10%</td><td>69,779</td><td>-17</td><td>2,863</td><td>-2</td><td>09/06/20</td></tr><tr><td>Total Joint Venture Secured Indebtedness at Face Value</td><td></td><td>$13,860,696</td><td></td><td></td><td></td><td></td></tr><tr><td>TMLP Indebtedness at Face Value</td><td></td><td>$434,658</td><td>-29</td><td></td><td></td><td></td></tr><tr><td>Total Joint Venture and TMLP Indebtedness at Face Value</td><td></td><td>$14,295,354</td><td></td><td></td><td></td><td></td></tr><tr><td>Premium on Indebtedness</td><td></td><td>3,337</td><td></td><td></td><td></td><td></td></tr><tr><td>Debt Issuance Costs</td><td></td><td>-61,115</td><td></td><td></td><td></td><td></td></tr><tr><td>Total Joint Venture Indebtedness</td><td></td><td>$14,237,576</td><td></td><td></td><td></td><td></td></tr><tr><td>Our Share of Joint Venture Indebtedness</td><td></td><td>$6,743,252</td><td>-31</td><td></td><td></td><td></td></tr></table>

Question: What is the Face Amount for Premium on Indebtedness?
Answer: 3337