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SENIOR NOTES PAYABLE AND OTHER DEBT | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
SENIOR NOTES PAYABLE AND OTHER DEBT | NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of September 30, 2016 and December 31, 2015:
| September 30, 2016 |  | December 31, 2015
| (In thousands)
Unsecured revolving credit facility (1) | $ | 232,405 |  |  | $ | 180,683 |
1.55% Senior Notes due 2016 | — |  |  | 550,000 |
1.250% Senior Notes due 2017 | 300,000 |  |  | 300,000 |
2.00% Senior Notes due 2018 | 700,000 |  |  | 700,000 |
Unsecured term loan due 2018 (2) | 200,000 |  |  | 200,000 |
Unsecured term loan due 2019 (2) | 373,353 |  |  | 468,477 |
4.00% Senior Notes due 2019 | 600,000 |  |  | 600,000 |
3.00% Senior Notes, Series A due 2019 (3) | 304,715 |  |  | 289,038 |
2.700% Senior Notes due 2020 | 500,000 |  |  | 500,000 |
Unsecured term loan due 2020 | 900,000 |  |  | 900,000 |
4.750% Senior Notes due 2021 | 700,000 |  |  | 700,000 |
4.25% Senior Notes due 2022 | 600,000 |  |  | 600,000 |
3.25% Senior Notes due 2022 | 500,000 |  |  | 500,000 |
3.300% Senior Notes due 2022 (3) | 190,447 |  |  | 180,649 |
3.125% Senior Notes due 2023 | 400,000 |  |  | — |
3.750% Senior Notes due 2024 | 400,000 |  |  | 400,000 |
4.125% Senior Notes, Series B due 2024 (3) | 190,447 |  |  | 180,649 |
3.500% Senior Notes due 2025 | 600,000 |  |  | 600,000 |
4.125% Senior Notes due 2026 | 500,000 |  |  | 500,000 |
3.25% Senior Notes due 2026 | 450,000 |  |  | — |
6.90% Senior Notes due 2037 | 52,400 |  |  | 52,400 |
6.59% Senior Notes due 2038 | 22,973 |  |  | 22,973 |
5.45% Senior Notes due 2043 | 258,750 |  |  | 258,750 |
5.70% Senior Notes due 2043 | 300,000 |  |  | 300,000 |
4.375% Senior Notes due 2045 | 300,000 |  |  | 300,000 |
Mortgage loans and other (4) | 1,742,347 |  |  | 1,987,401 |
Total | 11,317,837 |  |  | 11,271,020 |
Deferred financing costs, net | (64,238 | ) |  | (69,121 | )
Unamortized fair value adjustment | 27,416 |  |  | 33,570 |
Unamortized discounts | (28,688 | ) |  | (28,473 | )
Senior notes payable and other debt | $ | 11,252,327 |  |  | $ | 11,206,996 |
(1) | $155.4 million and $9.7 million of aggregate borrowings are denominated in Canadian dollars as of September 30, 2016 and December 31, 2015, respectively.
(2) | These amounts represent in aggregate the $573.4 million of unsecured term loan borrowings under our unsecured credit facility, of which $94.8 million included in the 2019 tranche is in the form of Canadian dollars.
(3) | These borrowings are in the form of Canadian dollars.
(4) | 2016 and 2015 exclude $66.0 million and $22.9 million, respectively, of mortgage debt related to real estate assets classified as held for sale that is included in liabilities related to assets held for sale on our Consolidated Balance Sheets.
As of September 30, 2016, our indebtedness had the following maturities:
| Principal Amount Due at Maturity |  | Unsecured Revolving Credit Facility (1) |  | Scheduled Periodic Amortization |  | Total Maturities
| (In thousands)
2016 (2) | $ | — |  |  | $ | — |  |  | $ | 7,467 |  |  | $ | 7,467 |
2017 | 631,902 |  |  | — |  |  | 26,044 |  |  | 657,946 |
2018 | 1,101,879 |  |  | 232,405 |  |  | 21,085 |  |  | 1,355,369 |
2019 | 1,702,650 |  |  | — |  |  | 14,607 |  |  | 1,717,257 |
2020 | 1,416,913 |  |  | — |  |  | 11,620 |  |  | 1,428,533 |
Thereafter (3) | 6,023,925 |  |  | — |  |  | 127,340 |  |  | 6,151,265 |
Total maturities | $ | 10,877,269 |  |  | $ | 232,405 |  |  | $ | 208,163 |  |  | $ | 11,317,837 |
(1) | As of September 30, 2016, we had $89.3 million of unrestricted cash and cash equivalents, for $143.1 million of net borrowings outstanding under our unsecured revolving credit facility.
(2) | Excludes $66.0 million of mortgage debt related to real estate assets classified as held for sale as of September 30, 2016 that are scheduled to mature in 2017.
(3) | Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.
Unsecured Revolving Credit Facility and Unsecured Term Loans Our unsecured credit facility is comprised of a $2.0 billion revolving credit facility priced at LIBOR plus 1.0% as of September 30, 2016, and a $200.0 million fully funded four-year term loan and an $800.0 million five-year term loan (with $373.4 million outstanding), each priced at LIBOR plus 1.05% as of September 30, 2016. The revolving credit facility matures in January 2018, but may be extended, at our option subject to the satisfaction of certain conditions, for an additional period of one year. The $200.0 million and $800.0 million term loans mature in January 2018 and January 2019, respectively. The unsecured credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.5 billion. As of September 30, 2016, we had $232.4 million of borrowings outstanding, $14.1 million of letters of credit outstanding and $1.8 billion of unused borrowing capacity available under our unsecured revolving credit facility. As of September 30, 2016, we also had a $900.0 million fully funded term loan due 2020 priced at LIBOR plus 97.5 basis points. In May 2016, we repaid $100.0 million outstanding on our unsecured term loan due 2019 using cash on hand and recognized a loss on extinguishment of debt of $0.4 million. Senior Notes In May 2016, we issued and sold $400.0 million aggregate principal amount of 3.125% senior notes due 2023 at a public offering price equal to 99.343% of par, for total proceeds of $397.4 million before the underwriting discount and expenses. In June 2016, we redeemed $455.5 million aggregate principal amount then outstanding of our 1.55% senior notes due September 2016 at a public offering price of 100.335% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $2.1 million. The redemption was funded using proceeds from our May 2016 senior note issuance, cash on hand and borrowings under our revolving credit facility. In July 2016, we repaid the remaining balance then outstanding of our 1.55% senior notes due September 2016 of $94.5 million and recognized a loss on extinguishment of debt of $0.3 million. In September 2016, we issued and sold $450.0 million aggregate principal amount of 3.25% senior notes due 2026 at a public offering price equal to 99.811% of par, for total proceeds of $449.1 million before the underwriting discount and expenses. Mortgages During the nine months ended September 30, 2016, we repaid in full mortgage loans outstanding in the aggregate principal amount of $254.7 million with a weighted average maturity of 2.1 years and recognized a loss on extinguishment of debt of $0.4 million in connection with these repayments. Derivatives and Hedging In February 2016, we entered into a $200 million notional amount interest rate swap with a maturity of August 3, 2020 that effectively converts LIBOR-based floating rate debt to fixed rate debt, setting LIBOR at 1.132% through the maturity date of the swap. In July 2016, we entered into $225 million notional forward starting swaps that reduced our exposure to fluctuations in interest rates between July and the September issuance of 3.25% senior notes due 2026. On the issuance date, we realized a gain of $1.9 million from these swaps which will be recognized over the life of the notes using an effective interest method.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 + Details
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