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.