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Note 12 - Notes Payable
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

12.  Notes Payable:


As of December 31, 2013 and 2012 the Company’s Notes Payable consisted of the following (dollars in millions):


   

Balance at 12/31/13

   

Interest Rate Range (Low)

   

Interest Rate Range (High)

 

Maturity Date Range (Low)

 

Maturity Date Range (High)

Senior Unsecured Notes

  $ 1,140.9       3.13%       6.88%  

Jun-2014

 

Jun-2023

Medium Term Notes

    1,044.6       4.30%       5.78%  

Jun-2014

 

Feb-2018

U.S. Term Loan (d)

    400.0    

(a)

   

(a)

 

Apr-2014

 

Apr-2014

Canadian Notes Payable

    329.5       3.86%       5.99%  

Apr-2018

 

Aug-2020

Credit Facility

    194.5    

(a)

   

(a)

 

Oct-2015

 

Oct-2015

Mexican Term Loan

    76.5    

(c)

   

(c)

 

Mar-2018

 

Mar-2018

    $ 3,186.0                        

   

Balance at 12/31/12

   

Interest Rate Range (Low)

   

Interest Rate Range (High)

 

Maturity Date Range (Low)

 

Maturity Date Range (High)

Senior Unsecured Notes

  $ 965.9       4.70%       6.88%    

Jan-2013

 

Oct-2019

Medium Term Notes

    1,144.6       4.30%       5.78%    

Oct-2013

 

Feb-2018

U.S. Term Loan     400.0     (a)     (a)   Apr-2014   Apr-2014

Canadian Notes Payable

    352.4       5.18%       5.99%    

Aug-2013

 

Apr-2018

Credit Facility     249.9     (a)     (a)   Oct-2015   Oct-2015

Mexican Term Loan

    76.9       8.58%       8.58%    

Mar-2013

 

Mar-2013

Other Notes Payable     2.4     (b)     (b)   Jan-2013   Sept-2013
    $ 3,192.1                          

(a)     Interest rate is equal to LIBOR + 1.05% (1.22% and 1.26% at December 31, 2013 and 2012, respectively).


(b)     Interest rate is equal to LIBOR + 3.50% (5.50% at December 31, 2012).


(c)     Interest rate is equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.15% at December 31, 2013).


(d)     During January 2014, the Company exercised its one-year extension option to extend the maturity date to April 17, 2015.


The weighted-average interest rate for all unsecured notes payable is 4.37% as of December 31, 2013. The scheduled maturities of all unsecured notes payable as of December 31, 2013, were as follows (in millions): 2014, $694.7; 2015, $544.5; 2016, $300.0; 2017, $290.9; 2018, $517.7 and thereafter, $838.2.


Senior Unsecured Notes/Medium Term Notes –


During September 2009, the Company entered into a fifth supplemental indenture, under the indenture governing its Medium Term Notes ("MTN") and Senior Notes, which included the financial covenants for future offerings under the indenture that were removed by the fourth supplemental indenture.


In accordance with the terms of the Indenture, as amended, pursuant to which the Company's Senior Unsecured Notes, except for $300.0 million issued during April 2007 under the fourth supplemental indenture, have been issued, the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios, (c) certain asset to debt ratios and (d) restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations.


The Company had a MTN program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities.


Interest on the Company’s fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.


During May 2013, the Company issued $350.0 million of 10-year Senior Unsecured Notes at an interest rate of 3.125% payable semi-annually in arrears which are scheduled to mature in June 2023. Net proceeds from the issuance were $344.7 million, after related transaction costs of $0.5 million. The proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the Company’s revolving credit facility and the repayment of $75.0 million senior unsecured notes which matured in June 2013.


During July 2013, a wholly-owned subsidiary of the Company issued $200.0 million Canadian denominated (“CAD”) Series 4 unsecured notes on a private placement basis in Canada. The notes bear interest at 3.855% and are scheduled to mature on August 4, 2020. Proceeds from the notes were used to repay the Company’s CAD $200.0 million 5.180% unsecured notes, which matured on August 16, 2013.


During the years ended December 31, 2013 and 2012, the Company repaid the following notes (dollars in millions):


Type

 

Date Issued

  Amount Repaid    

Interest Rate

   

Maturity Date

 

Date Paid

MTN

 

Oct-03

  $ 100.0       5.19%    

Oct-13

 

Oct-13

Senior Note

 

Oct-06

  $ 75.0       4.70%    

Jun-13

 

Jun-13

Senior Note

 

Oct-06

  $ 100.0       6.125%    

Jan-13

 

Jan-13

Senior Note

 

Nov-02

  $ 198.9       6.00%    

Nov-12

 

Nov-12

MTN

 

July-02

  $ 17.0       5.98%    

July-12

 

July-12


Credit Facility –


The Company has a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in October 2015 and has a one-year extension option. This credit facility, provides funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs and (iv) any short-term working capital requirements. Interest on borrowings under the Credit Facility accrues at LIBOR plus 1.05% and fluctuates in accordance with changes in the Company’s senior debt ratings and has a facility fee of 0.20% per annum. As part of this Credit Facility, the Company has a competitive bid option whereby the Company could auction up to $875.0 million of its requested borrowings to the bank group. This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread. In addition, as part of the Credit Facility, the Company has a $500.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. As of December 31, 2013, the Credit Facility had a balance of $194.5 million outstanding and $3.3 million appropriated for letters of credit.


      U.S. Term Loan -


The Company has a $400.0 million unsecured term loan with a consortium of banks, which accrues interest at LIBOR plus 105 basis points. The term loan is scheduled to mature in April 2014, with three additional one-year options to extend the maturity date, at the Company’s discretion, to April 17, 2017. Proceeds from this term loan were used for general corporate purposes including the repayment of maturing debt amounts. Pursuant to the terms of the Credit Agreement, the Company, among other things is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios.  During January 2014, the Company exercised the first of its one-year extension options to extend the maturity date to April 17, 2015.


 Mexican Term Loan -


During March 2013, the Company entered into a new five year 1.0 billion Mexican peso term loan which is scheduled to mature in March 2018. This term loan bears interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35% (5.15% as of December 31, 2013). The Company has the option to swap this rate to a fixed rate at any time during the term of the loan.  The Company used these proceeds to repay its 1.0 billion MXN term loan, which matured in March 2013 and bore interest at a fixed rate of 8.58%. As of December 31, 2013, the outstanding balance on this new term loan was MXN 1.0 billion (USD $76.5 million).