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Note 12 - Notes Payable | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | 12. Notes Payable: As of December 31, 2014 and 2013 the Company’s Notes Payable consisted of the following (dollars in millions):
|  | Balance at 12/31/14 |  | Interest Rate Range (Low) |  | Interest Rate Range (High) |  | Maturity Date Range (Low) |  | Maturity Date Range (High)
Senior Unsecured Notes | $ | 1,540.9 |  | 3.13% |  | 6.88% |  | Sep-2015 |  | Jun-2023
Medium Term Notes |  | 850.0 |  | 4.30% |  | 5.78% |  | Feb-2015 |  | Feb-2018
U.S. Term Loan (e) |  | 400.0 |  | (a) |  | (a) |  | Apr-2015 |  | Apr-2015
Canadian Notes Payable |  | 301.3 |  | 3.86% |  | 5.99% |  | Apr-2018 |  | Aug-2020
Credit Facility |  | 100.0 |  | (b) |  | (b) |  | Apr-2018 |  | Apr-2018
| $ | 3,192.2 |  |  |  |  |  |  |  |
|  | 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 |  |  |  |  |  |  |  |
(a) Interest rate is equal to LIBOR + 1.05% (1.21% and 1.22% at December 31, 2014 and 2013, respectively). (b) Interest rate is equal to LIBOR + .925% (1.09% at December 31, 2014). (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 2015. (e) During January 2015, the Company repaid its $400.0 million term loan which was scheduled to mature in 2015 with a new $650.0 million unsecured term loan that bears interest at a rate equal to LIBOR + .95% and is scheduled to mature in 2017, with three one-year extensions at the Company’s discretion. The weighted-average interest rate for all unsecured notes payable is 4.17% as of December 31, 2014. The scheduled maturities of all unsecured notes payable as of December 31, 2014, were as follows (in millions): 2015, $750.0; 2016, $300.0; 2017, $290.9; 2018, $529.1; 2019, $300.0 and thereafter, $1,022.2. 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 and medium term 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 April 2014, the Company issued $500.0 million of 7-year Senior Unsecured Notes at an interest rate of 3.20% payable semi-annually in arrears which are scheduled to mature in May 2021. The Company used the net proceeds from this issuance of $495.4 million, after deducting the underwriting discount and offering expenses, for general corporate purposes including reducing borrowings under the Company’s revolving credit facility and repayment of maturing debt. In connection with this issuance, the Company entered into a seventh supplemental indenture which, among other things, revised, for all securities created on or after the date of the seventh supplemental indenture, the definition of Unencumbered Total Asset Value, used to determine compliance with certain covenants within the indenture. 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, 2014 and 2013, the Company repaid the following notes (dollars in millions):
Type | Date Issued |  | Amount Repaid |  |  | Interest Rate |  | Maturity Date | Date Paid
MTN | Jun-05 |  | $ | 194.6 |  |  |  | 4.82% |  | Jun-14 | Jun-14
Senior Note | Oct-06 |  | $ | 100.0 |  |  |  | 5.95% |  | Jun-14 | Jun-14
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
Credit Facility – During March 2014, the Company established a new $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in March 2018 with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2019. This Credit Facility replaced the Company’s then existing $1.75 billion unsecured revolving credit facility which was scheduled to mature in October 2015. The Credit Facility, which can be increased to $2.25 billion through an accordion feature, accrues interest at a rate of LIBOR plus 92.5 basis points on drawn funds. In addition, the Credit Facility includes a $500 million sub-limit which provides the Company the opportunity to borrow in alternative currencies including 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, 2014, the Credit Facility had a balance of $100.0 million outstanding and $1.0 million appropriated for letters of credit. U.S. Term Loan - As of December 31, 2014, the Company had a $400.0 million unsecured term loan with a consortium of banks, which accrued interest at LIBOR plus 105 basis points. This term loan was 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. During January 2014, the Company exercised the first of its one-year extension options to extend the maturity date to April 17, 2015. During January 2015, the Company entered into a new $650.0 million unsecured term loan credit facility which is scheduled to mature in January 2017, with three one-year extension options at the Company’s discretion, and accrues interest at a spread (currently 0.95%) to LIBOR or at the Company’s option at a base rate as defined per the agreement. The proceeds from the new term loan were used to repay the $400.0 million term loan and general corporate purposes. Pursuant to the terms of both the new term loan credit agreement and the prior term loan 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. Mexican Term Loan - During March 2013, the Company entered into a five year 1.0 billion Mexican peso term loan which was scheduled to mature in March 2018. This term loan bore interest at a rate equal to TIIE (Equilibrium Interbank Interest Rate) plus 1.35%. The Company had 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%. This 1.0 billion MXN term loan (USD $76.3 million) was fully repaid during September 2014.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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