XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 12 - Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] |
12. | Notes Payable:
As of December 31, 2015 and 2014 the Company’s Notes Payable consisted of the following (dollars in millions):
|  | Balance at 12/31/1 5 |  |  | Interest Rate Range (Low) |  |  | Interest Rate Range (High) |  |  | Maturity Date Range (Low) |  |  | Maturity Date Range (High) |
Senior Unsecured Notes |  | $ | 2,290.9 |  |  |  | 3.13% |  |  |  | 6.88% |  |  | May-2017 |  |  | Apr-2045 |
Medium Term Notes |  |  | 600.0 |  |  |  | 4.30% |  |  |  | 5.78% |  |  | Mar-2016 |  |  | Feb-2018 |
U.S. Term Loan (a) |  |  | 650.0 |  |  |  | (a) |  |  |  | (a) |  |  | Jan-2017 |  |  | Jan-2017 |
Canadian Notes Payable |  |  | 251.8 |  |  |  | 3.86% |  |  |  | 5.99% |  |  | Apr-2018 |  |  | Aug-2020 |
Credit Facility (b) |  |  | - |  |  |  | (b) |  |  |  | (b) |  |  | Apr-2018 |  |  | Apr-2018 |
Deferred financing costs, net (c) |  |  | (31.4 | ) |  |  | - |  |  |  | - |  |  | - |  |  | - |
|  | $ | 3,761.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 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 (d) |  |  | 400.0 |  |  |  | (d) |  |  |  | (d) |  |  | Apr-2015 |  |  | Apr-2015 |
Canadian Notes Payable |  |  | 301.3 |  |  |  | 3.86% |  |  |  | 5.99% |  |  | Apr-2018 |  |  | Aug-2020 |
Credit Facility (b) |  |  | 100.0 |  |  |  | (b) |  |  |  | (b) |  |  | Apr-2018 |  |  | Apr-2018 |
Deferred financing costs, net (c) |  |  | (20.5 | ) |  |  | - |  |  |  | - |  |  | - |  |  | - |
|  | $ | 3,171.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Interest rate is equal to LIBOR + 0.95% (1.37% at December 31, 2015). (b) Interest rate is equal to LIBOR + 0.925% (1.35% and 1.09% at December 31, 2015 and 2014, respectively). (c) In April 2015, the FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning in its fiscal year 2015, the Company elected to early adopt ASU 2015-03 and retrospectively applied the guidance to its Notes Payable to all periods presented. (d) Interest rate is equal to LIBOR + 1.05% (1.21% at December 31, 2014). The weighted-average interest rate for all unsecured notes payable is 3.88% as of December 31, 2015. The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $31.4 million, as of December 31, 2015, were as follows (in millions): 2016, $300.0; 2017, $940.9; 2018, $407.9; 2019, $300.0; 2020, $143.9 and thereafter, $1,700.0. Senior Unsecured Notes / Medium Term Notes – The Company’s supplemental indentures governing its Medium Term Notes (“MTN”) and Senior Unsecured Notes contain covenants whereby 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 and (c) certain asset to debt ratios. In addition, the Company is 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 was in compliance with all of the covenants as of December 31, 2015. 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 shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company. During October 2015, the Company issued $500.0 million of seven-year Senior Unsecured Notes at an interest rate of 3.40% payable semi-annually in arrears which are scheduled to mature in November 2022. The Company used the net proceeds of approximately $493.0 million, after the underwriting discount and related offering costs, from the offering for general corporate purposes including to pre-fund near-term debt maturities and partially reduce borrowings under the Company’s revolving credit facility. During March 2015, the Company issued $350.0 million of 30-year Senior Unsecured Notes at an interest rate of 4.25% payable semi-annually in arrears which are scheduled to mature in April 2045. The Company used the net proceeds from the issuance of $342.7 million, after the underwriting discount and related offering costs, for general corporate purposes including to pre-fund near-term debt maturities and partially reduce borrowings under the Company’s revolving credit facility. 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 the years ended December 31, 2015 and 2014, the Company repaid the following notes (dollars in millions):
Type | Date Issued |  | Amount Repaid |  |  | Interest Rate |  | Maturity Date | Date Paid
MTN | Nov-05 |  | $ | 150.0 |  |  |  | 5.584% |  | Nov-15 | Nov-15
Senior Note | Oct-06 |  | $ | 100.0 |  |  |  | 5.25% |  | Sep-15 | Sep-15
MTN | Feb-05 |  | $ | 100.0 |  |  |  | 4.904% |  | Feb-15 | Feb-15
MTN | Jun-05 |  | $ | 194.6 |  |  |  | 4.82% |  | Jun-14 | Jun-14
Senior Note | Oct-06 |  | $ | 100.0 |  |  |  | 5.95% |  | Jun-14 | Jun-14
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 March 2018 with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2019. 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 (1.35% as of December 31, 2015) 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. The Company was in compliance with all of the covenants as of December 31, 2015. As of December 31, 2015, the Credit Facility had no balance outstanding and $0.9 million appropriated for letters of credit. U.S. Term Loan - During January 2015, the Company entered into a new $650.0 million unsecured term loan (“Term Loan”) which has an initial maturity date in January 2017 (with three one-year extension options at the Company’s discretion) and accrues interest at a spread (currently 95 basis points) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.37% at December 31, 2015). The proceeds from the Term Loan were used to repay the Company’s $400.0 million term loan, which was scheduled to mature in April 2015 (with two additional one-year extension options) and bore interest at LIBOR plus 105 basis points, and for general corporate purposes. Pursuant to the terms of the credit agreement for the Term Loan, 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. The Company was in compliance with all of the covenants as of December 31, 2015.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration