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Note 13 - Notes Payable | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Debt Disclosure [Text Block] | 13. Notes Payable: As of December 31, 2016 and 2015 the Company’s Notes payable consisted of the following (dollars in millions):
|  | Balance at 12/31/1 6 |  |  | Interest Rate Range (Low) |  |  | Interest Rate Range (High) |  |  | Maturity Date Range (Low) |  |  | Maturity Date Range (High) |
Senior Unsecured Notes |  | $ | 3,400.0 |  |  |  | 2.70% |  |  |  | 6.88% |  |  |  | Oct-2019 |  |  |  | Dec-2046 |
Medium Term Notes (“MTN”) |  |  | 300.0 |  |  |  | 4.30% |  |  |  | 4.30% |  |  |  | Feb-2018 |  |  |  | Feb-2018 |
Term Loan (a) |  |  | 250.0 |  |  |  | (a) |  |  |  | (a) |  |  |  | Jan-2017 |  |  |  | Jan-2017 |
Credit Facility (b) |  |  | 25.0 |  |  |  | (b) |  |  |  | (b) |  |  |  | Mar-2018 (b) |  |  |  | Mar-2018 (b) |
Deferred financing costs, net |  |  | (47.7 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 3,927.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 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 |
MTN |  |  | 600.0 |  |  |  | 4.30% |  |  |  | 5.78% |  |  |  | Mar-2016 |  |  |  | Feb-2018 |
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) |  |  |  | Mar-2018 (b) |  |  |  | Mar-2018 (b) |
Deferred financing costs, net |  |  | (31.4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | $ | 3,761.3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (a) | Interest rate is equal to LIBOR + 0.95% (1.60% and 1.37% at December 31, 2016 and 2015, respectively). During January 2017, the Company repaid the $250.0 million outstanding balance on the Term Loan and terminated the agreement.
| (b) | Interest rate is equal to LIBOR + 0.925% (1.67% and 1.35% at December 31, 2016 and 2015, respectively). During February 2017, the Company repaid the outstanding balance on the Credit Facility and terminated the agreement. The Company closed on a new $2.25 billion unsecured revolving credit facility which is scheduled to mature March 2021 with two six -month extension options at an interest rate of LIBOR plus 87.5 basis points.
The weighted-average interest rate for all unsecured notes payable is 3.58% as of December 31, 2016. The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $47.7 million, as of December 31, 2016, were as follows (in millions): 2017, $250.0; 2018, $325.0; 2019, $300.0; 2020, $0.0; 2021, $500.0 and thereafter, $2,600.0. During the years ended December 31, 2016 and 2015, the Company repaid the following notes (dollars in millions):
Type | Date Paid |  | Maturity Date |  |  | Amount Repaid (USD) |  |  | Interest Rate |
Canadian Notes Payable (1) | Aug-16 |  | (1) |  |  | $ | 270.9 |  |  |  | (1) |
Senior Unsecured Note (2) | Aug-16 |  | May-17 |  |  | $ | 290.9 |  |  |  | 5.70% |
MTN | Mar-16 |  | Mar-16 |  |  | $ | 300.0 |  |  |  | 5.783% |
MTN | Nov-15 |  | Nov-15 |  |  | $ | 150.0 |  |  |  | 5.584% |
Senior Unsecured Note | Sep-15 |  | Sep-15 |  |  | $ | 100.0 |  |  |  | 5.25% |
MTN | Feb-15 |  | Feb-15 |  |  | $ | 100.0 |  |  |  | 4.904% |
| (1) | On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.
| (2) | The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.
Senior Unsecured Notes / MTN – The Company’s supplemental indentures governing its 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, 2016. 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. 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. During the years ended December 31, 2016 and 2015, the Company issued the following Senior Unsecured Notes (dollars in millions):
Date Issued | Maturity Date |  | Amount Issued |  |  | Interest Rate |
Nov-16 | Mar-24 |  | $ | 400.0 |  |  |  | 2.7% |
Nov-16 | Dec-46 |  | $ | 350.0 |  |  |  | 4.125% |
Aug-16 | Oct-26 |  | $ | 500.0 |  |  |  | 2.8% |
May-16 | Apr-45 |  | $ | 150.0 |  |  |  | 4.25% |
Oct-15 | Nov-22 |  | $ | 500.0 |  |  |  | 3.40% |
Mar-15 | Apr-45 |  | $ | 350.0 |  |  |  | 4.25% |
The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility. Credit Facility – The Company had a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which was 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 could be increased to $2.25 billion through an accordion feature, accrued interest at a rate of LIBOR plus 92.5 basis points (1.67% as of December 31, 2016) on drawn funds. In addition, the Credit Facility included a $500 million sub-limit which provided 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, was 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, 2016. As of December 31, 2016, the Credit Facility had a balance of $25.0 million outstanding and $0.7 million appropriated for letters of credit. In February 2017, the Company closed on a new $2.25 billion unsecured revolving credit facility with a group of banks, which is scheduled to expire in March 2021, with two additional six month options to extend the maturity date, at the Company’s discretion, to March 2022. This new credit facility, which accrues interest at a rate of LIBOR plus 87.5 basis points, could be increased to $2.75 billion through an accordion feature. The new credit facility replaces the Company’s $1.75 billion Credit Facility that was scheduled to mature in March 2018. In addition, the facility includes a $500.0 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Under this new credit facility, the Company continues to be subject to certain covenants as in the Credit Facility described above. Term Loan - During January 2015, the Company entered into a $650.0 million unsecured term loan (“Term Loan”) which had an initial maturity date in January 2017 (with three one -year extension options at the Company’s discretion) and accrued interest at a spread (95 basis points at December 31, 2016) to LIBOR or at the Company’s option at a base rate as defined per the agreement (1.60% at December 31, 2016). 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. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan. As of December 31, 2016, the Term Loan had a balance of $250.0 million. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, was 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, 2016. During January 2017, the Company paid the remaining $250.0 million outstanding balance on the Company’s Term Loan and terminated the agreement.

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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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