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Note 9 - Notes and Mortgages Payable | 9 Months Ended
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Sep. 30, 2017
Notes to Financial Statements |
Debt Disclosure [Text Block] | 9. Notes and Mortgages Payable Notes Payable - In February 2017, the Company closed on a $2.25 billion unsecured revolving credit facility (the “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 Credit Facility, which accrues interest at a rate of LIBOR plus 87.5 basis points ( 2.10% as of September 30, 2017), can be increased to $2.75 billion through an accordion feature. The Credit Facility replaced the Company’s $1.75 billion unsecured revolving credit facility that was scheduled to mature in March 2018. In addition, the Credit 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. 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 September 30, 2017, the Credit Facility had a balance of $25.0 million outstanding and $0.5 million appropriated for letters of credit. During the nine months ended September 30, 2017, the Company issued the following Senior Unsecured Notes (amounts in millions):
Date Issued |  | Maturity Date |  | Amount Issued |  |  | Interest Rate |
Mar-17 |  | Apr-27 |  | $ | 400.0 |  |  |  | 3.80 | %
Aug-17 |  | Feb-25 |  | $ | 500.0 |  |  |  | 3.30 | %
Aug-17 |  | Sept-47 |  | $ | 350.0 |  |  |  | 4.45 | %
During the nine months ended September 30, 2017, the Company repaid the following notes (amounts in millions):
Type |  | Date Paid |  | Amount Repaid |  |  | Interest Rate |  | Maturity Date
Term Loan |  | Jan-17 |  | $ | 250.0 |  |  | (a) |  | Jan-17
Medium Term Notes (“MTN”) (b) |  | Aug-17 |  | $ | 211.0 |  |  |  | 4.30% |  | Feb-18
| (a) | Interest rate was equal to LIBOR + 0.95%.
| (b) | On August 1, 2017, the Company made a tender offer to purchase any and all of these MTN notes outstanding. As a result, the Company accepted the tender of $211.0 million of its $300.0 million outstanding MTN notes on August 10, 2017. In connection with this tender offer, the Company recorded a tender premium of $1.8 million resulting from the partial repayment of the MTN notes. Subsequently, in October 2017, the Company announced its intention to redeem the remaining $89.0 million outstanding on November 1, 2017.
Mortgages Payable - During the nine months ended September 30, 2017, the Company (i) consolidated $212.2 million of individual non-recourse mortgage debt (including a fair market value adjustment of $6.2 million) relating to a joint venture operating property which the Company now controls, (ii) paid off $684.6 million of maturing mortgage debt (including fair market value adjustments of $5.7 million) that encumbered 25 operating properties and (iii) obtained a $206.0 million non-recourse mortgage relating to one operating property.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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