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Note 12 - Notes Payable | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Debt Disclosure [Text Block] |
12. | Notes Payable :
As of December 31, 2017 and 2016 the Company’s Notes payable, net consisted of the following (dollars in millions):
|  | Carrying Amount a t December 31 , |  |  | Interest Rate a t December 31 , |  |  | Maturity Date at |
|  | 201 7 |  |  | 201 6 |  |  | 201 7 |  |  | 2016 |  |  | December 31, 201 7 |
Senior Unsecured Notes |  | $ | 4,650.0 |  |  | $ | 3,400.0 |  |  | 2.70% | - | 6.88% |  |  | 2.70% | - | 6.88% |  |  | Oct-2019 | – | Sep-2047 |
Credit Facilit y |  |  | 8.0 |  |  |  | 25.0 |  |  |  | (a) |  |  |  |  | (a) |  |  |  |  | Mar-2021 |  |
Medium Term Notes (“ MTN”) |  |  | - |  |  |  | 300.0 |  |  |  | - |  |  |  |  | 4.30% |  |  |  |  | n/a |  |
Term Loa n |  |  | - |  |  |  | 250.0 |  |  |  | - |  |  |  |  | (b) |  |  |  |  | n/a |  |
Deferred financing costs, ne t |  |  | (61.9 | ) |  |  | (47.7 | ) |  |  | n/a |  |  |  |  | n/a |  |  |  |  | n/a |  |
|  | $ | 4,596.1 |  |  | $ | 3,927.3 |  |  |  | 3.70%* |  |  |  |  | 3.58%* |  |  |  |  |  |  |
* Weighted-average interest rate
(a) | During February 2017, the Company repaid the outstanding balance on the Company’s $1.75 billion credit facility and terminated the agreement. Interest rate was equal to LIBOR plus 0.925% ( 1.67% at December 31, 2016). The Company then closed on a $2.25 billion unsecured revolving credit facility which is scheduled to mature in March 2021, with two additional six -month options to extend the maturity date, and accrues interest at a rate of LIBOR plus 0.875% ( 2.28% at December 31, 2017).
(b) | During January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement. Interest rate was equal to LIBOR plus 0.95% ( 1.60% at December 31, 2016).
During the years ended December 31, 2017 and 2016, the Company issued the following Senior Unsecured Notes (dollars in millions):
Date Issued |  | Maturity Date |  | Amount Issued |  |  | Interest Rate |
Aug-17 |  | Feb-25 |  | $ | 500.0 |  |  |  | 3.30% |
Aug-17 |  | Sep-47 |  | $ | 350.0 |  |  |  | 4.45% |
Mar-17 |  | Apr-27 |  | $ | 400.0 |  |  |  | 3.80% |
Nov-16 |  | Mar-24 |  | $ | 400.0 |  |  |  | 2.70% |
Nov-16 |  | Dec-46 |  | $ | 350.0 |  |  |  | 4.125% |
Aug-16 |  | Oct-26 |  | $ | 500.0 |  |  |  | 2.80% |
May-16 |  | Apr-45 |  | $ | 150.0 |  |  |  | 4.25% |
During the years ended December 31, 2017 and 2016, the Company repaid the following notes (dollars in millions):
Type |  |  | Date Paid |  |  | Amount Repaid (USD) |  |  | Interest Rate |  |  | Maturity Date |
MTN (1) |  |  | Aug-17 & Nov-17 |  |  | $ | 300.0 |  |  | 4.300% |  |  | Feb-18 |
Term Loan |  |  | Jan-17 |  |  | $ | 250.0 |  |  | LIBOR + 0.95% |  |  | Jan-17 |
Canadian Notes Payable ( 2) |  |  | Aug-16 |  |  | $ | 270.9 |  |  | (2) |  |  | (2) |
Senior Unsecured Note (3) |  |  | Aug-16 |  |  | $ | 290.9 |  |  | 5.700% |  |  | May-17 |
MTN |  |  | Mar-16 |  |  | $ | 300.0 |  |  | 5.783% |  |  | Mar-16 |
| ( 1 ) | 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. In addition, in November 2017, the Company redeemed the remaining $89.0 million outstanding MTN notes.
| ( 2 ) | 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.
| ( 3 ) | The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.
The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of $61.9 million, as of December 31, 2017, were as follows (in millions):
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Thereafter |  |  | Total |
Principal payments |  | $ | - |  |  | $ | 300.0 |  |  | $ | - |  |  | $ | 508.0 |  |  | $ | 500.0 |  |  | $ | 3,350.0 |  |  | $ | 4,658.0 |
T he Company’s supplemental indentures governing its 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, 2017. 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 shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company. Credit Facility 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 ( 2.28% as of December 31, 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 December 31, 2017, the Credit Facility had a balance of CAD 10.0 million (USD $8.0 million) outstanding and $0.5 million appropriated for letters of credit. Term Loan The Company had a $650.0 million unsecured term loan (“Term Loan” ) which was scheduled to mature in January 2017, with three one -year extension options at the Company’s discretion. The Term Loan accrued interest at LIBOR plus 95 basis points. During November 2016, the Company repaid $400.0 million of borrowings under the Company’s Term Loan and in January 2017, the Company repaid the remaining $250.0 million balance and terminated the agreement.

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