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Note 10 - Notes, Mortgages and Construction Loan Payable | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Mortgage Notes Payable Disclosure [Text Block] | 10. Notes , M ortgages and Construction Loan Payable Notes Payable - During the nine months ended September 30, 2018, the Company repaid the following notes (dollars in millions):
Type |  | Date Paid |  | Amount Repaid |  |  | Interest Rate |  |  | Maturity Date
Senior Unsecured Notes (1) |  | Aug-18 |  | $ | 300.0 |  |  |  | 6.875 | % |  | Oct-19
Senior Unsecured Notes (2) |  | Jun-18 & Jul-18 |  | $ | 15.1 |  |  |  | 3.200 | % |  | May-21
| ( 1 ) | The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.
| ( 2 ) | As of September 30, 2018, these notes had an outstanding balance of $484.9 million.
Mortgages and Construction Loan Payable - During the nine months ended September 30, 2018, the Company (i) deconsolidated $206.0 million of individual non-recourse mortgage debt relating to an operating property for which the Company no longer holds a controlling interest and (ii) repaid $203.6 million of maturing mortgage debt (including fair market value adjustments of $0.9 million) that encumbered five operating properties. In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment is scheduled to mature in August 2020, with six additional six -month options to extend the maturity date to August 2023 and bears interest at a rate of LIBOR plus 180 basis points ( 3.96% as of September 30, 2018). As of September 30, 2018, the construction loan had a balance of $30.4 million outstanding. During the nine months ended September 30, 2018, the Company disposed of an encumbered property through foreclosure. The transaction resulted in a net decrease in mortgage debt of $12.4 million. In addition, the Company recognized a gain on forgiveness of debt of $4.3 million and relief of accrued interest of $3.4 million, both of which are included in Other income, net in the Company’s Condensed Consolidated Statements of Income.

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