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Note 12 - Notes Payable | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Debt Disclosure [Text Block] |
12. | Notes Payable :
As of December 31, 2018 and 2017 the Company’s Notes payable, net consisted of the following (dollars in millions):
|  | Carrying Amount at December 31, |  |  | Interest Rate at December 31, |  |  | Maturity Date at |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |  |  | December 31, 2018 |
Senior unsecured notes |  | $ | 4,334.9 |  |  | $ | 4,650.0 |  |  |  | 2.70% | - | 4.45% |  |  |  | 2.70% | - | 6.88% |  |  | May-2021– Sep-2047 |
Credit facility |  |  | 100.0 |  |  |  | 8.0 |  |  |  | (a) |  |  |  | (a) |  |  | Mar-2021 |
Deferred financing costs, net |  |  | (53.4 | ) |  |  | (61.9) |  |  |  | n/a |  |  |  | n/a |  |  |  | n/a |
|  | $ | 4,381.5 |  |  | $ | 4,596.1 |  |  |  | 3.48%* |  |  |  | 3.70%* |  |  |  |  |
* Weighted-average interest rate
| (a) | Accrues interest at a rate of LIBOR plus 0.875% ( 3.31% and 2.28% at December 31, 2018 and 2017, respectively).
During the year ended December 31, 2017, 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% |
During the years ended December 31, 2018 and 2017, 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
Medium term notes ("MTN") (3) |  | Aug-17 & Nov-17 |  | $ | 300.0 |  |  |  | 4.300% |  | Feb-18
Unsecured term loan |  | Jan-17 |  | $ | 250.0 |  |  | LIBOR + 0.95% |  | Jan-17
| ( 1 ) | The Company recorded an early extinguishment of debt charge of $12.8 million resulting from the early repayment of these notes.
| ( 2 ) | Represents partial repayments. As of December 31, 2018, these notes had an outstanding balance of $484.9 million.
| ( 3 ) | 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.
The scheduled maturities of all notes payable excluding unamortized debt issuance costs of $53.4 million, as of December 31, 2018, were as follows (in millions):
|  | 201 9 |  |  | 20 20 |  |  | 202 1 |  |  | 202 2 |  |  | 202 3 |  |  | Thereafter |  |  | Total |
Principal payments |  | $ | - |  |  | $ | - |  |  | $ | 584.9 |  |  | $ | 500.0 |  |  | $ | 350.0 |  |  | $ | 3,000.0 |  |  | $ | 4,434.9 |
The 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, 2018. 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 The Company has 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 ( 3.31% as of December 31, 2018), can be increased to $2.75 billion through an accordion feature. 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. The Company was in compliance with all of the covenants as of December 31, 2018. As of December 31, 2018, the Credit Facility had a balance of $100.0 million outstanding and $0.3 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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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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