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Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 2011
Notes Payable |
Notes Payable | 6. Notes Payable The following is a summary of our indebtedness:
|  | Balance at |
(in millions) |  | September 30, 2011 |  |  | December 31, 2010 |
Commercial Banks |  |  |  |  |  |  |  |
Unsecured line of credit and short-term borrowings |  | $ | — |  |  | $ | — |
Term loan, due 2012 |  |  | — |  |  |  | 500.0 |
|  | $ | — |  |  | $ | 500.0 |
Senior unsecured notes |  |  |  |  |  |  |  |
7.69% Notes, due 2011 |  |  | — |  |  |  | 88.0 |
5.93% Notes, due 2012 |  |  | 189.5 |  |  |  | 189.5 |
5.45% Notes, due 2013 |  |  | 199.7 |  |  |  | 199.6 |
5.08% Notes, due 2015 |  |  | 249.3 |  |  |  | 249.2 |
5.75% Notes, due 2017 |  |  | 246.2 |  |  |  | 246.1 |
4.70% Notes, due 2021 |  |  | 248.6 |  |  |  | — |
5.00% Notes, due 2023 |  |  | 247.3 |  |  |  | — |
|  | $ | 1,380.6 |  |  | $ | 972.4 |
Medium-term notes |  |  |  |  |  |  |  |
4.99% Notes, due 2011 |  |  | — |  |  |  | 35.4 |
Total unsecured notes payable |  | $ | 1,380.6 |  |  | $ | 1,507.8 |
Secured notes |  |  |  |  |  |  |  |
0.95% – 6.00% Conventional Mortgage Notes, due 2012 – 2045 |  | $ | 1,013.1 |  |  | $ | 1,015.7 |
1.58% Tax-exempt Mortgage Note due 2028 |  |  | 39.4 |  |  |  | 40.3 |
|  | $ | 1,052.5 |  |  | $ | 1,056.0 |
Total notes payable |  | $ | 2,433.1 |  |  | $ | 2,563.8 |
Floating rate tax-exempt debt included in secured notes (1.58%) |  | $ | 39.4 |  |  | $ | 40.3 |
Floating rate debt included in secured notes (0.95% – 1.68%) |  |  | 206.5 |  |  |  | 189.9 |
In September 2011, we amended our $500 million unsecured credit facility to extend the maturity date from August 2012 to September 2015 with an option to extend to September 2016. Additionally, we now have the option to increase this credit facility to $750 million at our election. The interest rate is based upon LIBOR plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations, all of which we are in compliance. Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At September 30, 2011, we had outstanding letters of credit totaling approximately $11.6 million, leaving approximately $488.4 million available under our unsecured line of credit. In June 2011, we issued from our existing shelf registration statement $250 million aggregate principal amount of 4.625% senior unsecured notes due June 2021 (the "2021 Notes") and $250 million aggregate principal amount of 4.875% senior unsecured notes due June 2023 (the "2023 Notes" and, together with the 2021 Notes, the "Notes"). The 2021 Notes were offered to the public at 99.404% of their face amount with a yield to maturity of 4.70% and the 2023 Notes were offered to the public at 98.878% of their face amount with a yield to maturity of 5.00%. We received net proceeds of approximately $491.8 million, net of underwriter discounts and other offering expenses. Interest on the Notes is payable semi-annually on June 15 and December 15, beginning December 15, 2011. We may redeem each series of Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem Notes of either series 90 days or fewer prior to their maturity date, the redemption price will equal 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. Each series of Notes is a direct, senior unsecured obligation and ranks equally with each other and with all of our other unsecured and unsubordinated indebtedness. We used the proceeds from this offering, together with cash on hand, to repay our outstanding $500 million term loan. In conjunction with the repayment of the $500 million term loan, we expensed approximately $0.5 million of unamortized loan costs. At September 30, 2011 and 2010, the weighted average interest rate on our floating rate debt, which includes our unsecured line of credit, was approximately 1.1% and 1.3%, respectively. During the three months ended March 31, 2011, we repaid the remaining principal amount of our 7.69% senior unsecured notes, which matured on February 15, 2011, for a total of approximately $88.0 million. During the three months ended June 30, 2011, we repaid the remaining principal amount of our 4.99% medium-term senior unsecured notes, which matured on May 9, 2011, for a total of $35.0 million. In July 2011, a $31.5 million secured third-party note payable made by one of our fully-consolidated joint ventures, in which we hold a 25% ownership, originally scheduled to mature in August 2011, was contractually extended to August 2012. Our indebtedness, including our unsecured line of credit, had a weighted average maturity of 7.0 years at September 30, 2011. Scheduled repayments on outstanding debt including all contractual extensions which have been exercised, including our line of credit and scheduled principal amortizations, and the weighted average interest rate on maturing debt at September 30, 2011, were as follows:
(in millions) |  | Amount |  |  | Weighted Average Interest Rate |
2011 |  | $ | 1.0 |  |  |  | N/A |
2012 |  |  | 294.2 |  |  |  | 5.2 | %
2013 |  |  | 228.0 |  |  |  | 5.4 |
2014 |  |  | 11.0 |  |  |  | 6.0 |
2015 |  |  | 252.4 |  |  |  | 5.1 |
2016 and thereafter |  |  | 1,646.5 |  |  |  | 4.6 |
Total |  | $ | 2,433.1 |  |  |  | 4.8 | %

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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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: 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 + Details
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