XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes Payable [Abstract] |
Notes Payable | 9. Notes Payable The following is a summary of our indebtedness:
|  | December 31,
(in millions) |  | 2016 |  | 2015
Commercial banks |  |  |  |
Unsecured credit facility |  | $ | — |  |  | $ | 225.0 |
Unsecured short-term borrowings |  | — |  |  | 19.0 |
|  | $ | — |  |  | $ | 244.0 |
Senior unsecured notes (1) |  |  |  |
5.83% Notes, due 2017 |  | $ | 246.6 |  |  | $ | 246.3 |
4.78% Notes, due 2021 |  | 248.4 |  |  | 248.0 |
3.15% Notes, due 2022 |  | 346.0 |  |  | 345.4 |
5.07% Notes, due 2023 |  | 247.2 |  |  | 246.8 |
4.36% Notes, due 2024 |  | 248.2 |  |  | 248.0 |
3.68% Notes, due 2024 |  | 246.8 |  |  | 246.4 |
|  | $ | 1,583.2 |  |  | $ | 1,580.9 |
Total unsecured notes payable |  | 1,583.2 |  |  | 1,824.9 |
Secured notes (1) |  |  |  |
1.25% – 5.77% Conventional Mortgage Notes, due 2018 – 2045 |  | 866.7 |  |  | 867.4 |
Tax-exempt Mortgage Note, originally due 2028 (2.18% floating rate) |  | 30.7 |  |  | 32.4 |
|  | 897.4 |  |  | 899.8 |
Total notes payable |  | $ | 2,480.6 |  |  | $ | 2,724.7 |
Other floating rate debt included in secured notes (1.25%) |  | $ | 175.0 |  |  | $ | 175.0 |
Value of real estate assets, at cost, subject to secured notes |  | $ | 1,598.9 |  |  | $ | 1,568.9 |
(1) | Unamortized debt discounts and debt issuance costs of $15.7 million and $18.6 million are included in senior unsecured and secured notes payable as of December 31, 2016 and 2015, respectively.
In August 2015, we amended and restated our $500 million unsecured credit facility, which extended the maturity date from September 2015 to August 2019, with two six-month options to extend the maturity date at our election to August 2020, and increased the availability to $600 million, with the option to further increase it to $900 million by either adding additional banks to the facility or obtaining the agreement of the existing banks to increase their commitments. The interest rate on this credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under this credit facility 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 $300 million or the remaining amount available under the credit facility. This credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations on the date of this filing. Our credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At December 31, 2016, we had no balances outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $12.7 million, leaving approximately $587.3 million available under our credit facility. At December 31, 2016 and 2015, we had outstanding floating rate debt of approximately $205.7 million and $451.4 million, respectively, which included our unsecured credit facility and unsecured short-term borrowings, and the weighted average interest rate on this debt was approximately 1.4% and 1.2% for the years ended December 31, 2016 and 2015, respectively. Our indebtedness, which includes our unsecured credit facility, had a weighted average maturity of 4.9 years at December 31, 2016. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2016:
(in millions) |  | Amount |  | Weighted Average Interest Rate
2017 (1) |  | $ | 276.0 |  |  | 5.4 | %
2018 |  | 173.8 |  |  | 1.2 |
2019 |  | 643.2 |  |  | 5.4 |
2020 (2) |  | (1.1 | ) |  | — |
2021 |  | 249.1 |  |  | 4.8 |
Thereafter (1) |  | 1,139.6 |  |  | 4.0 |
Total |  | $ | 2,480.6 |  |  | 4.4 | %
(1) | Subsequent to December 31, 2016, we gave notice of advance repayment on our tax-exempt secured note payable of approximately $30.7 million in February 2017, which was initially due to mature in 2028. This table reflects this repayment in 2017.
(2) | Includes amortization of debt discounts and debt issuance costs, net of scheduled principal payments.

X
- 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_NotesPayableAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration