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Revolving Credit Facilities, Term Loans, Mortgages Payable and Scheduled Principal Repayments | 12 Months Ended
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Dec. 31, 2012
Revolving Credit Facilities, Term Loans, Mortgages Payable and Scheduled Principal Repayments | 6. Revolving Credit Facilities, Term Loans, Mortgages Payable and Scheduled Principal Repayments The following table discloses certain information regarding the Company’s revolving credit facilities, term loan and mortgages payable (in millions):
|  | Carrying Value at December 31, |  |  | Weighted- Average Interest Rate at December 31, |  |  | Maturity Date at December 31, 2012 |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |  |
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Credit Facility |  | $ | 117.9 |  |  | $ | 102.4 |  |  |  | 2.2 | % |  |  | 2.7 | % |  |  | February 2016 |
PNC Facility |  |  | 30.0 |  |  |  | 40.0 |  |  |  | 1.9 | % |  |  | 1.9 | % |  |  | February 2016 |
Unsecured Term Loan — Tranche 1 |  |  | 50.0 |  |  |  | — |  |  |  | 2.3 | % |  |  | N/A |  |  |  | January 2017 |
Unsecured Term Loan — Tranche 2 |  |  | 300.0 |  |  |  | — |  |  |  | 3.4 | % |  |  | N/A |  |  |  | January 2019 |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured Term Loan |  |  | 400.0 |  |  |  | 500.0 |  |  |  | 2.2 | % |  |  | 3.0 | % |  |  | September 2014 |
Mortgage indebtedness — Fixed Rate |  |  | 1,187.9 |  |  |  | 1,230.4 |  |  |  | 4.9 | % |  |  | 5.4 | % |  |  | March 2013 - February 2022 |
Mortgage indebtedness — Variable Rate |  |  | 86.2 |  |  |  | 91.0 |  |  |  | 1.7 | % |  |  | 2.0 | % |  |  | April 2013 - December 2037 |
Tax-exempt certificates — Fixed Rate |  |  | — |  |  |  | 1.0 |  |  |  | — |  |  |  | 6.9 | % |  |  | N/A |
Revolving Credit Facilities The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions arranged by JP Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, and an accordion feature for expansion of availability to $1.25 billion upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 35 basis points on the entire facility at December 31, 2012. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At December 31, 2012, the Company had US$6.2 million of Euro-denominated borrowings and US$51.7 million of Canadian dollar borrowings outstanding (Note 8). The Unsecured Credit Facility was amended in 2013 (Note 18). The Company also maintains a $65 million unsecured revolving credit facility with PNC Bank, National Association (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility reflects terms consistent with those contained in the Unsecured Credit Facility. The PNC Facility was amended in 2013 (Note 18). The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either (i) the prime rate plus a specified spread (0.65% at December 31, 2012), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.65% at December 31, 2012). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service (“Moody’s”) and Standard and Poor’s. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these covenants at December 31, 2012. Unsecured Term Loan In 2012, the Company entered into a $350 million unsecured term loan (the “Unsecured Term Loan”) with a syndicate of financial institutions, for which Wells Fargo Bank National Association and PNC Bank serve as the administrative agents. As of December 31, 2012, the Unsecured Term Loan consisted of a $50 million tranche (“Tranche 1”) and a $300 million tranche (“Tranche 2”). The Unsecured Term Loan bears interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.7% and 2.1% for Tranche 1 and Tranche 2, respectively, at December 31, 2012). The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these covenants at December 31, 2012. Secured Term Loan The Company maintains a collateralized term loan with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent (the “Secured Term Loan” together with the Unsecured Term Loan, “Term Loans”). The Secured Term Loan provides for borrowings of $500 million with an accordion feature for expansion up to $600 million upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The Secured Term Loan matures in September 2014 with a one-year extension option. Borrowings under the Secured Term Loan bear interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread (1.7% at December 31, 2012) based on the Company’s long-term senior unsecured debt rating. The collateral for the Secured Term Loan is real estate assets, or investment interests in certain assets, that are already encumbered by first mortgage loans. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these covenants at December 31, 2012. The Secured Term Loan was amended in 2013 (Note 18). Mortgages Payable At December 31, 2012, mortgages payable, collateralized by investments and real estate with a net book value of $2.2 billion, and related tenant leases are generally due in monthly installments of principal and/or interest. Fixed interest rates on mortgages payable range from approximately 3.4% to 9.8%. Scheduled Principal Repayments As of December 31, 2012, the scheduled principal payments of the Revolving Credit Facilities, Term Loans, senior notes (Note 7) and mortgages payable, excluding extension options, for the next five years and thereafter are as follows (in thousands):
Year |  | Amount |
2013 |  | $ | 66,640 |
2014 |  |  | 772,829 |
2015 |  |  | 514,546 |
2016 |  |  | 459,705 |
2017 |  |  | 375,293 |
Thereafter |  |  | 2,118,627 |
|  |  | 4,307,640 |
Unamortized fair market value of assumed debt |  |  | 11,503 |
Total indebtedness |  | $ | 4,319,143 |
Total gross fees paid by the Company for the Revolving Credit Facilities and Term Loans in 2012, 2011 and 2010 aggregated $3.0 million, $4.0 million and $2.9 million, respectively. For the years ended December 31, 2012, 2011 and 2010, the Company incurred debt extinguishment costs (including the write-off of unamortized debt issuance costs) associated with the prepayment of mortgages payable of $0.4 million, $7.9 million and $4.2 million, respectively, which are reflected in other expense in the Company’s consolidated statements of operations.

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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 Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 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 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. + Details
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