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Revolving Credit Facilities and Term Loans | 9 Months Ended
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Sep. 30, 2013
Debt Disclosure [Abstract] |
Revolving Credit Facilities and Term Loans | 6. REVOLVING CREDIT FACILITIES AND TERM LOANS The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) and term loans (in millions):
|  | Carrying Value at |  |  | Weighted-Average Interest Rate at |  |  |
|  | September 30, 2013 |  |  | September 30, 2013 |  |  | Maturity Date
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |
Unsecured Credit Facility |  | $ | 42.9 |  |  |  | 2.2 | % |  | April 2017
PNC Facility |  |  | — |  |  |  | N/A |  |  | April 2017
Unsecured Term Loan – Tranche 1 |  |  | 50.0 |  |  |  | 2.3 | % |  | January 2017
Unsecured Term Loan – Tranche 2 |  |  | 300.0 |  |  |  | 3.4 | % |  | January 2019
Secured indebtedness: |  |  |  |  |  |  |  |  |  |
Secured Term Loan |  |  | 400.0 |  |  |  | 2.0 | % |  | April 2017
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”), which was last amended in January 2013. 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 and the ability to extend the maturity for one year to April 2018 at the Company’s option. 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 30 basis points on the entire facility at September 30, 2013. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At September 30, 2013, the Company had US$5.0 million of Euro borrowings and US$25.4 million of Canadian dollar borrowings outstanding (Note 8). 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 was also amended in January 2013 to reflect terms consistent with those contained in the Unsecured Credit Facility. 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 (0.40% at September 30, 2013), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.40% at September 30, 2013). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard and Poor’s. The Company is required to comply with certain covenants 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 September 30, 2013. Secured Term Loan The Company maintains a collateralized term loan (the “Secured Term Loan”) with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent, which was amended in January 2013. The Secured Term Loan includes an option to extend the maturity for one year to April 2018, at the Company’s 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 based on the Company’s long-term senior unsecured debt rating (1.55% at September 30, 2013). 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 September 30, 2013.

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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 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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
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