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Revolving Credit Facilities, Term Loans, Mortgages Payable and Scheduled Principal Repayments | 12 Months Ended
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Dec. 31, 2013
Debt Disclosure [Abstract] |
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(A) at December 31, |  |  | Maturity Date at December 31, 2013 |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Credit Facility |  | $ | 29.1 |  |  | $ | 117.9 |  |  |  | 2.2 | % |  |  | 2.2 | % |  |  | April 2017 |
PNC Facility |  |  | — |  |  |  | 30.0 |  |  |  | N/A |  |  |  | 1.9 | % |  |  | April 2017 |
Unsecured Term Loan — Tranche 1 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 2.1 | % |  |  | 2.3 | % |  |  | January 2017 |
Unsecured Term Loan — Tranche 2 |  |  | 300.0 |  |  |  | 300.0 |  |  |  | 3.2 | % |  |  | 3.4 | % |  |  | January 2019 |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured Term Loan |  |  | 400.0 |  |  |  | 400.0 |  |  |  | 1.8 | % |  |  | 2.2 | % |  |  | April 2017 |
Mortgage indebtedness — Fixed Rate |  |  | 1,663.7 |  |  |  | 1,187.9 |  |  |  | 5.2 | % |  |  | 4.9 | % |  |  | April 2014 - February 2022 |
Mortgage indebtedness — Variable Rate |  |  | 97.7 |  |  |  | 86.2 |  |  |  | 1.8 | % |  |  | 1.7 | % |  |  | January 2015 - December 2037 |
(A) | Interest rate on variable rate debt calculated based on base rate and spreads in effect at December 31, 2013 and 2012.
Revolving Credit Facilities The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”), which was 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 up 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 20 basis points on the entire facility at December 31, 2013. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At December 31, 2013, the Company had US$4.6 million of Euro-denominated borrowings and US$24.5 million of Canadian dollar-denominated borrowings outstanding (Note 8). At December 31, 2013, the Company did not have any US$ borrowings outstanding. 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 (0.15% at December 31, 2013), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.15% at December 31, 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 under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The covenants also require that the Company cannot exceed a total dividend payout ratio of 95% of the Company’s pro rata share of Funds From Operations (as defined in the agreement) for the prior twelve-month period unless required to maintain REIT status. The Company was in compliance with these covenants at December 31, 2013. Unsecured Term Loan The Company maintains 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, 2013 and 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 (1.5% and 1.9% for Tranche 1 and Tranche 2, respectively, at December 31, 2013, and 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, 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 (1.35% at December 31, 2013) 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, 2013. Mortgages Payable At December 31, 2013, mortgages payable, collateralized by investments and real estate with a net book value of $3.1 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, 2013, the scheduled principal payments of the Revolving Credit Facilities, Term Loans, senior notes (Note 7) and mortgages payable, excluding extension options, as of December 31, 2013, are as follows (in thousands):
Year |  | Amount |
2014 |  | $ | 359,528 |
2015 |  |  | 957,875 |
2016 |  |  | 293,818 |
2017 |  |  | 932,484 |
2018 |  |  | 476,382 |
Thereafter |  |  | 2,237,877 |
|  | $ | 5,257,964 |
Unamortized fair market value of assumed debt |  |  | 36,710 |
Total indebtedness |  | $ | 5,294,674 |
Total gross fees paid by the Company for the Revolving Credit Facilities and Term Loans in 2013, 2012 and 2011 aggregated $3.2 million, $3.0 million and $4.0 million, respectively. For the years ended December 31, 2012 and 2011, the Company incurred debt extinguishment costs (including the write-off of unamortized debt issuance costs) associated with the Company’s indebtedness of $0.4 million and $7.9 million, respectively, which are reflected in other expense in the Company’s consolidated statements of operations.

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- Definition Revolving Credit Facilities Term Loans Mortgages Payable And Scheduled Principal Repayments [Text Block] + References No definition available. + Details
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