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Revolving Credit Facilities, Term Loans, Mortgages Payable and Scheduled Principal Repayments | 12 Months Ended
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Dec. 31, 2014
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 (as defined below), Term Loans (as defined below) and mortgages payable (in millions):
|  | Carrying Value at December 31, |  |  | Weighted-Average Interest Rate(A) at December 31, |  |  | Maturity Date at
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | December 31, 2014
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Credit Facility |  | $ | 29.0 |  |  | $ | 29.1 |  |  |  | 2.2% |  |  |  | 2.2% |  |  | April 2017
PNC Facility |  |  | — |  |  |  | — |  |  | N/A |  |  | N/A |  |  | April 2017
Unsecured Term Loan – Tranche 1 |  |  | 50.0 |  |  |  | 50.0 |  |  |  | 2.1% |  |  |  | 2.1% |  |  | January 2017
Unsecured Term Loan – Tranche 2 |  |  | 300.0 |  |  |  | 300.0 |  |  |  | 3.2% |  |  |  | 3.2% |  |  | January 2019
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured Term Loan |  |  | 400.0 |  |  |  | 400.0 |  |  |  | 1.6% |  |  |  | 1.8% |  |  | April 2017
Mortgage indebtedness – Fixed Rate |  |  | 1,590.6 |  |  |  | 1,663.7 |  |  |  | 5.4% |  |  |  | 5.2% |  |  | September 2015–February 2022
Mortgage indebtedness – Variable Rate |  |  | 99.2 |  |  |  | 97.7 |  |  |  | 1.4% |  |  |  | 1.8% |  |  | March 2016–December 2037
(A) | Interest rate on variable-rate debt calculated using the base rate and spreads in effect at December 31, 2014 and 2013.
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”). The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, 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, 2014. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. At December 31, 2014, the Company had US$22.5 million of Canadian dollar borrowings outstanding and $6.5 million US$ 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 reflects 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, 2014), as defined in the respective facility, or (ii) LIBOR, plus a specified spread (1.15% at December 31, 2014). 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 agreements governing the Revolving Credit Facilities) for the prior 12-month period unless required to maintain REIT status. The Company was in compliance with these covenants at December 31, 2014 and 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, 2014 and 2013, 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, 2014 and 2013). 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, 2014 and 2013. Secured Term Loan The Company maintains a collateralized term loan (the “Secured Term Loan” and, together with the Unsecured Term Loan, the “Term Loans”) with a syndicate of financial institutions, for which KeyBank National Association serves as the administrative agent. 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, 2014) 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, 2014 and 2013. Mortgages Payable At December 31, 2014, mortgages payable, collateralized by investments and real estate with a net book value of $2.9 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 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, 2014, are as follows (in thousands):
Year |  | Amount |
2015 |  | $ | 959,015 |
2016 |  |  | 414,920 |
2017 |  |  | 1,011,975 |
2018 |  |  | 505,211 |
2019 |  |  | 185,819 |
Thereafter |  |  | 2,128,113 |
|  |  | 5,205,053 |
Unamortized fair market value of assumed debt |  |  | 29,654 |
Total indebtedness |  | $ | 5,234,707 |
Total gross fees paid by the Company for the Revolving Credit Facilities and Term Loans in 2014, 2013 and 2012 aggregated $1.9 million, $3.2 million and $3.0 million, respectively.

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- Definition Revolving credit facilities term loans mortgages payable and scheduled principal repayments. + References No definition available. + Details
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