2.2.0.25falsefalse10701 - Disclosure - Unsecured Revolving Credit Facilitytruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Duration_1_1_2011_To_3_31_2011http://www.sec.gov/CIK0001067063duration2011-01-01T00:00:002011-03-31T00:00:00Unit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170Unit13Dividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0Unit12Standardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_LineOfCreditFacilityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">7. <font style="display: inline; text-decoration: underline;" class="_mt">UNSECURED REVOLVING CREDIT FACILITY</font></font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company has a $775 million unsecured credit facility with a group of 23 Lenders. The interest rate on outstanding borrowings (not electing the Company's competitive bid feature) is LIBOR plus 55 basis points at the BBB/Baa2 pricing level. The facility matures in June 2012.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The facility has a competitive bid feature, which allows the Company to solicit bids from lenders under the facility to borrow up to $300 million at interest rates less than the current LIBOR plus 55 basis point spread. The Company may also elect an interest rate representing the higher of the lender's prime rate or the Federal Funds rate plus 50 basis points. The unsecured facility also requires a 15 basis point facility fee on the current borrowing capacity payable quarterly in arrears.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The interest rate and the facility fee are subject to adjustment, on a sliding scale, based upon the Company's unsecured debt ratings. In the event of a change in the Company's unsecured debt rating, the interest and facility fee rates will be adjusted in accordance with the following table:</font></div>
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<table style="font-family: Times New Roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Company's</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 17.1pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Interest Rate –</font></div></td>
<td valign="top" width="14%"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Unsecured Debt Ratings:</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Applicable Basis Points</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Facility Fee</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">S&P Moody's/Fitch (a)</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Above LIBOR</font></div></td>
<td style="border-bottom: black 2px solid;" valign="top" width="14%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Basis Points</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">No ratings or less than BBB-/Baa3/BBB-</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">100.0</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">25.0</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">BBB-/Baa3/BBB-</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">75.0</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">20.0</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">BBB/Baa2/BBB (current)</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">55.0</font></div></td>
<td valign="top" width="14%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">15.0</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">BBB+/Baa1/BBB+</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">42.5</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">15.0</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">A-/A3/A- or higher</font></div></td>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 12.6pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">37.5</font></div></td>
<td valign="top" width="14%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9pt;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">12.5</font></div></td></tr>
<tr><td valign="top" width="44%"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="22%"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="14%"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></td></tr>
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<div style="text-indent: -18pt; display: block; margin-left: 18pt; margin-right: 4.5pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">(a) If the Company has debt ratings from two rating agencies, one of which is Standard & Poor's Rating Services ("S&P") or Moody's Investors Service ("Moody's"), the rates per the above table shall be based on the lower of such ratings. If the Company has debt ratings from three rating agencies, one of which is S&P or Moody's, the rates per the above table shall be based on the lower of the two highest ratings. If the Company has debt ratings from only one agency, it will be considered to have no rating or less than BBB-/Baa3/BBB- per the above table.</font></div></td></tr></table></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The terms of the unsecured facility include certain restrictions and covenants which limit, among other things, the payment of dividends (as discussed below), the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio, the maximum amount of secured indebtedness, the minimum amount of tangible net worth, the minimum amount of fixed charge coverage, the maximum amount of unsecured indebtedness, the minimum amount of unencumbered property interest coverage and certain investment limitations. The dividend restriction referred to above provides that, if an event of default has occurred and is continuing, the Corporation will not make any excess distributions with respect to common stock or other common equity interests except to enable the Corporation to continue to qualify as a REIT under the Code.</font></div>
<div style="text-indent: 0pt; display: block;"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The lending group for the credit facility consists of: JPMorgan Chase Bank, N.A., as administrative agent (the "Agent"); Bank of America, N.A.<font style="font-style: italic; display: inline;" class="_mt">, </font>as<font style="font-style: italic; display: inline;" class="_mt"> </font>syndication agent; Scotiabanc, Inc., Wachovia Bank, National Association; and Wells Fargo Bank, National Association, as documentation agents; SunTrust Bank, as senior managing agent; US Bank National Association, Citicorp North America, Inc.; and PNC Bank National Association, as managing agents; and Bank of China, New York Branch; The Bank of New York; Chevy Chase Bank, F.S.B.; The Royal Bank of Scotland PLC; Mizuho Corporate Bank, Ltd.; The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Successor by merger to UFJ Bank Limited); North Fork Bank; Bank Hapoalim B.M.; Comerica Bank; Chang Hwa Commercial Bank, Ltd., New York Branch; First Commercial Bank, New York Agency; Mega International Commercial Bank Co. Ltd., New York Branch; Deutsche Bank Trust Company Americas and Hua Nan Commercial Bank, New York Agency, as participants.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of March 31, 2011 and December 31, 2010, the Company had outstanding borrowings of $16 million and $228 million, respectively, under its unsecured revolving credit facility.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">MONEY MARKET LOAN</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company has an agreement with JPMorgan Chase Bank to participate in a noncommitted money market loan program ("Money Market Loan"). The Money Market Loan is an unsecured borrowing of up to $75 million arranged by JPMorgan Chase Bank with maturities of 30 days or less. The rate of interest on the Money Market Loan borrowing is set at the time of each borrowing. As of March 31, 2011 and December 31, 2010, the Company had no outstanding borrowings under the Money Market Loan.</font></div> </div>7. UNSECURED REVOLVING CREDIT FACILITY
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-Name Regulation S-X (SX)
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-Number 210
-Section 02
-Paragraph 19, 22
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