Note 8 - Notes and Mortgages Payable

9 Months Ended

Sep. 30, 2016

Notes

and Mortgages

Payable

Notes Payable -

During May 2016, the Company issued $150.0 million of Senior Unsecured Notes at an interest rate of 4.25% payable semi-annually in arrears, which are scheduled to mature in April 2045. These notes are an additional issuance of and form a single series with the $350.0 million of 4.25% Senior Unsecured Notes which were issued in March 2015. The Company used the net proceeds from the issuance of $145.4 million, after the underwriting discount and related offering costs, for general corporate purposes including to pre-fund near-term debt maturities.

During August 2016, the Company issued $500.0 million of Senior Unsecured Notes at an interest rate of 2.8% payable semi-annually in arrears, which are scheduled to mature in October 2026. The Company used the net proceeds from the issuance of $492.2 million, after the underwriting discount and related offering costs, to fund the redemption of its $290.9 million 5.70% Senior Notes due in May 2017, with the remainder used for general

corporate purposes including to pre-fund near-term debt maturities.

During the nine months ended September 30, 2016, the Company repaid the following notes (dollars in millions):

Type	Date Paid	Amount Repaid (USD)		Interest Rate		Maturity Date
Canadian Notes Payable (1)	Aug-16	$	270.9		(1)		(1)
Senior Unsecured Note (2)	Aug-16	$	290.9		5.70%		May-17
Medium Term Note	Mar-16	$	300.0		5.783%		Mar-16

(1)

On August 26, 2016, the redemption date, the Company repaid (i) its Canadian denominated (“CAD”) $150.0 million 5.99% notes, which were scheduled to mature in April 2018 and (ii) its CAD $200.0 million 3.855% notes, which were scheduled to mature in August 2020. The Company recorded aggregate early extinguishment of debt charges of CAD $34.1 million (USD $26.3 million) resulting from the early repayment of these notes.

(2)

The Company recorded an early extinguishment of debt charge of $10.2 million resulting from the early repayment of this note.

Mortgages Payable -

During the nine months ended September 30, 2016, the Company (i) assumed $231.5 million of individual non-recourse mortgage debt relating to the acquisition of seven properties, including $3.8 million associated with fair value debt adjustments and (ii) paid off $603.7 million of mortgage debt (including fair market value adjustment of $1.6 million) that encumbered 41 operating properties. In connection with the early prepayment of certain of these mortgage debts, the Company recorded an early extinguishment of debt charge of $9.2 million.