13.

Notes Payable:

As of

December

31,

2016

and

2015

the Company’s Notes payable consisted of the following (dollars in millions):

	Balance at 12/31/1 6			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	3,400.0			2.70%		6.88%		Oct-2019		Dec-2046
Medium Term Notes (“MTN”)		300.0			4.30%		4.30%		Feb-2018		Feb-2018
Term Loan (a)		250.0			(a)		(a)		Jan-2017		Jan-2017
Credit Facility (b)		25.0			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(47.7	)		-		-		-		-
	$	3,927.3

	Balance at 12/31/1 5			Interest Rate Range (Low)		Interest Rate Range (High)		Maturity Date Range (Low)		Maturity Date Range (High)
Senior Unsecured Notes	$	2,290.9			3.13%		6.88%		May-2017		Apr-2045
MTN		600.0			4.30%		5.78%		Mar-2016		Feb-2018
Term Loan (a)		650.0			(a)		(a)		Jan-2017		Jan-2017
Canadian Notes Payable		251.8			3.86%		5.99%		Apr-2018		Aug-2020
Credit Facility (b)		-			(b)		(b)		Mar-2018 (b)		Mar-2018 (b)
Deferred financing costs, net		(31.4	)		-		-		-		-
	$	3,761.3

(a)

Interest rate is equal to LIBOR +

0.95%

(1.60%

and

1.37%

December

31,

2016

and

2015,

respectively). During

January

2017,

the Company repaid the

$250.0

million outstanding balance on the Term Loan and terminated the agreement.

(b)

Interest rate is equal to LIBOR +

0.925%

(1.67%

and

1.35%

December

31,

2016

and

2015,

respectively). During

February

2017,

the Company repaid the outstanding balance on the Credit Facility and terminated the agreement. The Company closed on a new

$2.25

billion unsecured revolving credit facility which is scheduled to mature

March

2021

with

two

six

-month extension options at an interest rate of LIBOR plus

87.5

basis points.

The weighted-average interest rate for all unsecured notes payable is

3.58%

as of

December

31,

2016.

The scheduled maturities of all unsecured notes payable excluding unamortized debt issuance costs of

$47.7

million, as of

December

31,

2016,

were as follows (in millions):

2017,

$250.0;

2018,

$325.0;

2019,

$300.0;

2020,

$0.0;

2021,

$500.0

and thereafter,

$2,600.0.

During the years ended

December

31,

2016

and

2015,

the Company repaid the following notes (dollars in millions):

Type	Date Paid	Maturity Date	Amount Repaid (USD)		Interest Rate
Canadian Notes Payable (1)	Aug-16	(1)	$	270.9		(1)
Senior Unsecured Note (2)	Aug-16	May-17	$	290.9		5.70%
MTN	Mar-16	Mar-16	$	300.0		5.783%
MTN	Nov-15	Nov-15	$	150.0		5.584%
Senior Unsecured Note	Sep-15	Sep-15	$	100.0		5.25%
MTN	Feb-15	Feb-15	$	100.0		4.904%

(1)

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.

Senior Unsecured Notes

/ MTN

–

The Company’s supplemental indentures governing its MTN and

Senior Unsecured Notes contain covenants whereby the Company

is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios and (c) certain asset to debt ratios. In addition, the Company is restricted from paying dividends in amounts that exceed by more than

$26.0

million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations. The Company was in compliance with all of the covenants as of

December

31,

2016.

Interest on the Company’s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

The Company had a MTN program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities.

During the years ended

December

31,

2016

and

2015,

the Company issued the following Senior Unsecured Notes (dollars in millions):

Date Issued	Maturity Date	Amount Issued		Interest Rate
Nov-16	Mar-24	$	400.0		2.7%
Nov-16	Dec-46	$	350.0		4.125%
Aug-16	Oct-26	$	500.0		2.8%
May-16	Apr-45	$	150.0		4.25%
Oct-15	Nov-22	$	500.0		3.40%
Mar-15	Apr-45	$	350.0		4.25%

The Company used the net proceeds from these issuances, after the underwriting discounts and related offering costs, for general corporate purposes, including to pre-fund near-term debt maturities or to reduce borrowings under the Company’s revolving credit facility.

Credit Facility –

The Company had a

$1.75

billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which was scheduled to expire in

March

2018

with

two

additional

six

month options to extend the maturity date, at the Company’s discretion, to

March

2019.

The Credit Facility, which could be increased to

$2.25

billion through an accordion feature, accrued interest at a rate of LIBOR plus

92.5

basis points

(1.67%

as of

December

31,

2016)

on drawn funds. In addition, the Credit Facility included a

$500

million sub-limit which provided the Company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, was subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios. The Company was in compliance with all of the covenants as of

December

31,

2016.

As of

December

31,

2016,

the Credit Facility had a balance of

$25.0

million outstanding and

$0.7

million appropriated for letters of credit.

February

2017,

the Company closed on a new

$2.25

billion unsecured revolving credit facility with a group of banks, which is scheduled to expire in

March

2021,

with

two

additional

six

month options to extend the maturity date, at the Company’s discretion, to

March

2022.

This new credit facility, which accrues interest at a rate of LIBOR plus

87.5

basis points, could be increased to

$2.75

billion through an accordion feature. The new credit facility replaces the Company’s

$1.75

billion Credit Facility that was scheduled to mature in

March

2018.

In addition, the facility includes a

$500.0

million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Under this new credit facility, the Company continues to be subject to certain covenants as in the Credit Facility described above.

Term Loan -

During

January

2015,

the Company entered into a

$650.0

million unsecured term loan (“Term Loan”) which had an initial maturity date in

January

2017

(with

three

one

-year extension options at the Company’s discretion) and accrued interest at a spread

(95

basis points at

December

31,

2016)

to LIBOR or at the Company’s option at a base rate as defined per the agreement

(1.60%

December

31,

2016).

The proceeds from the Term Loan were used to repay the Company’s

$400.0

million term loan, which was scheduled to mature in

April

2015

(with

two

additional

one

-year extension options) and bore interest at LIBOR plus

105

basis points, and for general corporate purposes. During

November

2016,

the Company repaid

$400.0

million of borrowings under the Company’s Term Loan. As of

December

31,

2016,

the Term Loan had a balance of

$250.0

million. Pursuant to the terms of the credit agreement for the Term Loan, the Company, among other things, was subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. The Company was in compliance with all of the covenants as of

December

31,

2016.

During

January

2017,

the Company paid the remaining

$250.0

million outstanding balance on the Company’s Term Loan and terminated the agreement.