Note 8 - Notes and Mortgages Payable

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Text Block]

Notes

and Mortgages

Payable

Notes Payable -

February

2017,

the Company closed on a

$2.25

billion unsecured revolving credit facility (the “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 Credit Facility, which accrues interest at a rate of LIBOR plus

87.5

basis points

(1.86%

as of

March

31,

2017),

could be increased to

$2.75

billion through an accordion feature. The Credit Facility replaces the Company’s

$1.75

billion unsecured revolving credit facility that was scheduled to mature in

March

2018.

In addition, the Credit 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. Pursuant to the terms of the Credit Facility, the Company, among other things, is 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. As of

March

31,

2017,

the Credit Facility had a balance of

$10.0

million outstanding and

$0.7

million appropriated for letters of credit.

During the

three

months ended

March

31,

2017,

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

Date Issued	Maturity Date		Amount Issued				Interest Rate
Mar-17	April-27		$	400.0				3.80	%

The Company used the net proceeds from this issuance, 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.

During the

three

months ended

March

31,

2017,

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

Type		Date Paid			Amount Repaid (USD)				Interest Rate		Maturity Date
Term Loan		Jan-17			$	250.0			(a)		Jan-17

(a)

Interest rate was equal to LIBOR +

0.95%.

Mortgages Payable -

During the

three

months ended

March

31,

2017,

the Company repaid off

$59.3

million of maturing mortgage debt (including fair market value adjustment of

$0.2

million) that encumbered

two

operating properties.