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Note 9 - Notes and Mortgages Payable
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

9. Notes and Mortgages Payable

 

Notes Payable

 

In February 2020, the Company obtained a $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks. The Credit Facility is scheduled to expire in March 2024, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2025. The Credit Facility is a green credit facility tied to sustainability metric targets, as described in the agreement. The Company achieved such targets, which effectively reduced the rate on the Credit Facility by one basis point. The Credit Facility, which accrues interest at a rate of LIBOR plus 76.5 basis points (0.88% as of March 31, 2021), can be increased to $2.75 billion through an accordion feature. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum indebtedness ratios and (ii) minimum interest and fixed charge coverage ratios. As of March 31, 2021, the Credit Facility had no outstanding balance, $0.3 million appropriated for letters of credit and the Company was in compliance with its covenants.

 

Mortgages Payable -

 

During the three months ended March 31, 2021, the Company repaid $12.3 million of mortgage debt (including fair market value adjustment of $0.1 million) that encumbered an operating property.