2.2.0.25truefalse0206 - Disclosure - Indebtednesstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>6. INDEBTEDNESS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Overview</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Indebtedness consists of mortgage loans, unsecured notes, and borrowings under a credit facility.
The weighted average interest rates for the years ended December 31, 2010, 2009 and 2008, were
6.2%, 6.2% and 6.1%, respectively. Interest costs during the years ended December 31, 2010, 2009
and 2008 in the amount of $929,000, $7.6 million and $20.0 million, respectively, were capitalized.
Cash paid for interest for the years ended December 31, 2010, 2009 and 2008, was $145.8 million,
$159.7 million and $177.0 million, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is subject to financial covenants contained in some of its debt agreements, the most
restrictive of which are detailed below under the heading “Credit Facility.” As of December 31,
2010, the Company was in compliance with all financial covenants.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The scheduled principal amortization and maturities of the Company’s mortgage loans, unsecured
notes outstanding and the Credit Facility (as defined below) and the related weighted average
interest rates at December 31, 2010 are as follows (in thousands, except percentages):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Weighted</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Mortgages</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Average</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Principal</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Principal</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Unsecured</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Credit</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Interest</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Amortization</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Maturities</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Notes</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Facility</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Total</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Rate</b></font></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,207</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">246,500</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">252,707</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.22</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">5,070</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">53,629 </td>
<td nowrap="nowrap">(1)</td>
<td> </td>
<td> </td>
<td align="right">230,100</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">288,799</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.27</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">4,582</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,510</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,092</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.73</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">4,965</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,684</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">200,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">207,649</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.66</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">4,511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">44,469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">316,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">364,980</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.17</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2016
</div></td>
<td> </td>
<td> </td>
<td align="right">3,068</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182,318</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">485,386</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.10</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2017
</div></td>
<td> </td>
<td> </td>
<td align="right">2,317</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,349</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">296,543</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">301,209</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.61</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2018
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2019
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">0.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2020
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.75</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">30,720</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">289,959</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,039,143</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,359,822</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.98</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 3pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>
<div style="text-align: justify">There are two one-year extensions for $23,512 of mortgages.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Mortgage Loans, Unsecured Notes</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Mortgage loans with maturities ranging from 2012 to 2017 are collateralized by and in some
instances cross-collateralized by properties with a net book value of $547.9 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The interest rates on $2,319.7 million of mortgage loans and unsecured notes are fixed and range
from 4.5% to 8.8%. The weighted average remaining term for the mortgage loans and unsecured notes
is 5.0 years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 10pt"><b>Credit Facility</b><br />
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, the Company obtained a new $500 million unsecured revolving credit facility (the
“Credit Facility”) due November 2013, replacing a $600 million unsecured revolving credit facility
(the “$600 million Credit Facility”) due January 2011. Based on the Company’s present ratings,
borrowings under the Credit Facility are priced at LIBOR plus 230 basis points. The Credit Facility
contains a competitive bid option, whereby participating lenders bid on the interest rate to be
charged. This feature is available for up to 50% of the amount of the facility. There is also a
45 basis point annual facility fee on the current borrowing capacity. The Credit Facility contains
financial covenants, certain of which are set forth below:
</div>
<div style="margin-top: 10pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">total debt to total assets may not exceed 0.60:1;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">unsecured debt to unencumbered asset value must equal or be less than 60%;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">unencumbered net operating income to unsecured interest expense must equal or exceed
200% and
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">adjusted net operating income from all unencumbered properties to unsecured indebtedness must be greater than
12%.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Additionally, the Company has entered into an agreement to fund its planned improvements for the
Kings Hill land development project. At December 31, 2010, the Company had not drawn any funds from
a £7 million revolving credit facility. The facility expires on November 22, 2011.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Activity</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In April 2010, the Company used available cash and proceeds from its $600 million Credit Facility
to repay $119.3 million principal value of mortgage loans. The weighted average interest rate of
these loans as of March 31, 2010 was 7.3%. The Company incurred a $1.2 million prepayment penalty
and wrote off $936,000 in deferred financing costs in conjunction with the prepayment of these
loans. These costs are included as interest expense in the accompanying statements of operations.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2010, the Company used proceeds from its $600 million Credit Facility to repay $169.7
million principal value of 8.50% senior notes due August 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2010, the Company replaced its existing $600 million Credit Facility which was due in
January 2011 with the Credit Facility. The Credit Facility is for $500 million. It matures in
November 2013. Based upon the Company’s current credit ratings, borrowings under the new facility
bear interest at LIBOR plus 230 basis points.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In September 2010, the Company issued $350 million of ten-year, 4.75% senior notes. The net
proceeds from this issuance were used to repay borrowings under the Company’s Credit Facility and
for general corporate purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company satisfied a 7.75% senior note due April 2009
in full by paying $238.6 million in outstanding principal amount and satisfied an 8.125% medium
term unsecured note due January 2009 in full by paying $20.0 million in outstanding principal
amount.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company purchased $11.4 million of its 7.75% senior
notes due April 2009, $6.9 million of its 8.50% senior notes due August 2010, $3.5 million of its
7.25% senior notes due March 2011, $4.9 million of its 6.375% senior notes due August 2012 and $3.5
million of its 6.625% senior notes due October 2017. These notes were purchased at a $1.5 million
aggregate discount. The discount is included in net income as a debt extinguishment gain.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company closed on mortgages totaling $330.3 million
bearing interest at an average rate of 7.1%. The net proceeds of these mortgages were used to pay
down outstanding borrowings under the $600 million Credit Facility and for general corporate
purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2008, the Company purchased $23.4 million of its 8.50% senior
notes due August 2010. These notes were purchased at a $2.5 million discount. The discount is
included in net income as a debt extinguishment gain.
</div>
</div>
falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
falsefalse
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1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<!-- Begin Block Tagged Note 22 - us-gaap:DebtDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>6. INDEBTEDNESS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Overview</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Indebtedness consists of mortgage loans, unsecured notes, and borrowings under a credit facility.
The weighted average interest rates for the years ended December 31, 2010, 2009 and 2008, were
6.2%, 6.2% and 6.1%, respectively. Interest costs during the years ended December 31, 2010, 2009
and 2008 in the amount of $929,000, $7.6 million and $20.0 million, respectively, were capitalized.
Cash paid for interest for the years ended December 31, 2010, 2009 and 2008, was $145.8 million,
$159.7 million and $177.0 million, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is subject to financial covenants contained in some of its debt agreements, the most
restrictive of which are detailed below under the heading “Credit Facility.” As of December 31,
2010, the Company was in compliance with all financial covenants.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The scheduled principal amortization and maturities of the Company’s mortgage loans, unsecured
notes outstanding and the Credit Facility (as defined below) and the related weighted average
interest rates at December 31, 2010 are as follows (in thousands, except percentages):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Weighted</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Mortgages</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Average</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Principal</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Principal</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Unsecured</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Credit</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Interest</b></font></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Amortization</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Maturities</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Notes</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Facility</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Total</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Rate</b></font></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,207</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">246,500</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">252,707</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.22</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">5,070</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">53,629</td>
<td nowrap="nowrap">(1)</td>
<td> </td>
<td> </td>
<td align="right">230,100</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">288,799</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.27</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">4,582</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,510</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,092</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.73</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">4,965</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,684</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">200,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">207,649</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.66</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">4,511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">44,469</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">316,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">364,980</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.17</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2016
</div></td>
<td> </td>
<td> </td>
<td align="right">3,068</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182,318</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">485,386</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.10</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2017
</div></td>
<td> </td>
<td> </td>
<td align="right">2,317</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,349</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">296,543</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">301,209</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.61</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2018
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.50</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2019
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">0.00</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2020
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350,000</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.75</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">30,720</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">289,959</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,039,143</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,359,822</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.98</td>
<td nowrap="nowrap">%</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 3pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(2)</td>
<td> </td>
<td>
<div style="text-align: justify">There are two one-year extensions for $23,512 of mortgages.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Mortgage Loans, Unsecured Notes</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Mortgage loans with maturities ranging from 2012 to 2017 are collateralized by and in some
instances cross-collateralized by properties with a net book value of $547.9 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The interest rates on $2,319.7 million of mortgage loans and unsecured notes are fixed and range
from 4.5% to 8.8%. The weighted average remaining term for the mortgage loans and unsecured notes
is 5.0 years.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Credit Facility</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During 2010, the Company obtained a new $500 million unsecured revolving credit facility (the
“Credit Facility”) due November 2013, replacing a $600 million unsecured revolving credit facility
(the “$600 million Credit Facility”) due January 2011. Based on the Company’s present ratings,
borrowings under the Credit Facility are priced at LIBOR plus 230 basis points. The Credit Facility
contains a competitive bid option, whereby participating lenders bid on the interest rate to be
charged. This feature is available for up to 50% of the amount of the facility. There is also a
45 basis point annual facility fee on the current borrowing capacity. The Credit Facility contains
financial covenants, certain of which are set forth below:
</div>
<div style="margin-top: 10pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">total debt to total assets may not exceed 0.60:1;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">unsecured debt to unencumbered asset value must equal or be less than 60%;
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">unencumbered net operating income to unsecured interest expense must equal or exceed
200% and
</div></td>
</tr>
<tr>
<td style="font-size: 8pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>
<div style="text-align: justify">adjusted net operating income from all unencumbered
properties to unsecured indebtedness must be greater than 12%.
</div></td>
</tr>
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Additionally, the Company has entered into an agreement to fund its planned improvements for the
Kings Hill land development project. At December 31, 2010, the Company had not drawn any funds from
a £7 million revolving credit facility. The facility expires on November 22, 2011.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Activity</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In April 2010, the Company used available cash and proceeds from its $600 million Credit Facility
to repay $119.3 million principal value of mortgage loans. The weighted average interest rate of
these loans as of March 31, 2010 was 7.3%. The Company incurred a $1.2 million prepayment penalty
and wrote off $936,000 in deferred financing costs in conjunction with the prepayment of these
loans. These costs are included as interest expense in the accompanying statements of operations.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2010, the Company used proceeds from its $600 million Credit Facility to repay $169.7
million principal value of 8.50% senior notes due August 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In August 2010, The Company replaced its existing $600 million Credit Facility which was due in
January 2011 with the Credit Facility. The Credit Facility is for $500 million. It matures in
November 2013. Based upon the Company’s current credit ratings, borrowings under the new facility
bear interest at LIBOR plus 230 basis points.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In September 2010, the Company issued $350 million of ten-year, 4.75% senior notes. The net
proceeds from this issuance were used to repay borrowings under the Company’s Credit Facility and
for general corporate purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company satisfied a 7.75% senior note due April 2009
in full by paying $238.6 million in outstanding principal amount and satisfied an 8.125% medium
term unsecured note due January 2009 in full by paying $20.0 million in outstanding principal
amount.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company purchased $11.4 million of its 7.75% senior
notes due April 2009, $6.9 million of its 8.50% senior notes due August 2010, $3.5 million of its
7.25% senior notes due March 2011, $4.9 million of its 6.375% senior notes due August 2012 and $3.5
million of its 6.625% senior notes due October 2017. These notes were purchased at a $1.5 million
aggregate discount. The discount is included in net income as a debt extinguishment gain.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2009, the Company closed on mortgages totaling $330.3 million
bearing interest at an average rate of 7.1%. The net proceeds of these mortgages were used to pay
down outstanding borrowings under the $600 million Credit Facility and for general corporate
purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the year ended December 31, 2008, the Company purchased $23.4 million of its 8.50% senior
notes due August 2010. These notes were purchased at a $2.5 million discount. The discount is
included in net income as a debt extinguishment gain.
</div>
</div>
falsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringInformation about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
falsefalse
13IndebtednessUnKnownUnKnownUnKnownUnKnownfalsetrue