NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt as of March 31, 2017 and December 31, 2016:



	March 31, 2017			December 31, 2016
	(In thousands)
Unsecured revolving credit facility ⁽¹⁾	$	170,731		$	146,538
1.250% Senior Notes due 2017	300,000			300,000
2.00% Senior Notes due 2018	700,000			700,000
Unsecured term loan due 2018 ⁽²⁾	200,000			200,000
Unsecured term loan due 2019 ⁽²⁾	372,042			371,215
4.00% Senior Notes due 2019	600,000			600,000
3.00% Senior Notes, Series A due 2019 ⁽³⁾	300,503			297,841
2.700% Senior Notes due 2020	500,000			500,000
Unsecured term loan due 2020	900,000			900,000
4.750% Senior Notes due 2021	700,000			700,000
4.25% Senior Notes due 2022	600,000			600,000
3.25% Senior Notes due 2022	500,000			500,000
3.300% Senior Notes due 2022 ⁽³⁾	187,815			186,150
3.125% Senior Notes due 2023	400,000			400,000
3.100% Senior Notes due 2023	400,000			—
3.750% Senior Notes due 2024	400,000			400,000
4.125% Senior Notes, Series B due 2024 ⁽³⁾	187,815			186,150
3.500% Senior Notes due 2025	600,000			600,000
4.125% Senior Notes due 2026	500,000			500,000
3.25% Senior Notes due 2026	450,000			450,000
3.850% Senior Notes due 2027	400,000			—
6.90% Senior Notes due 2037	52,400			52,400
6.59% Senior Notes due 2038	22,973			22,973
5.45% Senior Notes due 2043	258,750			258,750
5.70% Senior Notes due 2043	300,000			300,000
4.375% Senior Notes due 2045	300,000			300,000
Mortgage loans and other	1,717,529			1,718,897
Total	12,020,558			11,190,914
Deferred financing costs, net	(64,086		)	(61,304		)
Unamortized fair value adjustment	19,708			25,224
Unamortized discounts	(32,447		)	(27,508		)
Senior notes payable and other debt	$	11,943,733		$	11,127,326


⁽¹⁾	$152.7 million and $146.5 million of aggregate borrowings are denominated in Canadian dollars as of March 31, 2017 and December 31, 2016, respectively.


⁽²⁾	These amounts represent in aggregate the $572.0 million of unsecured term loan borrowings under our unsecured credit facility, of which $93.5 million included in the 2019 tranche is in the form of Canadian dollars.


⁽³⁾	These borrowings are in the form of Canadian dollars.

As of March 31, 2017, our indebtedness had the following maturities:



	Principal Amount Due at Maturity		Unsecured Revolving Credit Facility ⁽¹⁾		Scheduled Periodic Amortization		Total Maturities
	(In thousands)
2017	$	609,499	$	—	$	19,375	$	628,874
2018	1,101,879		170,731		21,206		1,293,816
2019	1,697,131		—		14,789		1,711,920
2020	1,416,913		—		11,809		1,428,722
2021	772,838		—		10,325		783,163
Thereafter ⁽²⁾	6,056,092		—		117,971		6,174,063
Total maturities	$	11,654,352	$	170,731	$	195,475	$	12,020,558


⁽¹⁾	As of March 31, 2017, we had $91.3 million of unrestricted cash and cash equivalents, for $79.4 million of net borrowings outstanding under our unsecured revolving credit facility.


⁽²⁾	Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.

Unsecured Revolving Credit Facility and Unsecured Term Loans

On April 25, 2017, we entered into a new unsecured credit facility comprised of a $3.0 billion unsecured revolving credit facility, initially priced at LIBOR plus 0.875%, that replaced our previous $2.0 billion unsecured revolving credit facility priced at LIBOR plus 1.0%. The new unsecured credit facility also amends certain provisions within our $200.0 million term loan that is scheduled to mature in 2018 and our $372.0 million term loan that is scheduled to mature in 2019. The term loans remain priced at LIBOR plus 1.05%.

The new revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The new unsecured credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

As of March 31, 2017, our unsecured credit facility was comprised of a $2.0 billion revolving credit facility priced at LIBOR plus 1.0% and a $200.0 million four-year term loan and a $372.0 million five-year term loan, each priced at LIBOR plus 1.05%.

As of March 31, 2017, we had $170.7 million of borrowings outstanding, $14.1 million of letters of credit outstanding and $1.8 billion of unused borrowing capacity available under our unsecured revolving credit facility.

As of March 31, 2017, we also had a $900.0 million term loan due 2020 priced at LIBOR plus 97.5 basis points.

Senior Notes

In March 2017, we issued and sold $400.0 million aggregate principal amount of 3.100% senior notes due 2023 at a public offering price equal to 99.280% of par, for total proceeds of $397.1 million before the underwriting discount and expenses, and $400.0 million aggregate principal amount of 3.850% senior notes due 2027 at a public offering price equal to 99.196% of par, for total proceeds of $396.8 million before the underwriting discount and expenses.

Derivatives and Hedging

In January and February 2017, we entered into a total of $275 million of notional forward starting swaps with an effective date of April 3, 2017 that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.33%. In March 2017, these swaps were terminated in conjunction with the issuance of the 3.850% senior notes due 2027, which resulted in a $0.8 million gain which will be recognized over the life of the notes using the effective interest method.

In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023, effectively converting fixed rate debt to three month LIBOR-based floating rate debt. As a result, we will receive a fixed rate on the swap of 3.10% and will pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98%.