Borrowings Under Credit Facilities and Related Items

3 Months Ended

Mar. 31, 2015

Borrowings Under Credit Facilities and Related Items [Abstract]

Borrowings Under Credit Facilities and Related Items

9. Borrowings Under Credit Facilities and Related Items

     At March 31, 2015, we had aprimary unsecured credit facility with a consortium of 28 banks that includes a $2,500,000,000 unsecured revolving credit facility, a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian-denominated unsecured term credit facility. We have an option, through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility by up to an additional $1,000,000,000 and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000. The primary unsecured credit facility also allows us to borrow up to $500,000,000 in alternate currencies (none outstanding at March 31, 2015). Borrowings under the unsecured revolving credit facilityare subject to interest payable at the applicable margin over LIBOR interest rate (1.103% atMarch 31, 2015). The applicable margin is based on certain of our debt ratings and was0.925% atMarch 31, 2015. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.15% at March 31, 2015. The primary unsecured credit facility is scheduled to expire October 31, 2018 and can be extended for an additional year at our option.

     The following information relates to aggregate borrowings under the unsecured revolving credit facilityfor the periods presented (dollars in thousands):

		Three Months Ended March 31,
		2015		2014
Balance outstanding at quarter end(1)		$	410,000	$	562,000
Maximum amount outstanding at any month end		$	430,000	$	562,000
Average amount outstanding (total of daily
	principal balances divided by days in period)	$	408,944	$	286,889
Weighted average interest rate (actual interest
	expense divided by average borrowings outstanding)		1.21%		1.34%
(1) As of March 31, 2015, letters of credit in the aggregate amount of $65,335,000 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.