Borrowings Under Credit Facilities and Related Items

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2015). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate (1.112% atJune 30, 2015). The applicable margin is based on certain of our debt ratings and was 0.925% atJune 30, 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 June 30, 2015. The primary unsecured credit facilityis 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 facility for the periods presented (dollars in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
Balance outstanding at quarter end(1)		$	350,000	$	-	$	350,000	$	-
Maximum amount outstanding at any month end		$	535,000	$	637,000	$	535,000	$	637,000
Average amount outstanding (total of daily
	principal balances divided by days in period)	$	501,758	$	375,824	$	455,608	$	331,602
Weighted average interest rate (actual interest
	expense divided by average borrowings outstanding)		1.13%		1.37%		1.17%		1.36%
(1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.