Note 13 - Notes Payable

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Text Block]

13.  Notes Payable:

As of December 31, 2012 and 2011 the Company’s Notes Payable consisted of the following (dollars in millions):

	Balance at 12/31/12		Interest Rate Range (Low)			Interest Rate Range (High)			Maturity Date Range  (Low)	Maturity  Date Range (High)
Senior Unsecured Notes (c)	$	965.9		4.70	%		6.88	%	Jan-2013	Oct-2019
Medium Term Notes		1,144.6		4.30	%		5.78	%	Oct-2013	Feb-2018
Unsecured Term Loan		400.0		1.26	%		1.26	%	Apr-2014	Apr-2014
Canadian Notes Payable		352.4		5.18	%		5.99	%	Aug-2013	Apr-2018
Credit Facility (a)		249.9		1.10	%		1.26	%	Oct-2015	Oct-2015
Mexican Term Loan		76.9		8.58	%		8.58	%	Mar-2013	Mar-2013
Other Notes Payable (b)		2.4		5.50	%		5.50	%	Jan-2013	Sept-2013
	$	3,192.1

	Balance at 12/31/11		Interest Rate Range (Low)			Interest Rate  Range (High)			Maturity  Date Range (Low)	Maturity Date Range  (High)
Senior Unsecured Notes	$	1,164.8		4.70	%		6.88	%	Nov-2012	Oct-2019
Medium Term Notes		1,161.6		4.30	%		5.98	%	July-2012	Feb-2018
Canadian Notes Payable		342.6		5.18	%		5.99	%	Aug-2013	Apr-2018
Credit Facilities (a)		238.9		1.35	%		1.35	%	Oct-2015	Oct-2015
Mexican Term Loan		71.5		8.58	%		8.58	%	Mar-2013	Mar-2013
Other Notes Payable (b)		4.5		3.80	%		3.80	%	Sept-2012	Sept-2012
	$	2,983.9

(a)      Interest rate is equal to LIBOR plus 1.05%

(b)      Interest rate is equal to LIBOR plus 3.50%

(c)      During January 2013, the Company repaid the $100.0 million outstanding balance on its 6.125% senior unsecured note, which matured in January 2013.

Senior Unsecured Notes/Medium Term Notes –

During September 2009, the Company entered into a fifth supplemental indenture, under the indenture governing its Medium Term Notes ("MTN") and Senior Notes, which included the financial covenants for future offerings under the indenture that were removed by the fourth supplemental indenture.

In accordance with the terms of the Indenture, as amended, pursuant to which the Company's Senior Unsecured Notes, except for $300.0 million issued during April 2007 under the fourth supplemental indenture, have been issued, the Company is subject to maintaining (a) certain maximum leverage ratios on both unsecured senior corporate and secured debt, minimum debt service coverage ratios and minimum equity levels, (b) certain debt service ratios, (c) certain asset to debt ratios and (d) restricted from paying dividends in amounts that exceed by more than $26.0 million the funds from operations, as defined, generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend; however, this dividend limitation does not apply to any distributions necessary to maintain the Company's qualification as a REIT providing the Company is in compliance with its total leverage limitations.

The Company had a MTN program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes, including (i) funding specific liquidity requirements in its business, including property acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities.

Interest on these fixed-rate senior unsecured notes is payable semi-annually in arrears. Proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers, the expansion and improvement of properties in the Company’s portfolio and the repayment of certain debt obligations of the Company.

During the years ended December 31, 2012 and 2011, the Company repaid the following notes (dollars in millions):

Type	Date  Issued	Amount  Repaid		Interest Rate			Maturity Date	Date  Paid
MTN	July-02	$	17.0		5.98	%	July-12	July-12
Senior Note	Nov-02	$	198.9		6.00	%	Nov-12	Nov-12
MTN	Aug-04	$	88.0		4.82	%	Aug-11	Aug-11

Credit Facility –

The Company has a $1.75 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which is scheduled to expire in October 2015 and has a one-year extension option.  This credit facility, provides funds to finance general corporate purposes, including (i) property acquisitions, (ii) investments in the Company’s institutional management programs, (iii) development and redevelopment costs and (iv) any short-term working capital requirements. Interest on borrowings under the Credit Facility accrues at LIBOR plus 1.05% and fluctuates in accordance with changes in the Company’s senior debt ratings and has a facility fee of 0.20% per annum.  As part of this Credit Facility, the Company has a competitive bid option whereby the Company could auction up to $875.0 million of its requested borrowings to the bank group.  This competitive bid option provides the Company the opportunity to obtain pricing below the currently stated spread.  In addition, as part of the Credit Facility, the Company has a $500.0 million sub-limit which provides it the opportunity to borrow in alternative currencies such as Canadian Dollars, British Pounds Sterling, Japanese Yen or Euros. Pursuant to the terms of the Credit Facility, the Company, among other things, is subject to covenants requiring the maintenance of (i) maximum leverage ratios on both unsecured and secured debt and (ii) minimum interest and fixed coverage ratios.  As of December 31, 2012, the Credit Facility had a balance of $249.9 million outstanding and $27.3 million appropriated for letters of credit.

U.S. Term Loan -

During 2012, the Company obtained a $400.0 million unsecured term loan with a consortium of banks, which accrues interest at LIBOR plus 105 basis points.  The term loan is scheduled to mature in April 2014, with three additional one-year options to extend the maturity date, at the Company’s discretion, to April 17, 2017. Proceeds from this term loan were used for general corporate purposes including the repayment of maturing debt amounts. Pursuant to the terms of the Credit Agreement, 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.  

Mexican Term Loan -

During March 2008, the Company obtained a Mexican peso (“MXN”) 1.0 billion term loan, which bears interest at a rate of 8.58%, subject to change in accordance with the Company’s senior debt ratings, and is scheduled to mature in March 2013.  The Company utilized proceeds from this term loan to fully repay the outstanding balance of a MXN 500.0 million unsecured revolving credit facility, which was terminated by the Company.  Remaining proceeds from this term loan were used for funding MXN denominated investments. As of December 31, 2012, the outstanding balance on this term loan was MXN 1.0 billion (USD $76.9 million).  The Mexican term loan covenants are similar to the Credit Facility covenants described above.  During December 2012, the lender agreed to extend this term loan for an additional five years at an interest rate of TIIE (Equilibrium Interbank Interest Rate) plus 1.35%, which will be effective subsequent to the scheduled maturity in March 2013.  The Company has the option to swap this rate to a fixed rate at any time during the term of the loan.

The weighted-average interest rate for all unsecured notes payable is 4.72% as of December 31, 2012.  The scheduled maturities of all unsecured notes payable as of December 31, 2012, were as follows (in millions): 2013, $555.4; 2014, $694.8; 2015, $600.0; 2016, $300.0; 2017, $290.9 and thereafter, $751.0.