Note 8 - Notes, Mortgages and Construction Loan Payable	6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	8. Notes, Mortgages and Construction Loan Payable Notes Payable – In February 2020, the Company obtained a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which replaced the Company’s existing $2.25 billion unsecured revolving credit facility. The Credit Facility is scheduled to expire in March 2024, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2025. The Credit Facility, which accrues interest at a rate of LIBOR plus 77.5 basis points (1.18% as of June 30, 2020), can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to climate actions, as described in the agreement. Upon achieving such climate actions, the rate on the Credit Facility is reduced by 1 basis point. Pursuant to the terms of the Credit Facility, 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. As of June 30, 2020, the Credit Facility had no outstanding balance and $0.3 million appropriated for letters of credit and the Company was in compliance with its covenants. In April 2020, the Company entered into a new unsecured term loan credit facility with total outstanding borrowings of $590.0 million (the “Term Loan”) pursuant to a credit agreement with a group of banks. The Term Loan was scheduled to mature in April 2021, with a one-year extension option to extend the maturity date, at the Company’s discretion, to April 2022. The Term Loan accrued interest at a rate of LIBOR plus 140 basis points (1.65% as of June 30, 2020) or, at the Company’s option, a spread of 40 basis points to the base rate defined in the Term Loan, that in each case fluctuated in accordance with changes in the Company’s senior debt ratings. The Term Loan could be increased by an additional $750.0 million through an accordion feature. Pursuant to the terms of the Term Loan, the Company was subject to covenants that were substantially the same as those in the Credit Facility. The Company repaid $265.0 million of the outstanding borrowings under the Term Loan in June 2020. As of June 30, 2020, the Term Loan had an outstanding balance of $325.0 million and the Company was in compliance with its covenants. Subsequent to June 30, 2020, the Term Loan was fully repaid and the facility was terminated. In July 2020, the Company issued $500.0 million in unsecured notes (the “Green Bond”), which are scheduled to mature in October 2030 and accrue interest at a rate of 2.70% per annum. The net proceeds from this offering are allocated to finance or refinance, in whole or in part, recently completed, existing or future Eligible Green Projects, in alignment with the four core components of the Green Bond Principles, 2018 ("GBP") as administered by the International Capital Market Association. Eligible Green Projects include projects with disbursements made in the three years preceding the issue date of the notes. On July 15, 2020, the Company announced the partial redemption of $200.0 million of its 3.20% senior unsecured notes outstanding, which mature in May 2021. These notes will be redeemed on July 30, 2020, and the Company will incur a prepayment charge of approximately $3.3 million resulting from the partial repayment. As of June 30, 2020, $484.9 million was outstanding on these notes. Mortgages and Construction Loan Payable - In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment was scheduled to mature in August 2020, with six additional six-month options to extend the maturity date to August 2023 and bore interest at a rate of LIBOR plus 180 basis points. This construction loan was fully repaid in January 2020. During the six months ended June 30, 2020, the Company repaid $21.6 million of mortgage debt (including fair market value adjustment of $0.2 million) that encumbered two operating properties.

Note 8 - Notes, Mortgages and Construction Loan Payable

6 Months Ended

Jun. 30, 2020

8. Notes, Mortgages and Construction Loan Payable

Notes Payable –

In February 2020, the Company obtained a new $2.0 billion unsecured revolving credit facility (the “Credit Facility”) with a group of banks, which replaced the Company’s existing $2.25 billion unsecured revolving credit facility. The Credit Facility is scheduled to expire in March 2024, with two additional six-month options to extend the maturity date, at the Company’s discretion, to March 2025. The Credit Facility, which accrues interest at a rate of LIBOR plus 77.5 basis points (1.18% as of June 30, 2020), can be increased to $2.75 billion through an accordion feature. The Credit Facility is a green credit facility tied to climate actions, as described in the agreement. Upon achieving such climate actions, the rate on the Credit Facility is reduced by 1 basis point. Pursuant to the terms of the Credit Facility, 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. As of June 30, 2020, the Credit Facility had no outstanding balance and $0.3 million appropriated for letters of credit and the Company was in compliance with its covenants.

In April 2020, the Company entered into a new unsecured term loan credit facility with total outstanding borrowings of $590.0 million (the “Term Loan”) pursuant to a credit agreement with a group of banks. The Term Loan was scheduled to mature in April 2021, with a one-year extension option to extend the maturity date, at the Company’s discretion, to April 2022. The Term Loan accrued interest at a rate of LIBOR plus 140 basis points (1.65% as of June 30, 2020) or, at the Company’s option, a spread of 40 basis points to the base rate defined in the Term Loan, that in each case fluctuated in accordance with changes in the Company’s senior debt ratings. The Term Loan could be increased by an additional $750.0 million through an accordion feature. Pursuant to the terms of the Term Loan, the Company was subject to covenants that were substantially the same as those in the Credit Facility. The Company repaid $265.0 million of the outstanding borrowings under the Term Loan in June 2020. As of June 30, 2020, the Term Loan had an outstanding balance of $325.0 million and the Company was in compliance with its covenants. Subsequent to June 30, 2020, the Term Loan was fully repaid and the facility was terminated.

In July 2020, the Company issued $500.0 million in unsecured notes (the “Green Bond”), which are scheduled to mature in October 2030 and accrue interest at a rate of 2.70% per annum. The net proceeds from this offering are allocated to finance or refinance, in whole or in part, recently completed, existing or future Eligible Green Projects, in alignment with the four core components of the Green Bond Principles, 2018 ("GBP") as administered by the International Capital Market Association. Eligible Green Projects include projects with disbursements made in the three years preceding the issue date of the notes.

On July 15, 2020, the Company announced the partial redemption of $200.0 million of its 3.20% senior unsecured notes outstanding, which mature in May 2021. These notes will be redeemed on July 30, 2020, and the Company will incur a prepayment charge of approximately $3.3 million resulting from the partial repayment. As of June 30, 2020, $484.9 million was outstanding on these notes.

Mortgages and Construction Loan Payable -

In August 2018, the Company closed on a construction loan commitment of $67.0 million relating to one development property. This loan commitment was scheduled to mature in August 2020, with six additional six-month options to extend the maturity date to August 2023 and bore interest at a rate of LIBOR plus 180 basis points. This construction loan was fully repaid in January 2020.

During the six months ended June 30, 2020, the Company repaid $21.6 million of mortgage debt (including fair market value adjustment of $0.2 million) that encumbered two operating properties.