Debt

The Company, through property owner subsidiaries, had outstanding non-recourse secured mortgages and notes payable of $804,238 and $945,216 as of September 30, 2015 and December 31, 2014, respectively. Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 7.8% at September 30, 2015 and 2.2% to 8.5% at December 31, 2014 and the mortgages and notes payables mature between 2016 and 2028 as of September 30, 2015. The weighted-average interest rate was 5.0% and 5.2% at September 30, 2015 and December 31, 2014, respectively.

The Company had the following senior notes outstanding as of September 30, 2015:



Issue Date	Face Amount		Interest Rate		Maturity Date	Issue Price
May 2014	$	250,000	4.40	%	June 2024	99.883	%
June 2013	250,000		4.25	%	June 2023	99.026	%
	$	500,000

Each series of the senior notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium.

In September 2015, the Company entered into a new $905,000 unsecured credit agreement with KeyBank National Association as agent, which replaced the Company's existing revolving credit facility and term loans. With lender approval, the Company can increase the size of the new facility to an aggregate $1,810,000. A summary of the significant terms are as follows:



	Prior Maturity Date	New Maturity Date	Prior Interest Rate	Current Interest Rate
$400,000 Revolving Credit Facility⁽¹⁾	02/2017	08/2019	LIBOR + 1.15%	LIBOR + 1.00%
$250,000 Term Loan⁽²⁾	02/2018	08/2020	LIBOR + 1.35%	LIBOR + 1.10%
$255,000 Term Loan⁽³⁾	01/2019	01/2021	LIBOR + 1.75%	LIBOR + 1.10%


(1)	Maturity date can be extended to 08/2020 at the Company's option. The interest rate ranges from LIBOR plus 0.85% to 1.55% (previously 0.95% to 1.725%). At September 30, 2015, the unsecured revolving credit facility had $73,000 outstanding, outstanding letters of credit of $10,000 and availability of $317,000, subject to covenant compliance.


(2)	The interest rate ranges from LIBOR plus 0.90% to 1.75% (previously 1.10% to 2.10%). The Company previously entered into aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.09% through February 2018 on the $250,000 of outstanding LIBOR-based borrowings.


(3)	The interest rate ranges from LIBOR plus 0.90% to 1.75% (previously 1.50% to 2.25%). The Company previously entered into aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings.

The Company was in compliance with all applicable financial covenants contained in its corporate level debt agreements at September 30, 2015.

During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes due 2030. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require the Company to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The Company may not redeem any notes prior to January 2017, except to preserve its REIT status. The notes have a current conversion rate of 153.8603 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.50 per common share. The conversion rate is subject to adjustment under certain circumstances, including increases in the Company's dividend rate above a certain threshold and the issuance of stock dividends. The notes are convertible by the holders under certain circumstances for cash, common shares or a combination of cash and common shares at the Company's election. The notes are convertible prior to the close of business on the second business day immediately preceding the stated maturity date, at any time beginning in January 2029 and also upon the occurrence of specified events. During the nine months ended September 30, 2015 and 2014, $3,828 and $4,205, respectively, aggregate principal amount of the notes were converted for 519,664 and 624,103 common shares, respectively, and aggregate cash payments of $529 and $62, plus accrued and unpaid interest, respectively. These conversions resulted in aggregate debt satisfaction charges of $476 and $933 for the nine months ended September 30, 2015 and 2014, respectively.

Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes due 2030.



	6.00% Convertible Guaranteed Notes due 2030
Balance Sheets:	September 30, 2015			December 31, 2014
Principal amount of debt component	$	12,400		$	16,228
Unamortized discount	(272		)	(564		)
Carrying amount of debt component	$	12,128		$	15,664
Carrying amount of equity component	$	(34,784	)	$	(33,160	)
Effective interest rate	7.7		%	8.1		%
Period through which discount is being amortized, put date	01/2017			01/2017
Aggregate if-converted value in excess of aggregate principal amount	$	3,054		$	10,432



	Three months ended September 30,				Nine months ended September 30,
Statements of Operations:	2015		2014		2015		2014
6.00% Convertible Guaranteed Notes
Coupon interest	$	185	$	375	$	577	$	1,196
Discount amortization	53		107		175		340
	$	238	$	482	$	752	$	1,536

During the nine months ended September 30, 2015 and 2014, in connection with the satisfaction of mortgage notes other than those disclosed elsewhere in these financial statements, the Company had debt satisfaction gains (charges), net of $4,123 and $(7,013), respectively.