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Unsecured Revolving Credit Facility (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2011
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Dec. 31, 2010
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| Borrowing capacity under the credit facility | $ 775 | |
| Number of lending institutions | 23 | |
| Credit facility mature date | June 2012 | |
| Interest rate on outstanding borrowings | LIBOR plus 55 basis points | |
| Unsecured debt ratings | BBB/Baa2 | |
| Line of credit facility, bid feature, current borrowing capacity | 300 | |
| Optional interest rate of the credit facility | higher of the lender's prime rate or the Federal Funds rate plus 50 basis points | |
| Facility fee basis points | 15 | |
| Terms of the unsecured facility | The terms of the unsecured facility include certain restrictions and covenants which limit, among other things, the payment of dividends (as discussed below), the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio, the maximum amount of secured indebtedness, the minimum amount of tangible net worth, the minimum amount of fixed charge coverage, the maximum amount of unsecured indebtedness, the minimum amount of unencumbered property interest coverage and certain investment limitations. | |
| Terms of dividend restriction | The dividend restriction referred to above provides that, if an event of default has occurred and is continuing, the Company will not make any excess distributions with respect to common stock or other common equity interests except to enable the Company to continue to qualify as a REIT under the Code. | |
| Outstanding borrowings under the facility | 9 | 228 |
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Money Market Loan [Member]
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| Borrowing capacity under the credit facility | 75 | |
| Outstanding borrowings under the facility | $ 0 | $ 0 |
| Maturity period of the unsecured borrowing | 30 days or less |
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Line of Credit Facility, Basis Points of Facility Fees
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Maximum borrowing amount under the line of credit facility competitive bid feature.
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Line of Credit Facility, Lending Institutions Number
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Line of Credit Facility, Maturity Period
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Line of Credit Facility, Optional Interest Rate Description
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Description of the credit rating indicative of likelihood of repayment of the debt instrument given by a credit rating agency (for example, Standard and Poor's, Moody's, Fitch). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the conditions for borrowing under the credit facility including the nature of any restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of restrictions on the entity's ability to pay dividends as required by the terms of the credit facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reflects when the credit facility terminates, which may be presented in a variety of ways (year, month and year, day, month and year, quarter). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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