XML 66 R97.htm IDEA: XBRL DOCUMENT v2.4.1.9
Fair Value Measurements and Disclosures (Details 1) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Liabilities    
Secured debt $ 546,292,000us-gaap_SecuredDebt $ 560,434,000us-gaap_SecuredDebt
Exchangeable senior notes, net 0us-gaap_ConvertibleNotesPayable 168,372,000us-gaap_ConvertibleNotesPayable
Unsecured Debt 1,783,121,000us-gaap_UnsecuredDebt 1,431,132,000us-gaap_UnsecuredDebt
Unsecured line of credit 140,000,000us-gaap_LineOfCredit 45,000,000us-gaap_LineOfCredit
Carrying Value    
Liabilities    
Secured debt 546,292,000us-gaap_SecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1] 560,434,000us-gaap_SecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1]
Exchangeable senior notes, net 0us-gaap_ConvertibleNotesPayable
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1],[2] 168,372,000us-gaap_ConvertibleNotesPayable
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1]
Unsecured Debt 1,783,121,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[3] 1,431,132,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[3]
Unsecured line of credit 140,000,000us-gaap_LineOfCredit
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1] 45,000,000us-gaap_LineOfCredit
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1]
Carrying Value | Fair Value (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 513,700,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
 
Carrying Value | Unsecured Debt [Member] | Fair Value (Level 1) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 1,269,400,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
 
Liabilities    
Unsecured Debt   873,500,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
Carrying Value | Unsecured Debt [Member] | Fair Value (Level 2) [Member]    
Liabilities    
Unsecured Debt   557,700,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
Fair Value    
Liabilities    
Secured debt 559,483,000us-gaap_SecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1] 568,760,000us-gaap_SecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1]
Exchangeable senior notes, net 0us-gaap_ConvertibleNotesPayable
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1],[2] 178,190,000us-gaap_ConvertibleNotesPayable
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1]
Unsecured Debt 1,858,492,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[3] 1,523,052,000us-gaap_UnsecuredDebt
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[3]
Unsecured line of credit 140,051,000us-gaap_LineOfCredit
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1] 45,012,000us-gaap_LineOfCredit
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
[1]
Fair Value | Fair Value (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 536,300,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
 
Fair Value | Unsecured Debt [Member] | Fair Value (Level 1) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure 1,322,200,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
929,300,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
Fair Value | Unsecured Debt [Member] | Fair Value (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Fair Value Disclosure   $ 593,700,000us-gaap_DebtInstrumentFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_EstimateOfFairValueFairValueDisclosureMember
/ us-gaap_LongtermDebtTypeAxis
= us-gaap_UnsecuredDebtMember
[1] Fair value calculated using Level II inputs, which are based on model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
[2] During the year ended December 31, 2014, we repaid the 4.25% Exchangeable Notes. As of December 31, 2014, there were no exchangeable debt instruments (see Note 7 “Secured and Unsecured Debt of the Operating Partnership” for additional information).
[3] Fair value calculated primarily using Level I inputs, which are based on quoted prices for identical instruments in active markets. The carrying value and fair value of the Level I instruments was $1,269.4 million and $1,322.2 million, respectively, as of December 31, 2014. The carrying value and fair value of the Level I instruments at December 31, 2013, was $873.5 million and $929.3 million, respectively. The carrying value and fair value of the Level II instruments was $513.7 million and $536.3 million, respectively, as of December 31, 2014. The carrying value and fair value of the Level II instruments at December 31, 2013, was $557.7 million and $593.7 million, respectively.