Secured and Unsecured Debt of the Operating Partnership (Tables)

9 Months Ended

Sep. 30, 2011

Balance and significant terms of the exchangeable notes outstanding

The following table summarizes the balance and significant terms of the Company's 3.25% Exchangeable Notes due 2012 (the "3.25% Exchangeable Notes") and 4.25% Exchangeable Notes due 2014 (the "4.25% Exchangeable Notes" and together with the 3.25% Exchangeable Notes, the "Exchangeable Notes") outstanding as of September 30, 2011 and December 31, 2010:



	3.25% Exchangeable Notes						4.25% Exchangeable Notes
	September 30, 2011			December 31, 2010			September 30, 2011			December 31, 2010
	(in thousands)
Principal amount	$	148,000		$	148,000		$	172,500		$	172,500
Unamortized discount	(1,714		)	(4,004		)	(13,671		)	(16,532		)
Net carrying amount of liability component	$	146,286		$	143,996		$	158,829		$	155,968
Carrying amount of equity component	$33,675						$19,835
Maturity date	April 2012						November 2014
Stated coupon rate ⁽¹⁾⁽²⁾	3.25%						4.25%
Effective interest rate ⁽³⁾	5.45%						7.13%
Exchange rate per $1,000 principal value of the Exchangeable Notes, as adjusted ⁽⁴⁾	11.3636						27.8307
Exchange price, as adjusted ⁽⁴⁾	$88.00						$35.93
Number of shares on which the aggregate consideration to be delivered on conversion is determined ⁽⁴⁾	1,681,813						4,800,796

_____________________


(1)	Interest on the 3.25% Exchangeable Notes is payable semi-annually in arrears on April 15^th and October 15^th of each year.


(2)	Interest on the 4.25% Exchangeable Notes is payable semi-annually in arrears on May 15^th and November 15^th of each year.


(3)	The rate at which we record interest expense for financial reporting purposes, which reflects the amortization of the discounts on the Exchangeable Notes. This rate

represents our conventional debt borrowing rate at the date of issuance.


(4)	The exchange rate, exchange price, and the number of shares to be delivered upon conversion are subject to adjustment under certain circumstances including increases in our

common dividends.

Capped call Transactions

The following table summarizes our capped call option positions as of both September 30, 2011 and December 31, 2010:



	3.25% Exchangeable Notes⁽¹⁾		4.25% Exchangeable Notes⁽²⁾
Referenced shares of common stock	1,121,201		4,800,796
Exchange price including effect of capped calls	$	102.72	$	42.81

________________________


(1)	The capped calls mitigate the dilutive impact to us of the potential exchange of two-thirds of the 3.25% Exchangeable Notes into shares of common stock.


(2)	The capped calls mitigate the dilutive impact to us of the potential exchange of all of the 4.25% Exchangeable Notes into shares of common stock.

Interest expense for the exchangeable notes

The following table summarizes the total interest expense attributable to the Exchangeable Notes based on the effective interest rates set forth above, before the effect of capitalized interest, for the three and nine months ended September 30, 2011 and 2010:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
	(in thousands)
Contractual interest payments	$	3,035	$	3,035	$	9,106	$	11,530
Amortization of discount	1,742		1,818		5,151		6,497
Interest expense attributable to the Exchangeable Notes	$	4,777	$	4,853	$	14,257	$	18,027

Terms of the Credit Facility

. The following table summarizes the terms of our Credit Facility as of December 31, 2010 and as amended as of September 30, 2011:



	September 30, 2011			December 31, 2010
	(in thousands)
Outstanding borrowings⁽¹⁾	$	—		$	159,000
Remaining borrowing capacity	500,000			341,000
Total borrowing capacity⁽²⁾	$	500,000		$	500,000
Interest rate⁽³⁾				2.99		%
Facility fee-annual rate⁽⁴⁾	0.350		%	0.575		%
Maturity date⁽⁵⁾	August 2015			August 2013

________________________

(1) As of September 30, 2011, there were no borrowings outstanding on the Credit Facility.

(2) We may elect to borrow, subject to lender approval, up to an additional $200 million under an accordion feature under the terms of the Credit Facility.

(3) The Credit Facility interest rate was calculated based on an annual rate of LIBOR plus 1.750% and 2.675% as of September 30, 2011 and December 31, 2010, respectively. No interest rate is shown as of September 30, 2011 because no borrowings were outstanding.

(4) The facility fee is paid on a quarterly basis and is calculated based on the total borrowing capacity. In addition to the facility fee, we also incurred debt origination and legal costs

of approximately $5.0 million when we entered into the Credit Facility in 2010 and an additional $3.3 million when we amended the Credit Facility in 2011. The unamortized

balance of these costs will be amortized as additional interest expense over the extended term of the Credit Facility.

(5) Under the original and amended terms of the Credit Facility, we may exercise an option to extend the maturity date by one year.

Stated debt maturities and scheduled amortization payments, excluding debt discounts

The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt discounts and premiums, as of September 30, 2011:



Year Ending	(in thousands)
Remaining 2011	$	70,371
2012	305,303
2013	6,373
2014	262,443
2015	357,382
Thereafter	775,028
Total	$	1,776,900	⁽¹⁾

________________________


(1)	Includes gross principal balance of outstanding debt before impact of all debt discounts and premiums.

Capitalized interest and loan fees

The following table sets forth our gross interest expense, including debt discount/premium and loan cost amortization, net of capitalized interest, for the three and nine months ended September 30, 2011 and 2010. The capitalized amounts are a cost of development and redevelopment, and increase the carrying value of undeveloped land and construction in progress.



	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
	(in thousands)
Gross interest expense	$	26,449		$	18,543		$	72,597		$	48,980
Capitalized interest	(2,398		)	(2,690		)	(6,442		)	(8,083		)
Interest expense	$	24,051		$	15,853		$	66,155		$	40,897