Debt (Tables)

6 Months Ended

Jun. 30, 2011

Debt Tables [Abstract]

Debt summary

Our debt consisted of the following (dollars in thousands):

	June 30, 2011				December 31, 2010
	Weighted Average Interest Rate (1)		Amount Outstanding (1)		Weighted Average Interest Rate		Amount Outstanding
Credit Facilities	2.24	%	$	802,880	3.53	%	$	520,141
Senior notes	5.74	%		4,803,441	6.63	%		3,195,724
Exchangeable senior notes (2)	4.90	%		1,475,689	4.90	%		1,521,568
Secured mortgage debt (3)	4.68	%		1,681,361	5.67	%		1,223,312
Secured mortgage debt of consolidated investees (4)	4.36	%		1,798,500	5.56	%		26,417
Other debt of consolidated investees (5)	5.32	%		1,156,430	-			-
Other debt (6)	2.46	%		401,651	6.48	%		18,867
Totals	4.90	%	$	12,119,952	5.79	%	$	6,506,029

(1)       Included in the balances at June 30, 2011 was debt assumed in connection with the Merger and acquisition of PEPR (see Note 2 for more details). The weighted average interest rate represents the interest rate including amortization of related premiums/discounts. Includes $4.3 billion of principal borrowings denominated in euros, Japanese yen, British pound sterling, Singapore dollar and Canadian dollar.

(2)       The interest rates include the impact of amortization of the non-cash discount related to these notes. The weighted average coupon interest rate was 2.6% as of June 30, 2011 and December 31, 2010.

(3)       The debt is secured by 217 real estate properties with an aggregate undepreciated cost of $4.0 billion at June 30, 2011.

(4)       The debt is secured by 204 real estate properties with an aggregate undepreciated cost of $3.3 billion at June 30, 2011.

(5)       This debt includes $54.9 million on a $70 million credit facility obtained by a consolidated investee. This debt also includes €523.2 million ($744.8 million at June 30, 2011) of Eurobonds and €250.6 million ($356.7 million at June 30, 2011) of unsecured credit facilities acquired with PEPR.

(6)       The debt includes $18.6 million of assessments bonds and $383.1 million of corporate term loans.

Extinguishment of debt

The activity is summarized as follows (in thousands):

	Six Months Ended		Six Months Ended
	June 30,		June 30,
	2011		2010
Original principal amount	$	-	$	1,207,258
Cash purchase / repayment price	$	-	$	1,190,463
Loss on early extinguishment of debt (1)	$	-	$	(46,658)

(1)       Represents the difference between the recorded debt (including unamortized related debt issuance costs, premiums and discounts) and the consideration we paid to retire the debt, which may include prepayment penalties and costs.

Credit Facilities

Commitments and availability under our Credit Facilities as of June 30, 2011 were as follows (dollars in millions):

Aggregate - commitments	$	2,211.8
Less:
Borrowings outstanding		800.6
Outstanding letters of credit		95.4
Current availability	$	1,315.8

Long-term debt maturities

Principal payments due on our debt, excluding the Credit Facilities, for the remainder of 2011 and for each of the years in the five-year period ending December 31, 2016 and thereafter are as follows (in thousands):

		Wholly Owned		Consolidated Investees		Total Consolidated
2011 (1)		$	52,329	$	95,346	$	147,675
2012 (1) (2)			992,466		831,707		1,824,173
2013 (2) (3)			1,015,512		685,723		1,701,235
2014			664,956		1,219,135		1,884,091
2015			1,142,201		19,541		1,161,742
2016			898,896		41,348		940,244
Thereafter			3,570,814		4,780		3,575,594
	Total principal due		8,337,174		2,897,580		11,234,754
	Premium (discount), net		24,968		57,350		82,318
Net carrying balance		$	8,362,142	$	2,954,930	$	11,317,072

(1)       We expect to repay the amounts maturing in 2011 and 2012 with borrowings under our Credit Facilities or with proceeds from the disposition of non-strategic real estate properties. The maturities in 2012 in our consolidated but not wholly owned subsidiaries include $405.0 million of unsecured credit facilities and $426.7 million of secured borrowings, which we expect to pay either by issuing new debt, with proceeds from asset sales or equity contributions to the funds.

(2)       The maturities in 2012 and 2013 include $593.0 million and $527.9 million, respectively, of aggregate principal amounts of the exchangeable senior notes originally issued in 2007 and 2008, based on the year in which the holders first have the right to require us to repurchase their notes for cash.

(3)       The exchangeable senior notes originally issued in November 2007 are included as 2013 maturities since the holders have the right to require us to repurchase their notes for cash in January 2013. The holders of these notes also have the option to exchange their notes in November 2012, which we may settle in cash or common stock, at our option.