Debt Of The Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2011

Debt Of The Operating Partnership [Abstract]

Summary Of Outstanding Indebtedness Of The Operating Partnership


Indebtedness	Interest Rate at December 31, 2011			Maturity Date			Principal Outstanding December 31, 2011			Principal Outstanding December 31, 2010
Revolving credit facilities:
Global revolving credit facility		Various	⁽¹⁾		Nov. 3, 2015		$	275,106	⁽²⁾	$	—
Corporate revolving credit facility⁽³⁾		Various	⁽³⁾		Aug. 31, 2012			—			333,534	⁽⁴⁾
Asia Pacific revolving credit facility⁽³⁾		Various	⁽³⁾		Aug. 17, 2012			—			—

Total revolving credit facilities								275,106			333,534
Unsecured senior notes:
Prudential Shelf Facility:
Series A		7.000	%		Jul. 24, 2011			—			25,000
Series B		9.320	%		Nov. 5, 2013			33,000			33,000
Series C		9.680	%		Jan. 6, 2016			25,000			25,000
Series D		4.570	%		Jan. 20, 2015			50,000			50,000
Series E		5.730	%		Jan. 20, 2017			50,000			50,000
Series F		4.500	%		Feb. 3, 2015			17,000			17,000

Total Prudential Shelf Facility								175,000			200,000
Senior Notes:
4.50% notes due 2015		4.500	%		Jul. 15, 2015			375,000			375,000
5.875% notes due 2020		5.875	%		Feb. 1, 2020			500,000			500,000
5.250% notes due 2021		5.250	%		Mar. 15, 2021			400,000			—
Unamortized discounts								(8,928	)		(8,970	)

Total senior notes, net of discount								1,266,072			866,030

Total unsecured senior notes, net of discount								1,441,072			1,066,030

Exchangeable senior debentures:
4.125% exchangeable senior debentures due 2026		4.125	%		Aug. 15, 2026			—	⁽⁵⁾		88,758
5.50% exchangeable senior debentures due 2029		5.50	%		Apr. 15, 2029	⁽⁶⁾		266,400			266,400
Unamortized discount								—			(1,456	)

Total exchangeable senior debentures, net of discount								266,400			353,702


Mortgage loans:
Secured Term Debt⁽⁷⁾⁽⁸⁾	5.65	%	Nov. 11, 2014			138,828			141,465
3 Corporate Place	6.72	%	Aug. 1, 2011			—	⁽¹⁵⁾		80,000
200 Paul Avenue 1-4⁽⁸⁾	5.74	%	Oct. 8, 2015			74,458			76,179
2045 & 2055 LaFayette Street⁽⁸⁾	5.93	%	Feb. 6, 2017			65,551			66,437
Mundells Roundabout	3-month GBP LIBOR + 1.20	%⁽¹⁰⁾	Nov. 30, 2013			66,563	⁽¹¹⁾		66,858	⁽¹¹⁾
600 West Seventh Street	5.80	%	Mar. 15, 2016			52,709			54,157
34551 Ardenwood Boulevard 1-4⁽⁸⁾	5.95	%	Nov. 11, 2016			53,627			54,306
1100 Space Park Drive⁽⁸⁾	5.89	%	Dec. 11, 2016			53,609			54,296
1350 Duane Avenue/3080 Raymond Street⁽⁸⁾	5.42	%	Oct. 1, 2012			52,800			52,800
150 South First Street⁽⁸⁾	6.30	%	Feb. 6, 2017			51,508			52,154
360 Spear Street	6.32	%	Nov. 8, 2013			47,569			—
114 Rue Ambroise Croizat	3-month EURIBOR + 1.35	%⁽¹⁰⁾	Jan. 18, 2012	⁽¹⁶⁾		39,483	⁽¹²⁾		41,430	⁽¹²⁾
Clonshaugh Industrial Estate II⁽⁹⁾	3-month EURIBOR + 4.50	%⁽¹⁰⁾	Sep. 4, 2014			38,883	⁽¹²⁾		40,152	⁽¹²⁾
1500 Space Park Drive⁽⁸⁾	6.15	%	Oct. 5, 2013			37,875			39,941
2334 Lundy Place⁽⁸⁾	5.96	%	Nov. 11, 2016			39,003			39,496
Unit 9, Blanchardstown Corporate Park	3-month EURIBOR + 1.35	%⁽¹⁰⁾	Jan. 18, 2012	⁽¹⁶⁾		33,946	⁽¹²⁾		35,620	⁽¹²⁾
Cressex 1⁽¹³⁾	5.68	%	Oct. 16, 2014			27,786	⁽¹¹⁾		28,388	⁽¹¹⁾
6 Braham Street	3-month GBP LIBOR + 0.90	%⁽¹⁰⁾	Apr. 10, 2011			—	⁽¹⁵⁾		19,515	⁽¹¹⁾
1201 Comstock Street⁽⁸⁾⁽⁹⁾	1-month LIBOR + 3.50	%⁽¹⁰⁾	Jun. 24, 2012	⁽¹⁴⁾		16,163			16,976
Datacenter Park—Dallas	5.00	%	Sep. 15, 2011			—	⁽¹⁵⁾		16,150
Paul van Vlissingenstraat 16	3-month EURIBOR + 1.60	%⁽¹⁰⁾	Jul. 18, 2013			13,319	⁽¹²⁾		13,978	⁽¹²⁾
Chemin de l'Epinglier 2	3-month EURIBOR + 1.50	%⁽¹⁰⁾	Jul. 18, 2013			9,636	⁽¹²⁾		10,113	⁽¹²⁾
800 Central Expressway⁽⁸⁾	1-month LIBOR + 4.75	%	Jun. 9, 2013			10,000			10,000
Gyroscoopweg 2E-2F	3-month EURIBOR + 1.50	%⁽¹⁰⁾	Oct. 18, 2013			8,480	⁽¹²⁾		8,900	⁽¹²⁾
1125 Energy Park Drive	7.62	%	Mar. 1, 2032			—	⁽¹⁵⁾		9,060
Manchester Technopark⁽¹³⁾	5.68	%	Oct. 16, 2014			8,453	⁽¹¹⁾		8,636	⁽¹¹⁾
731 East Trade Street	8.22	%	Jul. 1, 2020			4,806			5,080
Unamortized net premiums						2,077			1,101

Total mortgage loans, net of premiums						947,132			1,043,188

Other secured loan:
800 Central Expressway Mezzanine⁽⁸⁾	1-month LIBOR + 8.50	%	Jun. 9, 2013			10,500			10,500

Total other secured loan						10,500			10,500

Total indebtedness					$	2,940,210		$	2,806,954

(1)

The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin which is based on the credit rating of our long-term debt and is currently 125 basis points. An annual facility fee on the unused portion of the facility, based on the credit rating of our long-term debt and currently 25 basis points, is payable quarterly.

(2)	Balances as of December 31, 2011 are as follows (balances, in thousands):


Denomination of Draw	Balance as of December 31, 2011			Weighted-average interest rate
US ($)	$	194,000			1.54	%
British Sterling (£)		49,892	^(a)		1.99	%
Singapore Dollar (SGD)		28,151	^(a)		1.56	%
Australian Dollar (AUD)		3,063	^(a)		5.89	%

Total	$	275,106			1.67	%

(a)

Based on exchange rates of $1.55 to £1.00, $0.77 to 1.00 SGD and $1.02 to 1.00 AUD, respectively, as of December 31, 2011.

(3)

On November 3, 2011, the Operating Partnership replaced its corporate and Asia Pacific revolving credit facilities with an expanded global revolving credit facility. The interest rate for borrowings under our corporate revolving credit facility equaled, at our election, either (i) US LIBOR, EURIBOR and GBP LIBOR (ranging from 1- to 6-month maturities) plus a margin of between 1.10% and 2.00% or (ii) the greater of (x) the base rate announced by the lender and (y) 1/2 of 1% per annum above the federal funds rate, plus a margin of between 0.100%—1.000%. In each case, the margin was based on our total leverage ratio. We incurred a fee ranging from 0.125% to 0.20% for the unused portion of our corporate revolving credit facility. The interest rate for borrowings under our Asia Pacific revolving credit facility equaled SIBOR or BBR (ranging from 1- to 6-month maturities) plus a margin of between 1.20% and 1.75%. We incurred a fee ranging from 0.25% to 0.50% for the unused portion of our Asia Pacific revolving credit facility.

(4)	Balances as of December 31, 2010 are as follows (balances, in thousands):


Denomination of Draw	Balance as of December 31, 2010			Weighted-average interest rate
US ($)	$	312,500			1.40	%
Euro (€)		—			—
British Sterling (£)		21,034	^(a)		1.69	%

Total	$	333,534			1.42	%

(a)

Based on exchange rate of $1.56 to £1.00 as of December 31, 2010.

(5)	During the year ended December 31, 2011, we exchanged the remaining 2026 Debentures.

(6)

The holders of the debentures have the right to require the Operating Partnership to repurchase the debentures in cash in whole or in part for a price of 100% of the principal amount plus accrued and unpaid interest on each of April 15, 2014, April 15, 2019 and April 15, 2024. We have the right to redeem the debentures in cash for a price of 100% of the principal amount plus accrued and unpaid interest commencing on April 18, 2014.

(7)	This amount represents six mortgage loans secured by our interests in 36 NE 2nd Street, 3300 East Birch Street, 100 & 200 Quannapowitt Parkway, 300 Boulevard East, 4849 Alpha Road, and 11830 Webb Chapel Road. Each of these loans is cross-collateralized by the six properties.

(8)	The respective borrower's assets and credit are not available to satisfy the debts and other obligations of affiliates or any other person.

(9)	The Operating Partnership or its subsidiary provides a limited recourse guarantee with respect to this loan.

(10)	We have entered into interest rate swap or interest rate cap agreements as a cash flow hedge for interest generated by these US LIBOR, EURIBOR and GBP LIBOR based loans. See note 14 for further information.

(11)	Based on exchange rate of $1.55 to £1.00 as of December 31, 2011 and $1.56 to £1.00 as of December 31, 2010.

(12)	Based on exchange rate of $1.30 to €1.00 as of December 31, 2011 and $1.34 to €1.00 as of December 31, 2010.

(13)	These loans are also secured by a £7.8 million letter of credit. These loans are cross-collateralized by the two properties.

(14)	A one-year extension is available, which we may exercise if certain conditions are met.

(15)

These mortgage loans were repaid in full in 2011; 6 Braham Street (April 2011), 3 Corporate Place (May 2011), Datacenter Park—Dallas (June 2011) and 1125 Energy Park Drive (December 2011). Net loss from early extinguishment of debt related to prepayment costs on 3 Corporate Place amounted to $0.3 million for the year ended December 31, 2011.

(16)	These mortgage loans were repaid in full in January 2012.

Schedule Of Balances And Foreign Currency Translation Revolving Credit Facilities


Denomination of Draw	Balance as of December 31, 2011			Weighted-average interest rate
US ($)	$	194,000			1.54	%
British Sterling (£)		49,892	^(a)		1.99	%
Singapore Dollar (SGD)		28,151	^(a)		1.56	%
Australian Dollar (AUD)		3,063	^(a)		5.89	%

Total	$	275,106			1.67	%

(a)

Based on exchange rates of $1.55 to £1.00, $0.77 to 1.00 SGD and $1.02 to 1.00 AUD, respectively, as of December 31, 2011.


Denomination of Draw	Balance as of December 31, 2010			Weighted-average interest rate
US ($)	$	312,500			1.40	%
Euro (€)		—			—
British Sterling (£)		21,034	^(a)		1.69	%

Total	$	333,534			1.42	%

(a)

Based on exchange rate of $1.56 to £1.00 as of December 31, 2010.

Summary Of Senior Debentures Due 2026


	4.125% Exchangeable Senior Debentures due 2026
($ and shares in thousands, except exchange price)	December 31, 2011			December 31, 2010
Carrying amount of the equity component	$	—		$	9,406
Principal amount of the liability component	$	—		$	88,758
Unamortized discount of the liability component	$	—		$	1,456
Net carrying amount of the liability component	$	—		$	87,302
Effective interest rate on liability component		6.75	%		6.75	%
Non-cash interest cost recognized for the year ended	$	1,230		$	3,517
Coupon rate interest cost recognized for the year ended	$	1,450		$	5,815

Schedule Of Debt Maturities And Principal Payments


	Global Revolving Credit Facility ⁽¹⁾		Unsecured Senior Notes		Senior Notes			Exchangeable Senior Debentures			Mortgage Loans⁽²⁾		Other Secured Loan		Total Debt
2012	$	—	$	—	$	—		$	—		$	156,723	$	—	$	156,723
2013		—		33,000		—			—			201,135		10,500		244,635
2014		—		—		—			266,400	⁽³⁾		215,030		—		481,430
2015		275,106		67,000		375,000			—			75,226		—		792,332
2016		—		25,000		—			—			186,191		—		211,191
Thereafter		—		50,000		900,000			—			110,750		—		1,060,750

Subtotal	$	275,106	$	175,000	$	1,275,000		$	266,400		$	945,055	$	10,500	$	2,947,061
Unamortized discount		—		—		(8,928	)		—			—		—		(8,928	)
Unamortized premium		—		—		—			—			2,077		—		2,077

Total	$	275,106	$	175,000	$	1,266,072		$	266,400		$	947,132	$	10,500	$	2,940,210

(1)	Subject to a one-year extension option exercisable by us. The bank group is obligated to grant the extension option provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility.

(2)

Our mortgage loans are generally non-recourse to us, subject to carve outs for specified actions by us or specified undisclosed environmental liabilities. As of December 31, 2011, we had provided limited recourse guarantees with respect to approximately $55.0 million principal amount of the outstanding mortgage indebtedness, and partial letter of credit support with respect to approximately an additional $36.2 million of the outstanding mortgage indebtedness.

(3)	Assumes maturity of the 2029 Debentures at first redemption date in April 2014.