XML 25 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
Debt (Tables)
 9 Months Ended
Sep. 30, 2015
Debt Instrument [Line Items]  
Schedule of Debt
The following table summarizes the carrying value of debt as of September 30, 2015 and December 31, 2014, and the debt activity for the nine months ended September 30, 2015 (in thousands):
 
 
 
 
 
Nine Months Ended September 30, 2015
 
 
 
 
 
Balance as of December 31, 2014
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and (Amortization)
 
Balance as of September 30, 2015
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance (1)
 
$
3,689,796

 
$
1,379

 
$
(457,900
)
 
$
—

 
$
3,233,275

 
Net premiums (2)(3)
 
70,139

 
—

 
8,020

 
(17,977
)
 
60,182

Other debt:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
45,325

 
—

 
(10,188
)
 
—

 
35,137

 
Premium (3)
 
501

 
—

 
—

 
(189
)
 
312

Mortgages and other debt, net
 
3,805,761

 
1,379

 
(460,068
)
 
(18,166
)
 
3,328,906

 
 
 
 
 
 
 
 
 
 
 
Corporate bonds:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
2,550,000

 
—

 
—

 
—

 
2,550,000

 
Discount (4)
 
(3,501
)
 
—

 
—

 
560

 
(2,941
)
Corporate bonds, net
 
2,546,499

 
—

 
—

 
560

 
2,547,059

 
 
 
 
 
 
 
 
 
 
 
Convertible debt:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
1,000,000

 
—

 
—

 
—

 
1,000,000

 
Discount (4)
 
(22,479
)
 
—

 
—

 
3,510

 
(18,969
)
Convertible debt, net
 
977,521

 
—

 
—

 
3,510

 
981,031

 
 
 
 
 
 
 
 
 
 
 
 
Credit facility:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
3,184,000

 
—

 
(1,074,000
)
 
—

 
2,110,000

 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
$
10,513,781

 
$
1,379

 
$
(1,534,068
)
 
$
(14,096
)
 
$
8,966,996

____________________________________
(1)
Includes $124.3 million of mortgage notes secured by properties held for sale as of September 30, 2015.
(2)
Includes $5.8 million discount of mortgage notes associated with properties held for sale as of September 30, 2015.
(3)
Net premiums on mortgages notes payable and other debt were recorded upon the assumption of the respective debt instruments in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
(4)
Discounts on the corporate bonds and convertible debt were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
Mortgage Notes Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The Company’s mortgage notes payable consist of the following as of September 30, 2015 (dollar amounts in thousands):
 
 
Encumbered Properties
 
Gross Carrying Value of Collateralized Properties (1)
 
Outstanding Balance (2)
 
Weighted-Average
Interest Rate (3)
 
Weighted-Average Years to Maturity
Fixed-rate debt (4)
 
677

 
$
6,250,140

 
$
3,225,103

 
5.03
%
 
5.4
Variable-rate debt
 
1

 
24,628

 
8,172

 
3.15
%
 
0.9
Total (5)
 
678

 
$
6,274,768

 
$
3,233,275

 
5.02
%
 
5.3
____________________________________
(1)
Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities.
(2)
Includes $124.3 million of mortgage notes secured by properties held for sale.
(3)
Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of September 30, 2015.
(4)
Includes $284.8 million of variable-rate debt fixed by way of interest rate swap arrangements. 
(5)
The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $103.4 million, none of which is recourse to the Company. These loans mature on various dates ranging from October 2015 to July 2021.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to September 30, 2015 (in thousands):
 
 
Total
October 1, 2015 - December 31, 2015
 
$
3,738

2016
 
243,978

2017
 
449,073

2018
 
210,948

2019
 
286,379

Thereafter
 
2,039,159

Total (1)
 
$
3,233,275

____________________________________
(1)
Includes $124.3 million of mortgage notes included in liabilities held for sale.
Other Debt [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The following table is a summary of the amount outstanding and carrying value of the collateral by asset type as of September 30, 2015 (in thousands):
 
 
Outstanding Balance
 
Collateral Carrying Value
Loans held for investment
 
$
9,708

 
$
20,428

Intercompany mortgage loans
 
2,715

 
8,013

CMBS
 
22,714

 
39,862

 
 
$
35,137


$
68,303
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The following table presents the three senior notes with their respective terms (dollar amounts in thousands):
 
 
Outstanding Balance
 
Interest Rate
 
Maturity Date
2017 Senior Notes
 
$
1,300,000

 
2.0
%
 
February 6, 2017
2019 Senior Notes
 
750,000

 
3.0
%
 
February 6, 2019
2024 Senior Notes
 
500,000

 
4.6
%
 
February 6, 2024
Total balance and weighted-average interest rate
 
$
2,550,000

 
2.8
%
 
Convertible Debt [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The following table presents each of the 2018 Convertible Notes and the 2020 Convertible Notes listed below with their respective terms (dollar amounts in thousands):
 
 
Outstanding Balance
 
Interest Rate
 
Conversion Rate (1)
 
Maturity Date
2018 Convertible Notes
 
$
597,500

 
3.00
%
 
60.5997
 
August 1, 2018
2020 Convertible Notes
 
402,500

 
3.75
%
 
66.7249
 
December 15, 2020
Total balance and weighted-average interest rate
 
$
1,000,000

 
3.30
%
 
 
 
 
____________________________________
(1)
Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount.