Debt (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes the carrying value of debt as of December 31, 2015 and 2014, and the debt activity for the year ended December 31, 2015 (in thousands):



					Year Ended December 31, 2015
		Balance as of December 31, 2014			Debt Issuances, Net ⁽¹⁾			Repayments, Extinguishment and Assumptions			Accretion and (Amortization)			Balance as of December 31, 2015
Mortgage notes payable:
	Outstanding balance	$	3,689,796		$	1,445		$	(651,359	)	$	—		$	3,039,882
	Net premiums ⁽²⁾	70,139			—			13,646			(24,383		)	59,402
	Deferred costs	(31,839		)	(193		)	5,956			5,056			(21,020		)
Other debt:
	Outstanding balance	45,325			—			(11,862		)	—			33,463
	Premium ⁽²⁾	501			—			—			(243		)	258
Mortgages and other debt, net		3,773,922			1,252			(643,619		)	(19,570		)	3,111,985
Corporate bonds:
	Outstanding balance	2,550,000			—			—			—			2,550,000
	Discount ⁽³⁾	(3,501		)	—			—			756			(2,745		)
	Deferred costs	(15,418		)	(128		)	—			4,624			(10,922		)
Corporate bonds, net		2,531,081			(128		)	—			5,380			2,536,333
Convertible debt:
	Outstanding balance	1,000,000			—			—			—			1,000,000
	Discount ⁽³⁾	(22,479		)	—			—			4,700			(17,779		)
	Deferred costs	(24,665		)	—			—			5,338			(19,327		)
Convertible debt, net		952,856			—			—			10,038			962,894
Credit facility:
	Outstanding balance	3,184,000			60,000			(1,784,000		)	—			1,460,000
	Deferred costs ⁽⁴⁾	(16,081		)	(55		)	—			4,726			(11,410		)
Credit facility, net		3,167,919			59,945			(1,784,000		)	4,726			1,448,590

Total debt		$	10,425,778		$	61,069		$	(2,427,619	)	$	574		$	8,059,802

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(1)	“Debt Issuances, Net” includes the incurrence and reclassification of certain costs associated with deferred financing costs.


(2)	Net premiums on mortgage 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.


(3)	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.


(4)	Deferred costs relate to the term portion of the credit facility, as discussed in Note 2 – Summary of Significant Accounting Policies.

Mortgage Notes Payable [Member]

Debt Instrument [Line Items]

Schedule of Debt

The Company’s mortgage notes payable consisted of the following as of December 31, 2015 (dollar amounts in thousands):



	Encumbered Properties	Gross Carrying Value of Collateralized Properties ⁽¹⁾		Outstanding Balance		Weighted-Average Interest Rate ⁽²⁾		Weighted-Average Years to Maturity
Fixed-rate debt ⁽³⁾	653	$	5,991,403	$	3,031,644	5.08	%	5.1
Variable-rate debt	1	24,651		8,238		3.19	%	0.7
Total ⁽⁴⁾	654	$	6,016,054	$	3,039,882	5.08	%	5.1

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(1)	Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities.


(2)	Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of December 31, 2015.


(3)	Includes $248.1 million of variable-rate debt fixed by way of interest rate swap arrangements.

(4)

The table above does not include loan amounts associated with the Unconsolidated Joint Ventures of $103.3 million, none of which is recourse to the Company. These loans represent secured fixed and variable rates ranging from 2.24% to 5.20% and maturities ranging from April 2016 to July 2021, with a weighted-average interest rate of 2.95% and a weighted-average years to maturity of 1.9 years as of December 31, 2015.

Schedule of Aggregate Principal Payments of Mortgages

The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to December 31, 2015 (in thousands):



	Total
2016 ⁽¹⁾	$	216,006
2017	412,515
2018	210,993
2019	286,426
2020	284,161
Thereafter	1,629,781
Total	$	3,039,882

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(1)	Includes $38.1 million of mortgage notes in connection with the default from the lender of a non-recourse loan discussed above.

Other Debt [Member]

Debt Instrument [Line Items]

Schedule of Debt

The following table is a summary of the outstanding balance and carrying value of the collateral by asset type as of December 31, 2015 (in thousands):



	Outstanding Balance		Collateral Carrying Value
Loans held for investment	$	9,245	$	20,190
Intercompany mortgage loans	2,586		7,356
CMBS	21,632		39,148
	$	33,463	$	66,694

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	%

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