Debt (Tables)

3 Months Ended

Mar. 31, 2016

The following table summarizes the carrying value of debt as of March 31, 2016 and December 31, 2015, and the debt activity for the three months ended March 31, 2016 (in thousands):



					Three Months Ended March 31, 2016
		Balance as of December 31, 2015			Debt Issuances		Repayments, Extinguishment and Assumptions			Accretion and (Amortization)			Balance as of March 31, 2016
Mortgage notes payable:
	Outstanding balance	$	3,039,882		$	206	$	(72,785	)	$	—		$	2,967,303
	Net premiums ⁽¹⁾	59,402			—		(1,096		)	(5,777		)	52,529
	Deferred costs	(21,020		)	—		329			1,017			(19,674		)
Other debt:
	Outstanding balance	33,463			—		(4,163		)	—			29,300
	Premium ⁽¹⁾	258			—		—			(50		)	208
Mortgages and other debt, net		3,111,985			206		(77,715		)	(4,810		)	3,029,666
Corporate bonds:
	Outstanding balance	2,550,000			—		—			—			2,550,000
	Discount ⁽²⁾	(2,745		)	—		—			197			(2,548		)
	Deferred costs	(10,922		)	—		—			1,169			(9,753		)
Corporate bonds, net		2,536,333			—		—			1,366			2,537,699
Convertible debt:
	Outstanding balance	1,000,000			—		—			—			1,000,000
	Discount ⁽²⁾	(17,779		)	—		—			1,201			(16,578		)
	Deferred costs	(19,327		)	—		—			1,374			(17,953		)
Convertible debt, net		962,894			—		—			2,575			965,469
Credit facility:
	Outstanding balance	1,460,000			203,000		(383,000		)	—			1,280,000
	Deferred costs ⁽³⁾	(11,410		)	—		—			1,141			(10,269		)
Credit facility, net		1,448,590			203,000		(383,000		)	1,141			1,269,731

Total debt		$	8,059,802		$	203,206	$	(460,715	)	$	272		$	7,802,565

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(1)	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.


(2)	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.


(3)	Deferred costs relate to the term portion of the credit facility

Mortgage Notes Payable [Member]

Debt Instrument [Line Items]

Schedule of Debt

The Company’s mortgage notes payable consisted of the following as of March 31, 2016 (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⁾	651	$	5,533,845	$	2,958,859	5.10	%	4.9
Variable-rate debt	1	24,797		8,444		3.39	%	0.4
Total ⁽⁴⁾	652	$	5,558,642	$	2,967,303	5.09	%	4.9

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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 March 31, 2016.


(3)	Includes $247.9 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 $46.3 million, none of which is recourse to the Company. These loans represent secured fixed and variable rates ranging from 2.84% to 5.20% and maturities ranging from October 2016 to July 2021, with a weighted-average interest rate of 3.88% and a weighted-average years to maturity of 2.6 years as of March 31, 2016.

Schedule of Aggregate Principal Payments of Mortgages

The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to March 31, 2016 (in thousands):



	Total
April 1, 2016 - December 31, 2016 ⁽¹⁾	$	198,991
2017	412,546
2018	211,026
2019	231,461
2020	284,197
Thereafter	1,629,082
Total	$	2,967,303

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(1)	Includes $38.1 million of mortgage notes in connection with the default 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 March 31, 2016 (in thousands):



	Outstanding Balance		Collateral Carrying Value
Mortgage notes receivable	$	8,095	$	19,950
Intercompany mortgage loans	2,264		5,462
CMBS	18,941		35,921
	$	29,300	$	61,333

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 ⁽¹⁾		Interest Rate		Conversion Rate ⁽²⁾	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)	Excludes the carrying value of the conversion options recorded within additional paid-in capital of $28.6 million and the unamortized discount of $16.6 million as of March 31, 2016. The discount will be amortized over the remaining term of 3.3 years.


(2)	Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount of Convertible Notes converted as of March 31, 2016, as adjusted in accordance with the applicable indentures as a result of cash dividend payments.