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Debt (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Instrument [Line Items]  
Schedule of Debt
The following table summarizes the carrying value of debt as of December 31, 2016 and December 31, 2015, and the debt activity for the year ended December 31, 2016 (in thousands):
 
 
 
 
 
Year Ended December 31, 2016
 
 
 
 
 
Balance as of December 31, 2015
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and Amortization
 
Balance as of December 31, 2016
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
$
3,039,882

 
$
3,112

 
$
(413,045
)

$
—

 
$
2,629,949

 
Net premiums (1)
 
59,402

 
—

 
(2,313
)
 
(20,338
)
 
36,751

 
Deferred costs
 
(21,020
)
 
(27
)
 
522

 
3,892

 
(16,633
)
Other debt:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
33,463

 
—

 
(12,516
)
 
—

 
20,947

 
Premium (1)
 
258

 
—

 
—

 
(166
)
 
92

Mortgages and other debt, net
 
3,111,985


3,085


(427,352
)

(16,612
)

2,671,106

Corporate bonds:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
2,550,000

 
1,000,000

 
(1,300,000
)
 
—

 
2,250,000

 
Discount (2)
 
(2,745
)
 
—

 
73

 
735

 
(1,937
)
 
Deferred costs
 
(10,922
)
 
(17,137
)
 
1,898

 
4,322

 
(21,839
)
Corporate bonds, net
 
2,536,333


982,863


(1,298,029
)

5,057


2,226,224

Convertible debt:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
1,000,000

 
—

 
—

 
—

 
1,000,000

 
Discount (2)
 
(17,779
)
 
—

 
—

 
4,885

 
(12,894
)
 
Deferred costs
 
(19,327
)
 
—

 
—

 
5,561

 
(13,766
)
Convertible debt, net
 
962,894


—


—


10,446


973,340

Credit facility:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
1,460,000

 
1,033,000

 
(1,993,000
)
 
—

 
500,000

 
Deferred costs (3)
 
(11,410
)
 
—

 
4,313

 
3,675

 
(3,422
)
Credit facility, net
 
1,448,590


1,033,000


(1,988,687
)

3,675


496,578

2016 Term Loan:
 
 
 
 
 
 
 
Outstanding balance
 
—

 
300,000

 
(300,000
)
 
—

 
—

 
Deferred costs
 
—

 
(2,764
)
 
2,588

 
176

 
—

2016 Term Loan, net
 
—

 
297,236


(297,412
)

176

 
—

 
 
 
 
 
 
 
 
 
 
 


Total debt
 
$
8,059,802


$
2,316,184


$
(4,011,480
)

$
2,742


$
6,367,248

____________________________________
(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 December 31, 2016 (dollar amounts in thousands):
 
 
Encumbered Properties
 
Gross Carrying Value of Collateralized Properties (2)
 
Outstanding Balance
 
Weighted-Average
Interest Rate (3) (4)
 
Weighted-Average Years to Maturity (4)
Fixed-rate debt (1)
 
618

 
$
5,083,978

 
$
2,618,652

 
4.95
%
 
4.6
Variable-rate debt
 
1

 
30,273

 
11,297

 
3.79
%
 
0.6
Total (5)
 
619

 
$
5,114,251

 
$
2,629,949

 
4.95
%
 
4.6
____________________________________
(1)
Includes $242.2 million of variable-rate debt fixed by way of interest rate swap arrangements. 
(2)
Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities.
(3)
Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of December 31, 2016.
(4)
Weighted average years remaining to maturity is computed using the anticipated repayment date as specified in each loan agreement, where applicable. Weighted average interest rate is computed using the interest rate in effect until the anticipated repayment date. Should the loan not be repaid at the anticipated repayment date, the applicable interest rate shall increase as specified in the respective loan agreement until the extended maturity date.
(5)
The table above does not include the loan amount associated with an unconsolidated joint venture of $20.4 million, none of which is recourse to the Company. This loan has a secured fixed rate of 5.20% and a maturity date of July 2021, with weighted-average years to maturity of 4.5 years as of December 31, 2016.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to December 31, 2016 (in thousands):
 
 
Total
2017
 
$
287,094

2018
 
209,259

2019
 
229,547

2020
 
282,223

2021
 
383,110

Thereafter
 
1,238,716

Total
 
$
2,629,949
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, 2016 (in thousands):
 
 
Outstanding Balance
 
Collateral Carrying Value
Mortgage notes receivable
 
$
6,791

 
$
19,204

Intercompany mortgage loans
 
1,046

 
2,648

CMBS
 
13,110

 
34,114

Total
 
$
20,947


$
55,966
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
As of December 31, 2016, the OP had $2.25 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
 
 
Outstanding Balance December 31, 2016
 
Interest Rate
 
Maturity Date
2019 Senior Notes
 
750,000

 
3.000
%
 
February 6, 2019
2021 Senior Notes
 
400,000

 
4.125
%
 
June 1, 2021
2024 Senior Notes
 
500,000

 
4.600
%
 
February 6, 2024
2026 Senior Notes
 
600,000

 
4.875
%
 
June 1, 2026
Total balance and weighted-average interest rate
 
$
2,250,000

 
4.056
%
 
 
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
%
 
 
 
 
____________________________________
(1)
Excludes the carrying value of the conversion options recorded within additional paid-in capital of $28.6 million and the unamortized discount of $12.9 million as of December 31, 2016. The discount will be amortized over the remaining term of 2.5 years.
(2)
Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount of Convertible Notes converted as of December 31, 2016, as adjusted in accordance with the applicable indentures as a result of cash dividend payments.