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Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Instrument [Line Items]  
Schedule of Debt
The following table summarizes the carrying value of debt as of September 30, 2017 and December 31, 2016, and the debt activity for the nine months ended September 30, 2017 (in thousands):
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
Balance as of December 31, 2016
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and Amortization
 
Balance as of September 30, 2017
 
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
$
2,629,949

 
$
4,283

 
$
(545,307
)

$
—

 
$
2,088,925

(1) 
 
Net premiums (2)
 
36,751

 
—

 
(528
)
 
(9,422
)
 
26,801

 
 
Deferred costs
 
(16,633
)
 
—

 
576

 
2,229

 
(13,828
)
 
Other debt:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
20,947

 
—

 
(7,233
)
 
—

 
13,714

 
 
Premium (2)
 
92

 
—

 
—

 
(71
)
 
21

 
Mortgages and other debt, net
 
2,671,106


4,283


(552,492
)

(7,264
)

2,115,633

 
Corporate bonds:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
2,250,000

 
600,000

 
—

 
—

 
2,850,000

 
 
Discount (3)
 
(1,937
)
 
—

 
—

 
528

 
(1,409
)
 
 
Deferred costs
 
(21,839
)
 
(9,497
)
 
—

 
2,909

 
(28,427
)
 
Corporate bonds, net
 
2,226,224


590,503


—


3,437


2,820,164

 
Convertible debt:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
1,000,000

 
—

 
—

 
—

 
1,000,000

 
 
Discount (3)
 
(12,894
)
 
—

 
—

 
3,816

 
(9,078
)
 
 
Deferred costs
 
(13,766
)
 
—

 
—

 
4,334

 
(9,432
)
 
Convertible debt, net
 
973,340


—


—


8,150


981,490

 
Credit facility:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
500,000

 
—

 
(500,000
)
 
—

 
—

 
 
Deferred costs (4)
 
(3,422
)
 
—

 
2,030

 
1,392

 
—

 
Credit facility, net
 
496,578


—


(497,970
)

1,392


—

 
 
 
 
 
 
 
 
 
 
 
 


 
Total debt
 
$
6,367,248


$
594,786


$
(1,050,462
)

$
5,715


$
5,917,287

 
____________________________________
(1)
Includes $16.2 million related to one mortgage note payable in default.
(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.
Mortgage Notes Payable [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The Company’s mortgage notes payable consisted of the following as of September 30, 2017 (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)
 
501

 
$
4,146,793

 
$
2,073,481

 
4.91
%
 
4.5
Variable-rate debt
 
1

 
32,938

 
15,444

 
4.49
%
 
0.1
Total (4)
 
502

 
$
4,179,731

 
$
2,088,925

 
4.91
%
 
4.4
____________________________________
(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 September 30, 2017.
(3)
Includes $79.2 million of variable-rate debt fixed by way of interest rate swap arrangements. 
(4)
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. The loan represents a secured fixed rate of 5.20% and a maturity of 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, 2017 (in thousands):
 
 
Total
October 1, 2017 - December 31, 2017 (1)
 
$
33,981

2018
 
67,603

2019
 
223,171

2020
 
265,582

2021
 
353,274

Thereafter
 
1,145,314

Total
 
$
2,088,925

___________________________________
(1)
Includes $16.2 million, excluding accrued interest, related to one mortgage note payable in default.
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 September 30, 2017 (in thousands):
 
 
Outstanding Balance
 
Collateral Carrying Value
Mortgage notes receivable
 
$
4,945

 
$
18,400

CMBS
 
8,769

 
30,204

Total
 
$
13,714


$
48,604
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
As of September 30, 2017, the OP had $2.85 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
 
 
Outstanding Balance September 30, 2017
 
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
2027 Senior Notes
 
600,000

—

3.950
%
—

August 15, 2027
Total balance and weighted-average interest rate
 
$
2,850,000

 
4.033
%
 
 
Convertible Debt [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The following table presents each of the Company’s $597.5 million aggregate principal amount of convertible senior notes due 2018 (the “2018 Convertible Notes”) and $402.5 million aggregate principal amount of convertible senior notes due 2020 (the “2020 Convertible Notes” and, together with the 2018 Convertible Notes, the “Convertible Notes”) with their respective terms (dollar amounts in thousands). The OP has issued corresponding identical convertible notes to the General Partner.
 
 
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 $9.1 million as of September 30, 2017. The discount will be amortized over the remaining weighted average term of 1.8 years.
(2)
Conversion rate represents the amount of the General Partner OP Units per $1,000 principal amount of Convertible Notes converted as of September 30, 2017, as adjusted in accordance with the applicable indentures as a result of cash dividend payments.