| Schedule of Debt |
The following table summarizes the carrying value of debt as of December 31, 2017 and December 31, 2016, and the debt activity for the year ended December 31, 2017 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | | | | | | Balance as of December 31, 2016 | | Debt Issuances | | Repayments, Extinguishment and Assumptions | | Accretion and Amortization | | Balance as of December 31, 2017 | | Mortgage notes payable: | | | | | | | | | | | | | Outstanding balance | | $ | 2,629,949 |
| | $ | 4,652 |
| | $ | (563,563 | ) |
| $ | — |
| | $ | 2,071,038 |
| (1) | | Net premiums (2) | | 36,751 |
| | — |
| | (526 | ) | | (11,573 | ) | | 24,652 |
| | | Deferred costs | | (16,633 | ) | | (88 | ) | | 883 |
| | 2,840 |
| | (12,998 | ) | | Other debt: | | | | | | | | | |
|
| | | Outstanding balance | | 20,947 |
| | — |
| | (20,947 | ) | | — |
| | — |
| | | Premium (2) | | 92 |
| | — |
| | (17 | ) | | (75 | ) | | — |
| | Mortgages and other debt, net | | 2,671,106 |
|
| 4,564 |
|
| (584,170 | ) |
| (8,808 | ) |
| 2,082,692 |
| | Corporate bonds: | | | | | | | | | |
|
| | | Outstanding balance | | 2,250,000 |
| | 600,000 |
| | — |
| | — |
| | 2,850,000 |
| | | Discount (3) | | (1,937 | ) | | — |
| | — |
| | 705 |
| | (1,232 | ) | | | Deferred costs | | (21,839 | ) | | (9,485 | ) | | — |
| | 4,050 |
| | (27,274 | ) | | Corporate bonds, net | | 2,226,224 |
|
| 590,515 |
|
| — |
|
| 4,755 |
|
| 2,821,494 |
| | Convertible debt: | | | | | | | | | |
|
| | | Outstanding balance | | 1,000,000 |
| | — |
| | — |
| | — |
| | 1,000,000 |
| | | Discount (3) | | (12,894 | ) | | — |
| | — |
| | 5,112 |
| | (7,782 | ) | | | Deferred costs | | (13,766 | ) | | — |
| | — |
| | 5,806 |
| | (7,960 | ) | | Convertible debt, net | | 973,340 |
|
| — |
|
| — |
|
| 10,918 |
|
| 984,258 |
| | Credit facility: | | | | | | | | | |
|
| | | Outstanding balance | | 500,000 |
| | 329,000 |
| | (644,000 | ) | | — |
| | 185,000 |
| | | Deferred costs (4) | | (3,422 | ) | | — |
| | 2,030 |
| | 1,392 |
| | — |
| | Credit facility, net | | 496,578 |
|
| 329,000 |
|
| (641,970 | ) |
| 1,392 |
|
| 185,000 |
| | | | | | | | | | | | |
|
| | Total debt | | $ | 6,367,248 |
|
| $ | 924,079 |
|
| $ | (1,226,140 | ) |
| $ | 8,257 |
|
| $ | 6,073,444 |
| |
____________________________________ | | (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, which was repaid during the year ended December 31, 2017. |
|
| Schedule of Debt |
The Company’s mortgage notes payable consisted of the following as of December 31, 2017 (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | Encumbered Properties | | Gross Carrying Value of Collateralized Properties (1) | | Outstanding Balance | | Weighted-Average Interest Rate (6) | | Weighted-Average Years to Maturity (5) | Fixed-rate debt (3) | | 471 |
| | $ | 4,119,850 |
| | $ | 2,056,097 |
| | 4.92 | % | | 4.1 | Variable-rate debt | | 1 |
| | 32,886 |
| | 14,941 |
| | 4.75 | % | (2) | 0.6 | Total (4) | | 472 |
| | $ | 4,152,736 |
| | $ | 2,071,038 |
| | 4.92 | % | | 4.1 |
____________________________________ | | (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, 2017. |
| | (3) | Includes $78.9 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 has a secured fixed rate of 5.20% and a maturity of July 2021. |
| | (5) | Weighted average years remaining to maturity is computed using the anticipated repayment date as specified in each loan agreement, where applicable. |
| | (6) | 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. |
|
| Schedule of Debt |
As of December 31, 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 December 31, 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 | % | | |
|