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Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]  
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.
Mortgages [Member]  
Debt Instrument [Line Items]  
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 Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to December 31, 2017 (in thousands):
 
 
Total
2018 (1)
 
$
98,450

2019
 
222,789

2020
 
265,186

2021
 
352,770

2022
 
314,839

Thereafter
 
817,004

Total
 
$
2,071,038

___________________________________
(1)
Includes $16.2 million, excluding accrued interest, related to one mortgage note payable in default.
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
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
%
 
 
Convertible Debt [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
The following table presents 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 $7.8 million as of December 31, 2017. The discount will be amortized over the remaining weighted average term of 1.5 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, 2017, as adjusted in accordance with the applicable indentures as a result of cash dividend payments.