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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Instrument [Line Items]  
Schedule of Debt
The following table summarizes the carrying value of debt as of December 31, 2018 and 2017, and the debt activity for the year ended December 31, 2018 (in thousands):
 
 
 
 
 
Year Ended December 31, 2018
 
 
 
 
 
Balance as of December 31, 2017
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and Amortization
 
Balance as of December 31, 2018
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
$
2,071,038

 
$
187

 
$
(154,093
)

$
—

 
$
1,917,132

 
Net premiums (1)
 
24,652

 
—

 
(191
)
 
(8,384
)
 
16,077

 
Deferred costs
 
(12,998
)
 
(43
)
 
30

 
2,459

 
(10,552
)
Mortgages notes payable, net
 
2,082,692


144


(154,254
)

(5,925
)

1,922,657

Corporate bonds:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
2,850,000

 
550,000

 
—

 
—

 
3,400,000

 
Discount (2)
 
(1,232
)
 
(3,696
)
 
—

 
813

 
(4,115
)
 
Deferred costs
 
(27,274
)
 
(4,825
)
 
—

 
4,823

 
(27,276
)
Corporate bonds, net
 
2,821,494


541,479


—


5,636


3,368,609

Convertible debt:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
1,000,000

 
—

 
(597,500
)
 
—

 
402,500

 
Discount (2)
 
(7,782
)
 
—

 
—

 
3,873

 
(3,909
)
 
Deferred costs
 
(7,960
)
 
—

 
—

 
4,252

 
(3,708
)
Convertible debt, net
 
984,258


—


(597,500
)

8,125


394,883

 
 
 
 
 
 
 
 
 
 
 
 
Credit facility:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
185,000

 
1,934,000

 
(1,716,000
)
 
—

 
403,000

 
Deferred costs (3)
 
—

 
(1,236
)
 
—

 
9

 
(1,227
)
Credit facility, net
 
185,000


1,932,764


(1,716,000
)

9


401,773

 
 
 
 
 
 
 
 
 
 
 


Total debt
 
$
6,073,444


$
2,474,387


$
(2,467,754
)

$
7,845


$
6,087,922

____________________________________
(1)
Net premiums on mortgage notes payable were recorded upon the assumption of the respective mortgage notes 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 mortgage notes 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 Credit Facility Term Loan.
Mortgages [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Mortgage Notes Payable
The Company’s mortgage notes payable consisted of the following as of December 31, 2018 (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 (3)
Fixed-rate debt (4)
 
458

 
$
3,760,194

 
$
1,903,095

 
4.92
%
 
3.5
Variable-rate debt
 
1

 
33,384

 
14,037

 
5.72
%
(5) 
0.6
Total
 
459

 
$
3,793,578

 
$
1,917,132

 
4.93
%
 
3.4
____________________________________
(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 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 will increase as specified in the respective loan agreement until the extended maturity date.
(3)
Weighted average years remaining to maturity is computed using the anticipated repayment date as specified in each loan agreement, where applicable.
(4)
Includes $50.7 million of variable-rate debt fixed by way of interest rate swap arrangements.
(5)
Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of December 31, 2018.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to December 31, 2018 (in thousands):
 
 
Total
2019
 
$
167,279

2020
 
265,189

2021
 
352,768

2022
 
314,898

2023
 
144,843

Thereafter
 
672,155

Total
 
$
1,917,132
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Corporate Bonds
As of December 31, 2018, the OP had $3.40 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
 
 
Outstanding Balance December 31, 2018
 
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
2025 Senior Notes
 
550,000

 
4.625
%
 
November 1, 2025
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
 
$
3,400,000

 
4.129
%