XML 49 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Instrument [Line Items]  
Schedule of Debt The following table summarizes the carrying value of debt as of September 30, 2020 and December 31, 2019, and the debt activity for the nine months ended September 30, 2020 (in thousands):
Nine Months Ended September 30, 2020
Balance as of December 31, 2019Debt IssuancesRepayments, Extinguishment and AssumptionsAccretion and AmortizationBalance as of September 30, 2020
Mortgage note payable:
Outstanding balance
$1,529,057 $1,032 $(195,991)

$— $1,334,098 
Net premiums (1)
6,861 — (415)(3,915)2,531 
Deferred costs
(7,784)(326)65 1,590 (6,455)
Mortgage notes payable, net
1,528,134 706 (196,341)(2,325)1,330,174 
Corporate bonds:
Outstanding balance
2,850,000 600,000 — — 3,450,000 
Discount (2)
(10,419)(5,136)— 1,012 (14,543)
Deferred costs
(25,842)(5,908)— 2,682 (29,068)
Corporate bonds, net
2,813,739 588,956 — 3,694 3,406,389 
Convertible debt:
Outstanding balance
321,802 — (69,083)— 252,719 
Discount (2)
(1,855)— 156 1,368 (331)
Deferred costs
(1,764)— 148 1,305 (311)
Convertible debt, net
318,183 — (68,779)2,673 252,077 
Credit facility:
Outstanding balance
1,050,000 902,000 (1,052,000)— 900,000 
Deferred costs (3)
(4,331)(5)— 966 (3,370)
Credit facility, net
1,045,669 901,995 (1,052,000)966 896,630 
Total debt
$5,705,725 $1,491,657 $(1,317,120)$5,008 $5,885,270 
____________________________________
(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, as defined in the “Credit Facility” section below.
Mortgages [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Mortgage Notes Payable
The Company’s mortgage notes payable consisted of the following as of September 30, 2020 (dollar amounts in thousands):
Encumbered Properties
Net Carrying Value of Collateralized Properties (1)
Outstanding Balance
Weighted-Average
Interest Rate (2)
Weighted-Average Years to Maturity (3)
Fixed-rate debt
278 $1,745,907 $1,318,937 5.01 %2.3
Variable-rate debt
1 29,678 15,161 3.75 %
(4)
0.9
Total (5)
279 $1,775,585 $1,334,098 4.99 %2.3
____________________________________
(1)Net carrying value is real estate assets, including investment in direct financing leases, net of 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)Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of September 30, 2020.
(5)The table above does not include mortgage notes associated with unconsolidated joint ventures of $534.3 million, which are non-recourse to the Company.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to September 30, 2020 (in thousands):
Total
October 1, 2020 - December 31, 2020$859 
2021314,084 
2022266,951 
2023124,217 
2024621,021 
20251,078 
Thereafter
5,888 
Total
$1,334,098 
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Corporate Bonds
As of September 30, 2020, the OP had $3.45 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
Outstanding Balance September 30, 2020Interest RateMaturity Date
2024 Senior Notes$500,000 4.600 %February 6, 2024
2025 Senior Notes550,000 4.625 %November 1, 2025
2026 Senior Notes600,000 4.875 %June 1, 2026
2027 Senior Notes600,000 3.950 %August 15, 2027
2028 Senior Notes600,000 3.400 %January 15, 2028
2029 Senior Notes600,000 3.100 %December 15, 2029
Total balance and weighted-average interest rate
$3,450,000 4.069 %