Credit Facility	6 Months Ended
Jun. 30, 2015
Credit Facility
Debt instrument
Credit Facility	5.Credit Facility In June 2015, we entered into a new $2 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation. At June 30, 2015, credit facility origination costs of $12.8 million are included in other assets, net on our consolidated balance sheet. This balance consists of $10.2 million of new credit facility origination costs incurred during the second quarter of 2015 as a result of entering into our new credit facility and term loan, as well as $2.6 million of costs incurred as a result of entering into our previous credit facilities. These costs are being amortized over the remaining term of our new $2 billion credit facility. At June 30, 2015, we had a borrowing capacity of $1.57 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $430.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014. The weighted average interest rate on outstanding borrowings under our credit facilities was 1.3% during the first six months of 2015 and 1.2% during the first six months of 2014. At June 30, 2015, the effective interest rate was 1.2%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at June 30, 2015, we remain in compliance with these covenants.

Credit Facility

6 Months Ended

Jun. 30, 2015

5.Credit Facility

In June 2015, we entered into a new $2 billion unsecured revolving credit facility, or our new credit facility, which replaced our $1.5 billion credit facility that was scheduled to expire in May 2016. The initial term of our new credit facility expires in June 2019 and includes, at our option, two six-month extensions. Our new credit facility has a $1.0 billion accordion expansion option. Under our new credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 0.90% with a facility commitment fee of 0.15%, for all-in drawn pricing of 1.05% over LIBOR. The borrowing rate is subject to an interest rate floor. We also have other interest rate options available to us under our new credit facility. Our new credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.

At June 30, 2015, credit facility origination costs of $12.8 million are included in other assets, net on our consolidated balance sheet. This balance consists of $10.2 million of new credit facility origination costs incurred during the second quarter of 2015 as a result of entering into our new credit facility and term loan, as well as $2.6 million of costs incurred as a result of entering into our previous credit facilities. These costs are being amortized over the remaining term of our new $2 billion credit facility.

At June 30, 2015, we had a borrowing capacity of $1.57 billion available on our new credit facility (subject to customary conditions to borrowing) and an outstanding balance of $430.0 million, as compared to an outstanding balance of $223.0 million at December 31, 2014.

The weighted average interest rate on outstanding borrowings under our credit facilities was 1.3% during the first six months of 2015 and 1.2% during the first six months of 2014. At June 30, 2015, the effective interest rate was 1.2%. Our new and previous credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at June 30, 2015, we remain in compliance with these covenants.