Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2013

The following is a summary of our senior notes payable and other debt as of December 31, 2013 and 2012:



	2013			2012
	(In thousands)
Unsecured revolving credit facilities	$	376,343		$	540,727
6.25% Senior Notes due 2013	—			269,850
Unsecured term loan due 2015 (1)	—			130,336
3.125% Senior Notes due 2015	400,000			400,000
6% Senior Notes due 2015	234,420			234,420
1.55% Senior Notes due 2016	550,000			—
Unsecured term loan due 2017 (1)	—			375,000
Unsecured term loan due 2018	—			180,000
2.00% Senior Notes due 2018	700,000			700,000
Unsecured term loan due 2018 (2)	200,000			—
Unsecured term loan due 2019 (2)	800,702			—
4.00% Senior Notes due 2019	600,000			600,000
2.700% Senior Notes due 2020	500,000			—
4.750% Senior Notes due 2021	700,000			700,000
4.25% Senior Notes due 2022	600,000			600,000
3.25% Senior Notes due 2022	500,000			500,000
6.90% Senior Notes due 2037	52,400			52,400
6.59% Senior Notes due 2038	22,973			22,973
5.45% Senior Notes due 2043	258,750			—
5.70% Senior Notes due 2043	300,000			—
Mortgage loans and other (3) (4)	2,524,889			2,880,609
Total	9,320,477			8,186,315
Capital lease obligations	—			142,412
Unamortized fair value adjustment	69,611			111,623
Unamortized discounts	(25,096		)	(26,704		)
Senior notes payable and other debt	$	9,364,992		$	8,413,646

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(1)	These amounts represent in aggregate the approximate $500.0 million of borrowings outstanding under our previous unsecured term loan facility. Certain amounts included in the 2015 tranche were in the form of Canadian dollar borrowings.


(2)	These amounts represent in aggregate the approximate $1.0 billion of unsecured term loan borrowings under our new unsecured credit facility. Certain amounts included in the 2019 tranche are in the form of Canadian dollar borrowings.


(3)	Excludes debt related to real estate assets classified as held for sale as of December 31, 2013 and 2012, respectively. The total mortgage debt for these properties as of December 31, 2013 and 2012 was $13.1 million and $23.2 million, respectively, and is included in accounts payable and other liabilities on our Consolidated Balance Sheets.


(4)	Subsequent to December 31, 2013, we repaid in full approximately $42.7 million of the mortgage loans outstanding as of December 31, 2013.

As of December 31, 2013, our indebtedness had the following maturities:



	Principal Amount Due at Maturity		Unsecured Credit Facility(1)		Scheduled Periodic Amortization		Total Maturities
	(In thousands)
2014	$	95,657	$	—	$	45,952	$	141,609
2015	929,941		—		40,730		970,671
2016	960,917		—		33,708		994,625
2017 (2)	540,072		—		21,964		562,036
2018	1,082,496		376,343		15,446		1,474,285
Thereafter (3)	5,030,288		—		146,963		5,177,251
Total maturities	$	8,639,371	$	376,343	$	304,763	$	9,320,477


(1)	At December 31, 2013, we had $94.8 million of unrestricted cash and cash equivalents, for $281.5 million of net borrowings outstanding under our unsecured revolving credit facility.


(2)	Excludes $13.1 million of mortgage debt related to a real estate asset classified as held for sale as of December 31, 2013 that is scheduled to mature in 2017.


(3)	Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.