XML 58 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Summary of Senior Notes Issuances
The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2018 (dollars in thousands):
Date
 
Amount
 
Coupon Rate
 
Maturity Date
July 16, 2018(1)
 
$
700,000

 
5.375
%
 
2021
November 8, 2018
 
$
450,000

 
3.750
%
 
2019

_______________________________________
(1)
The Company recorded a $44 million loss on debt extinguishment related to the repurchase of senior notes.
The following table summarizes the Company’s senior unsecured notes issuances during the nine months ended September 30, 2019 (dollars in thousands):
Date
 
Amount
 
Coupon Rate
 
Maturity Date
July 5, 2019
 
$
650,000

 
3.250
%
 
2026
July 5, 2019
 
$
650,000

 
3.500
%
 
2029
The following table summarizes the Company’s senior unsecured notes payoffs during the nine months ended September 30, 2019 (dollars in thousands):
Date
 
Amount
 
Coupon Rate
 
Maturity Date
July 22, 2019 (1)
 
$
800,000

 
2.625
%
 
2020
July 8, 2019 (1)
 
$
250,000

 
4.000
%
 
2022
July 8, 2019 (1)
 
$
250,000

 
4.250
%
 
2023
_______________________________________
(1)
Upon completing the redemption of the 2.625% senior unsecured notes due February 2020 and repurchasing a portion of the 4.250% senior unsecured notes due 2023 and the 4.000% senior unsecured notes due 2022, the Company recognized a $35 million loss on debt extinguishment.
Summary of Debt Maturities and Schedule Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2019 (in thousands):
Year
 
Bank Line of
Credit(1)
 
Term Loan
 
Senior
Unsecured
Notes(2)
 
Mortgage
Debt(3)
 
Total(4)
2019 (three months)
 
$
—

 
$
—

 
$
—

 
$
1,001

 
$
1,001

2020
 
—

 
—

 
—

 
4,132

 
4,132

2021
 
—

 
—

 
—

 
11,821

 
11,821

2022
 
—

 
—

 
650,000

 
3,886

 
653,886

2023
 
737,793

 
—

 
550,000

 
4,069

 
1,291,862

Thereafter
 
—

 
250,000

 
4,100,000

 
237,175

 
4,587,175

 
 
737,793

 
250,000

 
5,300,000

 
262,084

 
6,549,877

(Discounts), premium and debt costs, net
 
—

 
(1,118
)
 
(46,361
)
 
12,965

 
(34,514
)
 
 
737,793

 
248,882

 
5,253,639

 
275,049

 
6,515,363

Debt on assets held for sale(5)
 
—

 
—

 
—

 
32,594

 
32,594

 
 
$
737,793

 
$
248,882

 
$
5,253,639

 
$
307,643

 
$
6,547,957

_______________________________________
(1)
Includes £55 million translated into USD.
(2)
Effective interest rates on the senior notes ranged from 3.37% to 6.87% with a weighted average effective interest rate of 4.07% and a weighted average maturity of seven years.
(3)
Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt ranged from 2.58% to 5.91% with a weighted average effective interest rate of 4.13% and a weighted average maturity of 13 years.
(4)
Excludes $85 million of other debt that have no scheduled maturities.
(5)
Represents mortgage debt on assets held for sale with interest rates that ranged from 3.45% to 6.80% and mature between 2026 and 2044.