Senior Unsecured Notes and Secured Debt

3 Months Ended

Sep. 30, 2012

Senior Unsecured Notes and Secured Debt [Abstract]

10. Senior Unsecured Notes and Secured Debt

At September 30, 2012, the annual principal payments due on consolidated debt obligations were as follows (in thousands):

	Senior		Secured
	Unsecured Notes^(1,2)		Debt ^(1,3)		Totals
2012	$	0	$	9,914	$	9,914
2013		300,000		221,368		521,368
2014		0		201,848		201,848
2015⁽⁴⁾		504,143		221,295		725,438
2016		700,000		318,507		1,018,507
Thereafter		3,444,403		1,327,589		4,771,992
Totals	$	4,948,546	$	2,300,521	$	7,249,067


(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Annual interest rates range from 3.0% to 6.5%, excluding the Canadian denominated unsecured term loan discussed in footnote 4.
(3) Annual interest rates range from 1.2% to 8.0%. Carrying value of the properties securing the debt totaled $5,083,684,000 at September 30, 2012.
(4) On July 30, 2012, we completed funding on a $250,000,000 Canadian denominated unsecured term loan (approximately $254,143,000 USD at exchange rates on September 30, 2012). The loan is coterminous with the unsecured revolving credit facility and matures July 27, 2015 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 145 basis points (2.65% at September 30, 2012).

The following is a summary of our senior unsecured note activity during the periods presented, excluding the Canadian term loan (dollars in thousands):

	Nine Months Ended
	September 30, 2012			September 30, 2011
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate

Beginning balance	$	4,464,927	5.133%	$	3,064,930	5.129%
Debt issued		600,000	4.125%		1,400,000	5.143%
Debt extinguished		(76,853)	8.000%		-	0.000%
Debt redeemed		(293,671)	4.750%		-	0.000%
Ending balance	$	4,694,403	5.030%	$	4,464,930	5.133%

The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands):

	Nine Months Ended
		September 30, 2012		September 30, 2011
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,108,373	5.34%	$	1,133,715	5.59%
Debt issued		145,713	4.13%		60,470	5.77%
Debt assumed		311,653	5.71%		693,797	5.40%
Debt extinguished		(237,259)	4.29%		-	0.00%
Foreign currency		288	5.62%		-	0.00%
Principal payments		(28,247)	5.35%		(20,285)	5.83%
Ending balance	$	2,300,521	5.42%	$	1,867,697	5.52%

Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of September 30, 2012, we were in compliance with all of the covenants under our debt agreements.