Senior Unsecured Notes and Secured Debt

3 Months Ended

Mar. 31, 2013

Senior Unsecured Notes and Secured Debt [Abstract]

10. Senior Unsecured Notes and Secured Debt

We may repurchase, redeem or refinance convertible and non-convertible senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The non-convertible senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At March 31, 2013, the annual principal payments due on these debt obligations were as follows (in thousands):

	Senior		Secured
	Unsecured Notes^(1,2)		Debt ^(1,3)		Totals
2013	$	300,000	$	100,367	$	400,367
2014		0		278,237		278,237
2015⁽⁴⁾		495,724		224,607		720,331
2016		1,200,000		328,865		1,528,865
2017		450,000		320,537		770,537
Thereafter		4,194,403		1,172,420		5,366,823
Totals	$	6,640,127	$	2,425,033	$	9,065,160


(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 and the $500,000,000 unsecured term loan discussed below.
(3) Annual interest rates range from 0.4% to 8.0%. Carrying value of the properties securing the debt totaled $4,157,430,000 at March 31, 2013.
(4) On July 30, 2012, we completed funding on a $250,000,000 Canadian denominated unsecured term loan (approximately $245,724,000 USD at exchange rates on March 31, 2013). The loan 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 March 31, 2013).

During the three months ended March 31, 2013, we borrowed on a $500,000,000 unsecured term loan entered into as part of our unsecured line of credit arrangement. The loan matures on March 31, 2016, but can be extended up to two years at our option and bears interest at LIBOR plus 1.35% (1.38% at March 31, 2013).

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

	Three Months Ended
	March 31, 2013			March 31, 2012
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	5,894,403	4.675%	$	4,464,927	5.133%
Debt issued		500,000	1.552%		-	0.000%
Debt redeemed		-	0.000%		(22)	4.750%
Ending balance	$	6,394,403	4.431%	$	4,464,905	5.133%

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

	Three Months Ended
		March 31, 2013		March 31, 2012
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,311,586	5.14%	$	2,108,384	5.29%
Debt issued		-	0.00%		111,000	4.18%
Debt assumed		132,680	5.49%		158,290	5.86%
Debt extinguished		(7,807)	7.43%		(33,092)	4.30%
Foreign currency		6	5.62%		-	0.00%
Principal payments		(11,432)	5.44%		(8,500)	5.49%
Ending balance	$	2,425,033	5.17%	$	2,336,082	5.04%

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 March 31, 2013, we were in compliance with all of the covenants under our debt agreements.