Senior Unsecured Notes and Secured Debt

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, the annual principal payments due on these debt obligations were as follows (in thousands):


	Senior		Secured
	Unsecured Notes^(1,2)		Debt ^(1,3)		Totals
2015⁽⁴⁾	$	56,975	$	227,775	$	284,750
2016		400,000		486,908		886,908
2017		450,000		400,621		850,621
2018		450,000		557,849		1,007,849
2019^(5,6)		1,300,417		373,126		1,673,543
Thereafter^(7,8)		5,452,070		987,592		6,439,662
Totals	$	8,109,462	$	3,033,871	$	11,143,333

(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 1.162% to 6.5%.
(3) Annual interest rates range from 1.0% to 7.98%. Carrying value of the properties securing the debt totaled $5,405,240,000 at June 30, 2015.
(4) Senior unsecured notes amount represents our 3.00% Convertible Senior Notes due 2029. On July 17, 2015, we announced that we will redeem all outstanding notes ($22,415,000, which amount does not include notes surrendered for conversion prior to July 17, 2015) on August 17, 2015.

(5) On July 25, 2014, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,417,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2015). The loan matures on October 31, 2018 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 97.5 basis points (2.0% at June 30, 2015).
(6) On July 25, 2014, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on October 31, 2018 (with an option to extend for one additional year at our discretion) and bears interest at LIBOR plus 97.5 basis points (1.15% at June 30, 2015).
(7) On November 20, 2013, we completed the sale of £550,000,000 (approximately $865,370,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.8% senior unsecured notes due 2028.
(8) On November 25, 2014, we completed the sale of £500,000,000 (approximately $786,700,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.5% senior unsecured notes due 2034.

The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands):


	Six Months Ended
	June 30, 2015			June 30, 2014
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	7,817,154	4.385%	$	7,421,707	4.400%
Debt issued		750,000	4.000%		-	0.000%
Debt extinguished		(300,000)	6.200%		-	0.000%
Debt redeemed		(158,990)	3.000%		(1)	3.000%
Foreign currency		1,298	3.601%		28,401	4.865%
Ending balance	$	8,109,462	4.252%	$	7,450,107	4.402%

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


	Six Months Ended
		June 30, 2015		June 30, 2014
			Weighted Avg.			Weighted Avg.
	Amount		Interest Rate	Amount		Interest Rate
Beginning balance	$	2,941,765	4.94%	$	3,010,711	5.10%
Debt issued		136,801	2.84%		10,690	3.54%
Debt assumed		317,897	3.22%		12,005	4.15%
Debt extinguished		(290,984)	4.21%		(188,722)	5.73%
Foreign currency		(38,642)	3.99%		(31,258)	4.98%
Principal payments		(32,966)	4.77%		(1,200)	3.94%
Ending balance	$	3,033,871	4.75%	$	2,812,226	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 June 30, 2015, we were in compliance with all of the covenants under our debt agreements.