Debt (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Mortgage Notes Payable Activity |
The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands):
|
|
|
Mortgage notes
payable, net as of
December 31, 2018 |
|
|
Proceeds |
|
|
Lump sum
payoffs |
|
|
Scheduled
principal
repayments |
|
|
Amortization
of premiums/
discounts |
|
|
Amortization
of deferred
financing
costs, net (1) |
|
|
Mortgage notes
payable, net as of
December 31, 2019 |
|
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
$ |
1,885,407 |
|
|
$ |
288,120 |
|
(2) |
$ |
(584,536 |
) |
|
$ |
(6,308 |
) |
|
$ |
(7,999 |
) |
|
$ |
15 |
|
|
$ |
1,574,699 |
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
|
6,357 |
|
|
|
7,651 |
|
(3) |
|
(5,920 |
) |
|
|
(500 |
) |
|
|
— |
|
|
|
(538 |
) |
|
|
7,050 |
|
|
Secured – Tax Exempt |
|
|
493,706 |
|
|
|
— |
|
|
|
(152,565 |
) |
|
|
— |
|
|
|
16,617 |
|
|
|
2,103 |
|
|
|
359,861 |
|
|
Floating Rate Debt |
|
|
500,063 |
|
|
|
7,651 |
|
|
|
(158,485 |
) |
|
|
(500 |
) |
|
|
16,617 |
|
|
|
1,565 |
|
|
|
366,911 |
|
|
Total |
|
$ |
2,385,470 |
|
|
$ |
295,771 |
|
|
$ |
(743,021 |
) |
|
$ |
(6,808 |
) |
|
$ |
8,618 |
|
|
$ |
1,580 |
|
|
$ |
1,941,610 |
|
|
(1) |
Represents amortization of deferred financing costs, net of debt financing costs. |
|
(2) |
Obtained 3.94% fixed rate mortgage debt held in a Fannie Mae loan pool maturing on March 1, 2029. |
|
(3) |
Obtained variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million). |
|
|
|
Mortgage notes
payable, net as of
December 31, 2017 |
|
|
Proceeds |
|
|
Lump sum
payoffs |
|
|
Scheduled
principal
repayments |
|
|
Amortization
of premiums/
discounts |
|
|
Amortization
of deferred
financing
costs, net (1) |
|
|
Mortgage notes
payable, net as of
December 31, 2018 |
|
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
$ |
2,982,344 |
|
|
$ |
— |
|
|
$ |
(1,093,705 |
) |
|
$ |
(6,029 |
) |
|
$ |
719 |
|
|
$ |
2,078 |
|
|
$ |
1,885,407 |
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured – Conventional |
|
|
6,948 |
|
|
|
— |
|
|
|
— |
|
|
|
(600 |
) |
|
|
— |
|
|
|
9 |
|
|
|
6,357 |
|
|
Secured – Tax Exempt |
|
|
629,430 |
|
|
|
96,935 |
|
(2) |
|
(254,234 |
) |
|
|
— |
|
|
|
19,425 |
|
|
|
2,150 |
|
|
|
493,706 |
|
|
Floating Rate Debt |
|
|
636,378 |
|
|
|
96,935 |
|
|
|
(254,234 |
) |
|
|
(600 |
) |
|
|
19,425 |
|
|
|
2,159 |
|
|
|
500,063 |
|
|
Total |
|
$ |
3,618,722 |
|
|
$ |
96,935 |
|
|
$ |
(1,347,939 |
) |
|
$ |
(6,629 |
) |
|
$ |
20,144 |
|
|
$ |
4,237 |
|
|
$ |
2,385,470 |
|
|
(1) |
Represents amortization of deferred financing costs, net of debt financing costs. |
|
(2) |
Reissued floating rate tax-exempt mortgage bonds which mature on April 1, 2042, remarket weekly and are guaranteed by ERPOP. |
|
| Summary of Debt Extinguishment Costs on Mortgages Recorded as Additional Interest Expense |
The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands):
|
Description |
|
2019 |
|
|
2018 |
|
|
Prepayment premiums/penalties |
|
$ |
3,381 |
|
|
$ |
22,110 |
|
|
Write-offs of unamortized deferred financing costs |
|
|
2,273 |
|
|
|
2,957 |
|
|
Write-offs of unamortized (premiums)/discounts/OCI |
|
|
6,153 |
|
|
|
16,268 |
|
|
Total |
|
$ |
11,807 |
|
|
$ |
41,335 |
|
|
| Summary of Notes Activity |
The following tables summarize the Company’s notes activity for the years ended December 31, 2019 and 2018, respectively (amounts in thousands):
|
|
|
Notes, net as of
December 31, 2018 |
|
|
Proceeds |
|
|
Lump sum
payoffs |
|
|
Realized/unrealized
(gain) loss on
derivative
instruments |
|
|
Amortization
of premiums/
discounts |
|
|
Amortization
of deferred
financing
costs, net (1) |
|
|
Notes, net as of
December 31, 2019 |
|
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured – Public |
|
$ |
5,485,884 |
|
|
$ |
1,194,468 |
|
(2) |
$ |
(600,000 |
) |
|
$ |
— |
|
|
$ |
3,117 |
|
|
$ |
(5,956 |
) |
|
$ |
6,077,513 |
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured – Public |
|
|
447,402 |
|
|
|
— |
|
|
|
(450,000 |
) |
|
|
2,277 |
|
|
|
45 |
|
|
|
276 |
|
|
|
— |
|
|
Total |
|
$ |
5,933,286 |
|
|
$ |
1,194,468 |
|
|
$ |
(1,050,000 |
) |
|
$ |
2,277 |
|
|
$ |
3,162 |
|
|
$ |
(5,680 |
) |
|
$ |
6,077,513 |
|
|
(1) |
Represents amortization of deferred financing costs, net of debt financing costs. |
|
(2) |
Issued $600.0 million of ten-year 3.00% unsecured notes, receiving net proceeds of approximately $597.5 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $600.0 million of ten-year 2.50% unsecured notes, receiving net proceeds of approximately $597.0 million before underwriting fees and other expenses. |
|
|
|
Notes, net as of
December 31, 2017 |
|
|
Proceeds |
|
|
Realized/unrealized
(gain) loss on
derivative
instruments |
|
|
Amortization
of premiums/
discounts |
|
|
Amortization
of deferred
financing
costs, net (1) |
|
|
Notes, net as of
December 31, 2018 |
|
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured – Public |
|
$ |
4,591,373 |
|
|
$ |
896,294 |
|
(2) |
$ |
— |
|
|
$ |
2,547 |
|
|
$ |
(4,330 |
) |
|
$ |
5,485,884 |
|
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured – Public (3) |
|
|
447,439 |
|
|
|
— |
|
|
|
(680 |
) |
|
|
90 |
|
|
|
553 |
|
|
|
447,402 |
|
|
Total |
|
$ |
5,038,812 |
|
|
$ |
896,294 |
|
|
$ |
(680 |
) |
|
$ |
2,637 |
|
|
$ |
(3,777 |
) |
|
$ |
5,933,286 |
|
|
(1) |
Represents amortization of deferred financing costs, net of debt financing costs. |
|
(2) |
Issued $500.0 million of ten-year 3.50% unsecured notes, receiving net proceeds of approximately $497.0 million before underwriting fees, hedge termination costs and other expenses. Additionally, issued $400.0 million of ten-year 4.15% unsecured notes, receiving net proceeds of approximately $399.3 million before underwriting fees, hedge termination costs and other expenses. |
|
(3) |
Fair value interest rate swaps converted the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%. |
|
| Summary of Debt Extinguishment Costs on Notes Recorded as Additional Interest Expense |
The following table summarizes the Company’s debt extinguishment costs on notes recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands):
|
Description |
|
2019 |
|
|
2018 |
|
|
Prepayment premiums/penalties |
|
$ |
10,266 |
|
|
$ |
— |
|
|
Write-offs of unamortized deferred financing costs |
|
|
287 |
|
|
|
— |
|
|
Write-offs of unamortized (premiums)/discounts/OCI |
|
|
1,043 |
|
|
|
— |
|
|
Total |
|
$ |
11,596 |
|
|
$ |
— |
|
|
| Schedule of Unsecured Revolving Credit Facility |
The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2019 and 2018 (amounts in thousands):
|
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Unsecured revolving credit facility commitment |
|
$ |
2,500,000 |
|
|
$ |
2,000,000 |
|
|
Commercial paper balance outstanding |
|
|
(1,000,000 |
) |
|
|
(500,000 |
) |
|
Unsecured revolving credit facility balance outstanding |
|
|
(20,000 |
) |
|
|
— |
|
|
Other restricted amounts |
|
|
(100,929 |
) |
|
|
(103,622 |
) |
|
Unsecured revolving credit facility availability |
|
$ |
1,379,071 |
|
|
$ |
1,396,378 |
|
|
| Summary of Debt Extinguishment Costs on Line of Credit Recorded as Additional Interest Expense |
The following table summarizes the Company’s debt extinguishment costs on the line of credit recorded as additional interest expense during the years ended December 31, 2019 and 2018, respectively (amounts in thousands):
|
Description |
|
2019 |
|
|
2018 |
|
|
Write-offs of unamortized deferred financing costs |
|
$ |
588 |
|
|
$ |
— |
|
|
Total |
|
$ |
588 |
|
|
$ |
— |
|
|
| Summary of Aggregate Payments of Principal on All Debt |
The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2019 (amounts in thousands):
|
Year |
|
Total |
|
|
2020 (1) |
|
$ |
1,027,542 |
|
|
2021 |
|
|
926,404 |
|
|
2022 |
|
|
271,835 |
|
|
2023 |
|
|
1,329,088 |
|
|
2024 |
|
|
26,100 |
|
|
Thereafter |
|
|
5,550,010 |
|
|
Subtotal |
|
|
9,130,979 |
|
|
Deferred Financing Costs and Unamortized (Discount) |
|
|
(94,023 |
) |
|
Total |
|
$ |
9,036,956 |
|
|
(1) |
Includes $1.0 billion in principal outstanding on the Company’s commercial paper program. |
|
| Mortgages [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Certain Interest Rate and Maturity Date Information |
The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018, respectively:
|
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Interest Rate Ranges |
|
0.10% - 5.29% |
|
|
0.10% - 6.90% |
|
|
Weighted Average Interest Rate |
|
3.84% |
|
|
4.15% |
|
|
Maturity Date Ranges |
|
2020-2061 |
|
|
2019-2061 |
|
|
| Notes [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Certain Interest Rate and Maturity Date Information |
The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2019 and 2018, respectively:
|
|
|
December 31, 2019 |
|
|
December 31, 2018 |
|
|
Interest Rate Ranges |
|
2.50% - 7.57% |
|
|
2.85% - 7.57% |
|
|
Weighted Average Interest Rate |
|
4.21% |
|
|
4.25% |
|
|
Maturity Date Ranges |
|
2021-2047 |
|
|
2019-2047 |
|
|