v2.4.0.8

Unsecured Senior Notes Unsecured Senior Notes | 6 Months Ended
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Jun. 30, 2013
Unsecured Senior Notes [Abstract] |
Unsecured Senior Notes | 6. Unsecured Senior Notes The following summarizes the unsecured senior notes outstanding as of June 30, 2013 (dollars in thousands):
| Coupon/ Stated Rate |  | Effective Rate(1) |  | Principal Amount |  | Maturity Date(2)
12 Year Unsecured Senior Notes | 5.625 | % |  | 5.693 | % |  | $ | 300,000 |  |  | April 15, 2015
12 Year Unsecured Senior Notes | 5.000 | % |  | 5.194 | % |  | 250,000 |  |  | June 1, 2015
10 Year Unsecured Senior Notes | 5.875 | % |  | 5.967 | % |  | 700,000 |  |  | October 15, 2019
10 Year Unsecured Senior Notes | 5.625 | % |  | 5.708 | % |  | 700,000 |  |  | November 15, 2020
10 Year Unsecured Senior Notes | 4.125 | % |  | 4.289 | % |  | 850,000 |  |  | May 15, 2021
7 Year Unsecured Senior Notes | 3.700 | % |  | 3.853 | % |  | 850,000 |  |  | November 15, 2018
11 Year Unsecured Senior Notes | 3.850 | % |  | 3.954 | % |  | 1,000,000 |  |  | February 1, 2023
10.5 Year Unsecured Senior Notes | 3.125 | % |  | 3.279 | % |  | 500,000 |  |  | September 1, 2023
10.5 Year Unsecured Senior Notes | 3.800 | % |  | 3.916 | % |  | 700,000 |  |  | February 1, 2024
Total principal |  |  |  |  | 5,850,000 |  |  |
Net unamortized discount |  |  |  |  | (15,027 | ) |  |
Total |  |  |  |  | $ | 5,834,973 |  |  |
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(1) | Yield on issuance date including the effects of discounts on the notes and the amortization of financing costs.
(2) | No principal amounts are due prior to maturity.
The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50, and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2013, the Company was in compliance with each of these financial restrictions and requirements. On April 11, 2013, the Company's Operating Partnership completed a public offering of $500.0 million in aggregate principal amount of its 3.125% senior unsecured notes due 2023. The notes were priced at 99.379% of the principal amount to yield an effective rate (including financing fees) of 3.279% to maturity. The notes will mature on September 1, 2023, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $492.5 million after deducting underwriting discounts and transaction expenses. On June 27, 2013, the Company's Operating Partnership completed a public offering of $700.0 million in aggregate principal amount of its 3.800% senior unsecured notes due 2024. The notes were priced at 99.694% of the principal amount to yield an effective rate (including financing fees) of 3.916% to maturity. The notes will mature on February 1, 2024, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $691.9 million after deducting the underwriting discount and transaction expenses.

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