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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | As of September 30, 2015 and December 31, 2014, the Company had the following indebtedness outstanding:
|  | Carrying Value as of |  |  |  |
|  | September 30, 2015 |  | December 31, 2014 |  | Stated Interest Rates |  | Scheduled Maturity Date
Mortgage and secured loans(1) |  |  |  |  |  |  |  |
Fixed rate mortgage and secured loans(2) |  | $ | 2,615,067 |  |  | $ | 3,116,882 |  |  | 4.40% - 8.00% |  | 2016 – 2024
Net unamortized premium |  | 45,745 |  |  | 66,340 |  |  |  |  |
Net unamortized debt issuance cost(5) |  | (2,435 | ) |  | (4,381 | ) |  |  |  |
Total mortgage and secured loans, net |  | $ | 2,658,377 |  |  | $ | 3,178,841 |  |  |  |  |
Notes payables |  |  |  |  |  |  |  |
Unsecured notes(3) |  | $ | 1,218,453 |  |  | $ | 243,453 |  |  | 3.85% - 7.97% |  | 2022 - 2029
Net unamortized discount |  | (4,834 | ) |  | (3,153 | ) |  |  |  |
Net unamortized debt issuance cost(5) |  | (10,302 | ) |  | — |  |  |  |  |
Total notes payable, net |  | $ | 1,203,317 |  |  | $ | 240,300 |  |  |  |  |
Unsecured Credit Facility and Term Loan |  |  |  |  |  |  |  |
Unsecured Credit Facility(4) |  | $ | 1,520,000 |  |  | $ | 2,019,475 |  |  | 1.65% |  | 2017 – 2018
Unsecured Term Loan |  | 600,000 |  |  | 600,000 |  |  | 1.65% |  | 2019
Net unamortized debt issuance cost(5) |  | (12,358 | ) |  | (16,108 | ) |  |  |  |
Total Unsecured Credit Facility and Term Loan |  | $ | 2,107,642 |  |  | $ | 2,603,367 |  |  |  |  |
Total debt obligations, net |  | $ | 5,969,336 |  |  | $ | 6,022,508 |  |  |  |  |
(1) | The Company’s mortgages and secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2015 of approximately $3.9 billion.
(2) | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.93% as of September 30, 2015.
(3) | The weighted average interest rate on the Company’s unsecured notes was 3.91% as of September 30, 2015.
(4) | The Unsecured Credit Facility (as defined below) consists of a $1.25 billion revolving credit facility and a $1.5 billion term loan facility. The Company has in place five forward starting interest rate swap agreements that convert the floating interest rate on the $1.5 billion term loan facility to a fixed, combined interest rate of 0.844% plus an interest spread of 140 basis points. In February 2015, the Unsecured Credit Facility was amended to terminate the guarantees and release and discharge the Parent Guarantors from their respective obligations under the guarantees.
(5) | In April 2015, the FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Beginning with the period ending June 30, 2015, the Company elected to early adopt ASU 2015-03 and appropriately and retrospectively applied the guidance to its debt obligations for all periods presented. These amounts were previously included in Deferred charges and prepaid expenses, net on the Company’s Condensed Consolidated Balance Sheets.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of September 30, 2015 and December 31, 2014, the Company had accrued interest of $23.3 million and $20.4 million outstanding, respectively. As of September 30, 2015, scheduled maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2015 (remaining three months) |  | $ | 8,142 |
2016 |  | 1,257,862 |
2017 |  | 369,659 |
2018 |  | 1,519,476 |
2019 |  | 620,126 |
Thereafter |  | 2,178,255 |
Total debt maturities |  | 5,953,520 |
Net unamortized premiums on mortgages |  | 45,745 |
Net unamortized discount on notes |  | (4,834 | )
Net unamortized debt issuance costs |  | (25,095 | )
Total debt obligations |  | $ | 5,969,336 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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