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Debt Obligations (Tables)
 9 Months Ended
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