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Debt Obligations (Tables) | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | As of March 31, 2016 and December 31, 2015, the Company had the following indebtedness outstanding:
|  | Carrying Value as of |  |  |  |
|  | March 31, 2016 |  | December 31, 2015 |  | Stated Interest Rates |  | Scheduled Maturity Date
Mortgage and secured loans(1) |  |  |  |  |  |  |  |
Fixed rate mortgage and secured loans(2) |  | $ | 2,222,023 |  |  | $ | 2,226,763 |  |  | 4.40% - 8.00% |  | 2016 – 2024
Net unamortized premium |  | 36,284 |  |  | 40,508 |  |  |  |  |
Net unamortized debt issuance cost |  | (1,380 | ) |  | (1,752 | ) |  |  |  |
Total mortgage and secured loans, net |  | $ | 2,256,927 |  |  | $ | 2,265,519 |  |  |  |  |
Notes payables |  |  |  |  |  |  |  |
Unsecured notes(3) |  | $ | 1,218,453 |  |  | $ | 1,218,453 |  |  | 3.85% - 7.97% |  | 2022 - 2029
Net unamortized discount |  | (4,517 | ) |  | (4,676 | ) |  |  |  |
Net unamortized debt issuance cost |  | (9,609 | ) |  | (9,923 | ) |  |  |  |
Total notes payable, net |  | $ | 1,204,327 |  |  | $ | 1,203,854 |  |  |  |  |
Unsecured Credit Facility and Term Loan |  |  |  |  |  |  |  |
Unsecured Credit Facility(4) |  | $ | 1,956,000 |  |  | $ | 1,916,000 |  |  | 1.90% |  | 2017 – 2018
Unsecured Term Loan |  | 600,000 |  |  | 600,000 |  |  | 1.90% |  | 2019
Net unamortized debt issuance cost |  | (9,857 | ) |  | (11,107 | ) |  |  |  |
Total Unsecured Credit Facility and Term Loan |  | $ | 2,546,143 |  |  | $ | 2,504,893 |  |  |  |  |
Total debt obligations, net |  | $ | 6,007,397 |  |  | $ | 5,974,266 |  |  |  |  |
(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 March 31, 2016 of approximately $3.3 billion.
(2) | The weighted average interest rate on the Company’s fixed rate mortgage and secured loans was 5.86% as of March 31, 2016.
(3) | The weighted average interest rate on the Company’s unsecured notes was 3.91% as of March 31, 2016.
(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.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | As of March 31, 2016 and December 31, 2015, the Company had accrued interest of $22.5 million and $31.1 million outstanding, respectively. As of March 31, 2016, scheduled maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2016 (remaining nine months) |  | $ | 872,960 |
2017 |  | 805,659 |
2018 |  | 1,519,476 |
2019 |  | 620,126 |
2020 |  | 766,577 |
Thereafter |  | 1,411,678 |
Total debt maturities |  | 5,996,476 |
Net unamortized premiums on mortgages |  | 36,284 |
Net unamortized discount on notes |  | (4,517 | )
Net unamortized debt issuance costs |  | (20,846 | )
Total debt obligations |  | $ | 6,007,397 |

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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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