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Debt Obligations | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations 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.
Pursuant to the terms of an unsecured $600.0 million term loan (the “Term Loan”), a $2.75 billion senior unsecured credit facility (the “Unsecured Credit Facility”) and the 2022 Notes and the 2025 Notes, the Company among other things is subject to maintenance of various financial covenants. The Company is currently in compliance with these covenants. Debt Maturities 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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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