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Debt Obligations | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations As of September 30, 2017 and December 31, 2016, the Company had the following indebtedness outstanding:
|  | Carrying Value as of |  |  |  |
|  | September 30, 2017 |  | December 31, 2016 |  | Stated Interest Rates (7) |  | Scheduled Maturity Date
Secured loans |  |  |  |  |  |  |  |
Secured loans(1)(2) |  | $ | 915,936 |  |  | $ | 1,312,292 |  |  | 4.40% - 7.89% |  | 2017 – 2024
Net unamortized premium |  | 16,803 |  |  | 25,189 |  |  |  |  |
Net unamortized debt issuance cost |  | (150 | ) |  | (387 | ) |  |  |  |
Total secured loans, net |  | $ | 932,589 |  |  | $ | 1,337,094 |  |  |  |  |
Notes payable |  |  |  |  |  |  |  |
Unsecured notes(3) |  | $ | 3,218,453 |  |  | $ | 2,318,453 |  |  | 3.25% - 7.97% |  | 2022 - 2029
Net unamortized discount |  | (13,965 | ) |  | (9,097 | ) |  |  |  |
Net unamortized debt issuance cost |  | (23,306 | ) |  | (17,402 | ) |  |  |  |
Total notes payable, net |  | $ | 3,181,182 |  |  | $ | 2,291,954 |  |  |  |  |
Unsecured Credit Facility and Term Loan |  |  |  |  |  |  |  |
Unsecured Credit Facility(4) |  | $ | 710,000 |  |  | $ | 1,622,000 |  |  | 2.60% |  | 2018 – 2021
Unsecured $600 Million Term Loan(5) |  | 600,000 |  |  | 600,000 |  |  | 2.65% |  | 2019
Unsecured $300 Million Term Loan(6) |  | 300,000 |  |  | — |  |  | 3.14% |  | 2024
Net unamortized debt issuance cost |  | (10,083 | ) |  | (12,159 | ) |  |  |  |
Total Unsecured Credit Facility and Term Loan |  | $ | 1,599,917 |  |  | $ | 2,209,841 |  |  |  |  |
Total debt obligations, net |  | $ | 5,713,688 |  |  | $ | 5,838,889 |  |  |  |  |
(1) | The Company’s secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of September 30, 2017 of approximately $1.8 billion.
(2) | The weighted average interest rate on the Company’s fixed rate secured loans was 6.16% as of September 30, 2017.
(3) | The weighted average interest rate on the Company’s unsecured notes was 3.81% as of September 30, 2017.
(4) | Effective November 1, 2016, the Company has in place one interest rate swap agreement that converts the variable interest rate on $210.0 million of a term loan under the Company's $2.75 billion senior unsecured credit facility as amended July 25, 2016, (the "Unsecured Credit Facility") to a fixed interest rate of 0.82% (plus a spread of 135 bps) through July 31, 2018, and three interest rate swap agreements that convert the variable interest rate on a $500.0 million term loan under the Unsecured Credit Facility to a fixed interest rate of 1.11% (plus a spread of 135 bps) through July 30, 2021.
(5) | Effective November 1, 2016, the Company has in place two interest rate swap agreements that convert the variable interest rate on $200.0 million of the Company's $600 million term loan as amended July 25, 2016, (the "$600 million Term Loan") to a fixed, combined interest rate of 0.82% (plus a spread of 140 bps) through July 31, 2018, and three interest rate swap agreements that convert the variable interest rate on $400.0 million of the $600 million Term Loan to a fixed interest rate of 0.88% (plus a spread of 140 bps) through March 18, 2019.
(6) | Effective July 28, 2017, the Company has in place one interest rate swap agreement that converts the variable interest rate on $90.0 million of the $300 Million Term Loan (defined below) to a fixed interest rate of 0.82% (plus a spread of 190 bps) through July 31, 2018.
(7) | The stated interest rates are as of September 30, 2017 and do not include the impact of any interest rate swap agreements.
2017 Debt Transactions In March 2017, the Operating Partnership issued $400.0 million aggregate principal amount of 3.90% Senior Notes due 2027 (the “2027 Notes”), the proceeds of which were utilized to repay outstanding indebtedness, including borrowings under the Company's Unsecured Credit Facility, and for general corporate purposes. The 2027 Notes bear interest at a rate of 3.90% per annum, payable semi-annually on March 15 and September 15 of each year, commencing September 15, 2017. The 2027 Notes will mature on March 15, 2027. The 2027 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2027 Notes at any time in whole or from time to time in part at the applicable make-whole redemption price specified in the Indenture with respect to the 2027 Notes. If the 2027 Notes are redeemed on or after December 15, 2026 (three months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2027 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. In June 2017, the Operating Partnership issued $500.0 million aggregate principal amount of 3.65% Senior Notes due 2024 (the “2024 Notes”), the proceeds of which were utilized to repay outstanding indebtedness, including borrowings under the Company's Unsecured Credit Facility, and for general corporate purposes. The 2024 Notes bear interest at a rate of 3.65% per annum, payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2017. The 2024 Notes will mature on June 15, 2024. The 2024 Notes are the Operating Partnership’s unsecured and unsubordinated obligations and rank equally in right of payment with all of the Operating Partnership’s existing and future senior unsecured and unsubordinated indebtedness. The Operating Partnership may redeem the 2024 Notes at any time in whole or from time to time in part at the applicable make-whole redemption price specified in the Indenture with respect to the 2024 Notes. If the 2024 Notes are redeemed on or after April 15, 2024 (two months prior to the maturity date), the redemption price will be equal to 100% of the principal amount of the 2024 Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. In July 2017, the Operating Partnership entered into a $300.0 million variable rate unsecured term loan facility (the "$300 Million Term Loan"). The $300 Million Term Loan has a seven-year term maturing on July 26, 2024, with no available extension options, and bears interest at a rate of LIBOR plus 190 basis points (based on the Operating Partnership’s current credit ratings). Proceeds from the $300 Million Term Loan were used to prepay $300.0 million of an unsecured term loan under the Company's Unsecured Credit Facility maturing July 31, 2018. During the nine months ended September 30, 2017, the Company repaid $380.3 million of secured loans and $790.0 million of an unsecured term loan under the Company's Unsecured Credit Facility, resulting in a $0.5 million gain on extinguishment of debt, net. These repayments were funded primarily with proceeds from the issuance of the 2027 Notes, 2024 Notes and $300 Million Term Loan. In addition, during the nine months ended September 30, 2017, the Company repaid $122.0 million, net of borrowings on the Revolving Facility. Pursuant to the terms of the Company’s unsecured debt agreements, the Company among other things is subject to maintenance of various financial covenants. The Company was in compliance with these covenants as of September 30, 2017. Debt Maturities As of September 30, 2017 and December 31, 2016, the Company had accrued interest of $27.2 million and $34.1 million outstanding, respectively. As of September 30, 2017, scheduled amortization and maturities of the Company’s outstanding debt obligations were as follows:
Year ending December 31, |  |
2017 (remaining three months) |  | $ | 13,165 |
2018 |  | 227,892 |
2019 |  | 618,437 |
2020 |  | 673,217 |
2021 |  | 686,225 |
Thereafter |  | 3,525,453 |
Total debt maturities |  | 5,744,389 |
Net unamortized premiums and discounts |  | 2,838 |
Net unamortized debt issuance costs |  | (33,539 | )
Total debt obligations, net |  | $ | 5,713,688 |

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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