XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt Obligations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Debt Disclosure [Abstract] |
Debt obligations under various arrangements with financial institutions | 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.
Future expected/scheduled maturities of outstanding debt and capital lease obligations | 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 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84159872&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=75038535&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=64930739&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=84159872&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=84159872&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=64930785&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=64930785&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=84159872&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration