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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