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Debt (Tables) | 6 Months Ended
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Jun. 30, 2011
Debt |
Schedule of debt |
|  |  |  |  |  |  |  |  |  | Scheduled |
|  | Maximum |  | Carrying Value at |  |  |  | Maturity |
|  | Availability at |  | June 30, |  | December 31, |  | Stated Interest Rates |  | Dates at |
|  | June 30, 2011 |  | 2011 |  | 2010 |  | at June 30, 2011 |  | June 30, 2011 |
Mortgage and Other Secured Loans: |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans (1) |  | N/A |  | $ | 1,063,369 |  | $ | 1,173,358 |  | 5.20% - 7.87% (2) |  | 2012 - 2034 (3) |
Revolving Construction Facility |  | $ | 225,000 |  | 175,001 |  | 142,339 |  | LIBOR + 1.60% to 2.00% (4) |  | May 2012 |
Variable rate secured loans |  | N/A |  | 309,923 |  | 310,555 |  | LIBOR + 2.25% to 3.00% (5) |  | 2012 - 2015 (6) |
Other construction loan facility |  | 23,400 |  | 16,753 |  | 16,753 |  | LIBOR + 2.75% (7) |  | 2012 |
Total mortgage and other secured loans |  |  |  | 1,565,046 |  | 1,643,005 |  |  |  |  |
Revolving Credit Facility |  | 800,000 |  | 342,000 |  | 295,000 |  | LIBOR + 0.75% to 1.25% (8) |  | September 30, 2011 (9) |
Unsecured notes payable |  | N/A |  | 4,995 |  | 1,947 |  | 0% (10) |  | 2015 - 2026 |
Exchangeable Senior Notes: |  |  |  |  |  |  |  |  |  |  |
4.25% Exchangeable Senior Notes |  | N/A |  | 225,539 |  | 223,846 |  | 4.25% |  | April 2030 (11) |
3.5% Exchangeable Senior Notes |  | N/A |  | 161,836 |  | 159,883 |  | 3.50% |  | September 2026 (12) |
Total debt |  |  |  | $ | 2,299,416 |  | $ | 2,323,681 |  |  |  |  |
(1) |  | Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $2.8 million at June 30, 2011 and $3.2 million at December 31, 2010.
(2) |  | The weighted average interest rate on these loans was 6.01% at June 30, 2011.
(3) |  | A loan with a balance of $4.5 million at June 30, 2011 that matures in 2034 may be repaid in March 2014, subject to certain conditions.
(4) |  | The weighted average interest rate on this loan was 1.95% at June 30, 2011.
(5) |  | Certain of the loans in this category at June 30, 2011 were subject to floor interest rates ranging from 4.25% to 5.50%.
(6) |  | Includes $221.4 million maturing in 2012 that may be extended for a one-year period at our option, subject to certain conditions.
(7) |  | The interest rate on this loan was 2.95% at June 30, 2011.
(8) |  | The weighted average interest rate on the Revolving Credit Facility was 1.14% at June 30, 2011.
(9) |  | This loan may be extended for a one-year period at our option, subject to certain conditions.
(10) |  | These notes may carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $2.0 million at June 30, 2011 and $1.1 million at December 31, 2010.
(11) |  | As described further in our 2010 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at the Operating Partnership’s discretion, our common shares at an exchange rate (subject to adjustment) of 20.8145 shares per one thousand dollar principal amount of the notes (exchange rate is as of June 30, 2011 and is equivalent to an exchange price of $48.04 per common share). The carrying value of these notes included a principal amount of $240.0 million and an unamortized discount totaling $14.5 million at June 30, 2011 and $16.2 million at December 31, 2010. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of our common shares at June 30, 2011 and December 31, 2010 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount. The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands):
|  | For the Three Months |  | For the Six Months |
|  | Ended June 30, |  | Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Interest expense at stated interest rate |  | $ | 2,550 |  | $ | 2,380 |  | $ | 5,100 |  | $ | 2,380 |
Interest expense associated with amortization of discount |  | 852 |  | 803 |  | 1,692 |  | 803 |
Total |  | $ | 3,402 |  | $ | 3,183 |  | $ | 6,792 |  | $ | 3,183 |
(12) |  | As described further in our 2010 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash (up to the principal amount of the notes) and, with respect to any excess exchange value, may be exchangeable into (at our option) cash, our common shares or a combination of cash and our common shares at an exchange rate (subject to adjustment) of 19.3470 shares per one thousand dollar principal amount of the notes (exchange rate is as of June 30, 2011 and is equivalent to an exchange price of $51.69 per common share). The carrying value of these notes included a principal amount of $162.5 million and an unamortized discount totaling $664,000 at June 30, 2011 and $2.6 million at December 31, 2010. The effective interest rate under the notes, including amortization of the issuance costs, was 5.97%. Because the closing price of our common shares at June 30, 2011 and December 31, 2010 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount. The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands):
|  | For the Three Months |  | For the Six Months |
|  | Ended June 30, |  | Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Interest expense at stated interest rate |  | $ | 1,422 |  | $ | 1,422 |  | $ | 2,844 |  | $ | 2,844 |
Interest expense associated with amortization of discount |  | 984 |  | 927 |  | 1,953 |  | 1,840 |
Total |  | $ | 2,406 |  | $ | 2,349 |  | $ | 4,797 |  | $ | 4,684 |
Schedule of the fair value of debt |
|  | June 30, 2011 |  | December 31, 2010 |
|  | Carrying |  | Estimated |  | Carrying |  | Estimated |
|  | Amount |  | Fair Value |  | Amount |  | Fair Value |
Fixed-rate debt |  | $ | 1,455,739 |  | $ | 1,464,754 |  | $ | 1,559,034 |  | $ | 1,579,022 |
Variable-rate debt |  | 843,677 |  | 849,935 |  | 764,647 |  | 769,247 |
|  | $ | 2,299,416 |  | $ | 2,314,689 |  | $ | 2,323,681 |  | $ | 2,348,269 |

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