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Debt | 3 Months Ended
--- | ---
Mar. 31, 2012
Debt |
Debt |
7. Debt Our debt consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  |  |  | Scheduled |
|  | Maximum |  | Carrying Value at |  |  |  | Maturity |
|  | Availability at |  | March 31, |  | December 31, |  | Stated Interest Rates |  | Dates at |
|  | March 31, 2012 |  | 2012 |  | 2011 |  | at March 31, 2012 |  | March 31, 2012 |
Mortgage and Other Secured Loans: |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans (1) |  | N/A |  | $ | 1,049,204 |  | $ | 1,052,421 |  | 5.20% - 7.87% (2) |  | 2012-2034 |
Variable rate secured loans |  | N/A |  | 39,027 |  | 39,213 |  | LIBOR + 2.25% (3) |  | 2015 |
Other construction loan facilities |  | $ | 123,802 |  | 50,594 |  | 40,336 |  | LIBOR + 1.95% to 2.75% (4) |  | 2012-2015 |
Total mortgage and other secured loans |  |  |  | 1,138,825 |  | 1,131,970 |  |  |  |  |
Revolving Credit Facility |  | 1,000,000 |  | 396,000 |  | 662,000 |  | LIBOR + 1.75% to 2.50% (5) |  | September 1, 2014 |
Term Loan Facilities (6) |  | 650,000 |  | 650,000 |  | 400,000 |  | LIBOR + 1.65% to 2.40% (7) |  | 2015-2017 |
Unsecured notes payable |  | N/A |  | 5,078 |  | 5,050 |  | 0% (8) |  | 2015-2026 |
4.25% Exchangeable Senior Notes |  | N/A |  | 228,175 |  | 227,283 |  | 4.25% |  | April 2030(9) |
Total debt |  |  |  | $ | 2,418,078 |  | $ | 2,426,303 |  |  |  |  |
(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 $2.2 million at March 31, 2012 and $2.4 million at December 31, 2011. (2) The weighted average interest rate on these loans was 6.01% at March 31, 2012. (3) The interest rate on the loan outstanding was 2.49% at March 31, 2012. (4) The weighted average interest rate on these loans was 2.73% at March 31, 2012. (5) The weighted average interest rate on the Revolving Credit Facility was 2.24% at March 31, 2012. (6) As described further below, we entered into a new facility effective on February 14, 2012. (7) The weighted average interest rate on these loans was 2.15% at March 31, 2012. (8) 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 $1.7 million at March 31, 2012 and $1.8 million at December 31, 2011. (9) As described further in our 2011 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 20.8513 shares per one thousand dollar principal amount of the notes (exchange rate is as of March 31, 2012 and is equivalent to an exchange price of $47.96 per common share). The carrying value of these notes included a principal amount of $240.0 million and an unamortized discount totaling $11.8 million at March 31, 2012 and $12.7 million at December 31, 2011. 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 March 31, 2012 and December 31, 2011 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 |
|  | Ended March 31, |
|  | 2012 |  | 2011 |
Interest expense at stated interest rate |  | $ | 2,550 |  | $ | 2,550 |
Interest expense associated with amortization of discount |  | 892 |  | 840 |
Total |  | $ | 3,442 |  | $ | 3,390 |
Effective February 14, 2012, we entered into an unsecured term loan agreement (the “Term Loan Agreement”) with a group of lenders for which J.P. Morgan Securities LLC and KeyBank Capital Markets acted as joint lead arrangers and joint book runners, KeyBank National Association acted as administrative agent and JPMorgan Chase Bank, N.A. acted as syndication agent. We borrowed $250.0 million under the Term Loan Agreement. The term loan matures on February 14, 2017. The variable interest rate on the loan is based on the LIBOR rate (customarily the 30-day rate) plus 1.65% to 2.40%, as determined by our leverage levels. At March 31, 2012 and December 31, 2011, we were in default on a $15 million nonrecourse mortgage loan secured by a property with an estimated fair value of approximately $11 million that is included in our Strategic Reallocation Plan. We capitalized interest costs of $3.8 million in the three months ended March 31, 2012 and $4.3 million in the three months ended March 31, 2011. The following table sets forth information pertaining to the fair value of our debt (in thousands):
|  | March 31, 2012 |  | December 31, 2011 |
|  | Carrying |  | Estimated |  | Carrying |  | Estimated |
|  | Amount |  | Fair Value |  | Amount |  | Fair Value |
Fixed-rate debt |  |  |  |  |  |  |  |  |
4.25% Exchangeable Senior Notes |  | $ | 228,175 |  | $ | 239,331 |  | $ | 227,283 |  | $ | 238,077 |
Other fixed-rate debt |  | 1,054,282 |  | 1,049,110 |  | 1,057,471 |  | 1,054,424 |
Variable-rate debt |  | 1,135,621 |  | 1,135,847 |  | 1,141,549 |  | 1,139,856 |
|  | $ | 2,418,078 |  | $ | 2,424,288 |  | $ | 2,426,303 |  | $ | 2,432,357

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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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: 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 + Details
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