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Debt (Tables) | 6 Months Ended
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Jun. 30, 2012
Debt Disclosure [Abstract] |
Schedule of debt | Our debt consisted of the following (dollars in thousands):
| Maximum |  |  |  |  |  |  |  |
| Availability at |  | Carrying Value at |  |  |  | Scheduled Maturity
| June 30, 2012 |  | June 30, 2012 |  | December 31, 2011 |  | Stated Interest Rates at |  | Dates at
|  |  |  | June 30, 2012 |  | June 30, 2012
Mortgage and Other Secured Loans: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans (1) | N/A |  |  | $ | 1,009,164 |  |  | $ | 1,052,421 |  |  | 5.20% - 7.87% (2) |  | 2012-2034
Variable rate secured loans | N/A |  |  | 38,844 |  |  | 39,213 |  |  | LIBOR + 2.25% (3) |  | 2015
Other construction loan facilities | $ | 123,802 |  |  | 64,656 |  |  | 40,336 |  |  | LIBOR + 1.95% to 2.75% (4) |  | 2013-2015
Total mortgage and other secured loans |  |  |  | 1,112,664 |  |  | 1,131,970 |  |  |  |  |
Revolving Credit Facility | 1,000,000 |  |  | 195,000 |  |  | 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 |  |  | 5,106 |  |  | 5,050 |  |  | 0% (8) |  | 2015-2026
4.25% Exchangeable Senior Notes | N/A |  |  | 229,081 |  |  | 227,283 |  |  | 4.25% |  | April 2030 (9)
Total debt |  |  |  | $ | 2,191,851 |  |  | $ | 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 $2.0 million at June 30, 2012 and $2.4 million at December 31, 2011.
(2) | The weighted average interest rate on these loans was 6.01% at June 30, 2012.
(3) | The interest rate on the loan outstanding was 2.49% at June 30, 2012.
(4) | The weighted average interest rate on these loans was 2.72% at June 30, 2012.
(5) | The weighted average interest rate on the Revolving Credit Facility was 2.24% at June 30, 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 2.14% at June 30, 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 June 30, 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 June 30, 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 million and an unamortized discount totaling $10.9 million at June 30, 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 June 30, 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 June 30, |  | For the Six Months Ended June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Interest expense at stated interest rate | $ | 2,550 |  |  | $ | 2,550 |  |  | $ | 5,100 |  |  | $ | 5,100 |
Interest expense associated with amortization of discount | 906 |  |  | 852 |  |  | 1,798 |  |  | 1,692 |
Total | $ | 3,456 |  |  | $ | 3,402 |  |  | $ | 6,898 |  |  | $ | 6,792 |
Schedule of the fair value of debt | The following table sets forth information pertaining to the fair value of our debt (in thousands):
| June 30, 2012 |  | December 31, 2011
| Carrying |  | Estimated |  | Carrying |  | Estimated
| Amount |  | Fair Value |  | Amount |  | Fair Value
Fixed-rate debt |  |  |  |  |  |  |  |  |  |  |
4.25% Exchangeable Senior Notes | $ | 229,081 |  |  | $ | 239,420 |  |  | $ | 227,283 |  |  | $ | 238,077 |
Other fixed-rate debt | 1,014,270 |  |  | 1,022,314 |  |  | 1,057,471 |  |  | 1,054,424 |
Variable-rate debt | 948,500 |  |  | 948,447 |  |  | 1,141,549 |  |  | 1,139,856 |
| $ | 2,191,851 |  |  | $ | 2,210,181 |  |  | $ | 2,426,303 |  |  | $ | 2,432,357 |

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