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Debt (Details 2) (USD $) In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2011
--- | --- | ---
Carrying amount and estimated fair value of debt |  |  |  |
Debt, net | $ 2,169,315 |  | $ 2,426,303 |
4.25% Exchangeable Senior Notes |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Debt, net | 230,000 | [1] | 227,283 | [1]
Carrying Amount |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Variable-rate debt | 959,045 |  | 1,141,549 |
Debt, net | 2,169,315 |  | 2,426,303 |
Carrying Amount | 4.25% Exchangeable Senior Notes |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Fixed-rate debt | 230,000 |  | 227,283 |
Carrying Amount | Other fixed-rate debt |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Fixed-rate debt | 980,270 |  | 1,057,471 |
Total Estimated Fair Value |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Variable-rate debt | 959,944 |  | 1,139,856 |
Debt, net | 2,193,256 |  | 2,432,357 |
Total Estimated Fair Value | 4.25% Exchangeable Senior Notes |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Fixed-rate debt | 240,335 |  | 238,077 |
Total Estimated Fair Value | Other fixed-rate debt |  |  |  |
Carrying amount and estimated fair value of debt |  |  |  |
Fixed-rate debt | $ 992,977 |  | $ 1,054,424 |
[1] | 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 September 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 $10.0 million at September 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 September 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 September 30, For the Nine Months Ended September 30, 2012 2011 2012 2011Interest expense at stated interest rate$2,550 $2,550 $7,650 $7,650Interest expense associated with amortization of discount919 866 2,717 2,558Total$3,469 $3,416 $10,367 $10,208

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- Definition Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. + 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 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 03 -Paragraph 16 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 22 -Article 5 + Details
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