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Secured Notes Payable
 3 Months Ended
Mar. 31, 2013
Secured Debt [Abstract]  
Secured Notes Payable
Secured Notes Payable

The following summarizes our secured notes payable (in thousands):
Description (1)
Maturity
Date
 
Outstanding Principal Balance as of March 31, 2013
 
Outstanding Principal Balance as of December 31, 2012
 
Variable Interest Rate
 
Effective
Annual
Fixed Interest
Rate (2)
 
Swap Maturity Date
Term Loan (3)
3/3/2014
 
$
16,140

 
$
16,140

 
LIBOR + 1.85%
 
 N/A
 
 --
Fannie Mae Loan (4)
2/1/2015
 
111,920

 
111,920

 
DMBS + 0.707%
 
 N/A
 
 --
Term Loan
4/1/2015
 
150,000

 
240,000

 
LIBOR +1.50%
 
 N/A
 
 --
Fannie Mae Loan
3/1/2016
 
82,000

 
82,000

 
LIBOR + 0.62%
 
 N/A
 
 --
Fannie Mae Loan
6/1/2017
 
18,000

 
18,000

 
LIBOR + 0.62%
 
 N/A
 
 --
Term Loan
10/2/2017
 
400,000

 
400,000

 
LIBOR + 2.00%
 
4.45%
 
7/1/2015
Term Loan
4/2/2018
 
510,000

 
510,000

 
LIBOR + 2.00%
 
4.12%
 
4/1/2016
Term Loan
8/1/2018
 
530,000

 
530,000

 
LIBOR + 1.70%
 
3.74%
 
8/1/2016
Term Loan (5)
8/5/2018
 
355,000

 
355,000

 
 N/A
 
4.14%
 
 --
Term Loan (6)
2/1/2019
 
155,000

 
155,000

 
 N/A
 
4.00%
 
 --
Term Loan (7)
6/5/2019
 
285,000

 
285,000

 
N/A
 
3.85%
 
 --
Term Loan (8)
3/1/2020
(9) 
350,000

 
350,000

 
 N/A
 
4.46%
 
 --
Fannie Mae Loans
11/2/2020
 
388,080

 
388,080

 
LIBOR + 1.65%
 
3.65%
 
11/1/2017
Aggregate loan principal
 
$
3,351,140

 
$
3,441,140

 
 
 
 
 
 
 
Aggregate amount of loans swapped to fixed rates
$
1,828,080

 
$
2,168,080

 
 
 
3.98%
 
 
Aggregate amount of fixed rate loans
1,145,000

 
1,145,000

 
 
 
4.15%
 
 
Aggregate amount of variable rate loans
378,060

 
128,060

 
 
 
 N/A
 
 
Aggregate loan principal
$
3,351,140

 
$
3,441,140

 
 
 
 
 
 
____________________________________________________

(1)
As of March 31, 2013, (i) the weighted average remaining life of our outstanding debt was 5.4 years; (ii) of the $2.97 billion of debt on which the interest rate was fixed under the terms of the loan or a swap, the weighted average remaining life was 5.8 years, the weighted average remaining period during which interest was fixed was 4.4 years and the weighted average annual interest rate was 4.05%; and (iii) including the non-cash amortization of interest rate contracts and prepaid financing, the effective weighted average interest rate was 4.17%. Except as otherwise noted, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only with outstanding principal due upon maturity.
(2)
Includes the effect of interest rate contracts as of March 31, 2013, and excludes amortization of loan fees, all shown on an actual/360-day basis.
(3)
The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest.
(4)
The loan has a $75.0 million tranche bearing interest at DMBS + 0.76% and a $36.9 million tranche bearing interest at DMBS + 0.60%.
(5)
Interest-only until February 2016, with principal amortization thereafter based upon a 30-year amortization table.
(6)
Interest-only until February 2015, with principal amortization thereafter based upon a 30-year amortization table.
(7)
Interest only until February 2017, with principal amortization thereafter based upon a 30-year amortization table.
(8)
Interest at a fixed interest rate until March 1, 2018 and a floating rate thereafter, with interest-only payments until March 2014 and payments thereafter based upon a 30-year amortization table.
(9)
We have 2 one-year extension options, which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions.



The minimum future principal payments due (excluding any available extension options) on our secured notes payable at March 31, 2013, were as follows (in thousands):

Three months ending March 31:
 
2014
$
16,140

2015
118,054

2016
241,192

2017
15,619

2018
764,677

Thereafter
2,195,458

Total future principal payments
$
3,351,140