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Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities | 12 Months Ended
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Dec. 31, 2013
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities [Abstract] |
Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities | Senior Notes, Convertible Notes, Exchangeable Notes and Trust Preferred Securities In June 2013, the Company issued $250,000 aggregate principal amount of 4.25% Senior Notes due 2023 (“Senior Notes”) at an issuance price of 99.026% of the principal amount. The Senior Notes are unsecured, pay interest semi-annually in arrears and mature in June 2023. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium. The Company issued these Senior Notes at an initial discount of $2,435 which is being recognized as additional interest expense over the term of the Senior Notes. The Senior Notes are rated Baa2 and BBB- by Moody’s and S&P, respectively. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. The notes pay interest semi-annually in arrears and mature in January 2030. The holders of the notes may require the Company to repurchase their notes in January 2017, January 2020 and January 2025 for cash equal to 100% of the notes to be repurchased, plus any accrued and unpaid interest. The Company may not redeem any notes prior to January 2017, except to preserve its REIT status. As of the date of filing this Annual Report, the notes have a conversion rate of 147.8206 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.76 per common share. The conversion rate is subject to adjustment under certain circumstances, including increases in the Company's dividend rate above a certain threshold and the issuance of stock dividends. The notes are convertible by the holders under certain circumstances for cash, common shares or a combination of cash and common shares at the Company's election. The notes are convertible prior to the close of business on the second business day immediately preceding the stated maturity date, at any time beginning in January 2029 and also upon the occurrence of specified events. During 2013 and 2012, $54,905 and $31,104 aggregate principal amount of the notes were converted for 7,944,673 and 4,487,060 common shares and an aggregate cash payment of $3,270 and $2,427 plus accrued and unpaid interest, respectively. The Company recognized aggregate debt satisfaction charges of $13,536 and $7,842, during 2013 and 2012, respectively, relating to the conversions. In 2013, the Company obtained the release of all guarantees, other than the Company's operating partnership, under the indentures for the Senior Notes and the 6.00% Convertible Guaranteed Notes, the term loan agreements and the unsecured revolving credit facility. During 2007, the Company issued an aggregate $450,000 of 5.45% Exchangeable Guaranteed Notes due in 2027. During 2012, the Company repurchased and retired all remaining outstanding original principal amount of the notes for a cash payment of $62,150. This resulted in debt satisfaction charges, net of $44. Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes and the 5.45% Exchangeable Guaranteed Notes.
| 6.00% Convertible Guaranteed Notes
Balance Sheets: | December 31, 2013 |  | December 31, 2012
Principal amount of debt component | $ | 28,991 |  |  | $ | 83,896 |
Unamortized discount | (1,500 | ) |  | (5,769 | )
Carrying amount of debt component | $ | 27,491 |  |  | $ | 78,127 |
Carrying amount of equity component | $ | (26,032 | ) |  | $ | 3,654 |
Effective interest rate | 8.1 | % |  | 8.1 | %
Period through which discount is being amortized, put date | 01/2017 |  |  | 01/2017 |
Aggregate if-converted value in excess of aggregate principal amount | $ | 14,296 |  |  | $ | 42,579 |
Statements of Operations: |  | 2013 |  | 2012 |  | 2011
6.00% Convertible Guaranteed Notes |  |  |  |  |  |
Coupon interest |  | $ | 2,296 |  |  | $ | 6,634 |  |  | $ | 6,900 |
Discount amortization |  | 658 |  |  | 1,868 |  |  | 1,938 |
|  | $ | 2,954 |  |  | $ | 8,502 |  |  | $ | 8,838 |
5.45% Exchangeable Guaranteed Notes |  |  |  |  |  |  |  |  |
Coupon interest |  | $ | — |  |  | $ | 188 |  |  | $ | 3,387 |
Discount amortization |  | — |  |  | 34 |  |  | 664 |
|  | $ | — |  |  | $ | 222 |  |  | $ | 4,051 |
During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, were open for redemption at the Company's option commencing April 2012 and bear interest at a fixed rate of 6.804% through April 2017 and thereafter, at a variable rate of three month LIBOR plus 170 basis points through maturity. As of December 31, 2013 and 2012, there was $129,120 original principal amount of Trust Preferred Securities outstanding. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2014 |  | $ | — |
2015 |  | — |
2016 |  | — |
2017(1) |  | 28,991 |
2018 |  | — |
Thereafter |  | 379,120 |
|  | 408,111 |
Debt discounts |  | (3,793 | )
|  | $ | 404,318 |
(1) | Although the 6.00% Convertible Guaranteed Notes mature in 2030, the notes can be put to the Company in 2017.

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