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Debt (Notes) | 6 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
Debt | Debt The Company, through property owner subsidiaries, had outstanding non-recourse secured mortgages and notes payable of $1,012,537 and $1,197,489 as of June 30, 2014 and December 31, 2013, respectively. Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.6% to 8.5% at June 30, 2014 and December 31, 2013 and the mortgages and notes payables mature between 2014 and 2027 as of June 30, 2014. The weighted-average interest rate was 5.2% and 5.3% at June 30, 2014 and December 31, 2013, respectively. The Company had the following senior notes outstanding as of June 30, 2014:
Issue Date |  | Face Amount |  | Interest Rate |  | Maturity Date |  | Issue Price
May 2014 |  | $ | 250,000 |  |  | 4.40 | % |  | June 2024 |  | 99.883 | %
June 2013 |  | 250,000 |  |  | 4.25 | % |  | June 2023 |  | 99.026 | %
|  | $ | 500,000 |  |  |  |  |  |  |
The Company issued $250,000 of 4.40% Senior Notes due 2024 during the second quarter of 2014 in a registered offering to the public. The Company used the net proceeds from the sale of these senior notes to repay secured indebtedness, pay down amounts outstanding under its revolving credit facility and for other general corporate purposes. Each series of the senior notes is unsecured and pays interest semi-annually in arrears. 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 senior notes are rated Baa2, BBB- and BBB by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings, Inc., respectively. The Company has a $400,000 unsecured revolving credit facility with KeyBank National Association (“KeyBank”), as agent. The unsecured revolving credit facility matures in February 2017 but can be extended until February 2018 at the Company’s option. The interest rate under the unsecured revolving credit facility ranges from LIBOR plus 0.95% to 1.725% (1.15% as of June 30, 2014) depending on the Company's unsecured debt rating. At June 30, 2014, the unsecured revolving credit facility had no amounts outstanding, outstanding letters of credit of $16,144 and availability of $383,856, subject to covenant compliance. In 2013, the Company procured a five-year $250,000 unsecured term loan facility from KeyBank, as agent. The unsecured term loan matures in February 2018, may be prepaid without penalty and requires regular payments of interest only at interest rates ranging from LIBOR plus 1.10% to 2.10% (1.35% as of June 30, 2014) depending on the Company’s unsecured debt rating. As of June 30, 2014, the Company entered into aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.09% through February 2018 on the $250,000 of outstanding LIBOR-based borrowings. The Company has a $255,000 unsecured term loan from Wells Fargo Bank, National Association (“Wells Fargo”), as agent. The term loan matures in January 2019. The term loan requires regular payments of interest only at interest rates ranging from LIBOR plus 1.50% to 2.25% (1.75% as of June 30, 2014) depending on the Company's unsecured debt rating. The Company may prepay any outstanding borrowings under the term loan facility at a premium through January 12, 2016 and at par thereafter. The Company has entered into interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on the $255,000 of outstanding LIBOR-based borrowings. The Company was in compliance with all applicable financial covenants contained in its corporate level debt agreements at June 30, 2014. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes due 2030. 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. The notes have a current conversion rate of 149.6190 common shares per one thousand principal amount of the notes, representing a conversion price of approximately $6.68 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 the six months ended June 30, 2014 and 2013, $2,805 and $42,750, respectively, aggregate principal amount of the notes were converted for 414,637 and 6,167,111 common shares, respectively, and aggregate cash payments of $62 and $2,663, respectively, plus accrued and unpaid interest resulting in aggregate debt satisfaction charges of $574 and $10,633, respectively. On September 30, 2013, the Company obtained the release of all guarantees, other than LCIF and LCIF II (which subsequently merged into LCIF) under the indenture for the 6.00% Convertible Guaranteed Notes due 2030, the indenture for the 4.25% Senior Notes due 2023, the term loan agreements and the unsecured revolving credit facility. Below is a summary of additional disclosures related to the 6.00% Convertible Guaranteed Notes due 2030.
| 6.00% Convertible Guaranteed Notes due 2030
Balance Sheets: | June 30, 2014 |  | December 31, 2013
Principal amount of debt component | $ | 26,186 |  |  | $ | 28,991 |
Unamortized discount | (1,132 | ) |  | (1,500 | )
Carrying amount of debt component | $ | 25,054 |  |  | $ | 27,491 |
Carrying amount of equity component | $ | (27,564 | ) |  | $ | (26,032 | )
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 | $ | 16,432 |  |  | $ | 14,296 |
| Three months ended June 30, |  | Six months ended June 30,
Statements of Operations: | 2014 |  | 2013 |  | 2014 |  | 2013
6.00% Convertible Guaranteed Notes |  |  |  |  |  |  |
Coupon interest | $ | 393 |  |  | $ | 610 |  |  | $ | 821 |  |  | $ | 1,398 |
Discount amortization | 112 |  |  | 175 |  |  | 233 |  |  | 398 |
| $ | 505 |  |  | $ | 785 |  |  | $ | 1,054 |  |  | $ | 1,796 |
During the six months ended June 30, 2014 and 2013, in connection with the satisfaction of mortgage notes other than those disclosed elsewhere in these financial statements, the Company incurred debt satisfaction charges, net of $6,917 and $11,796, respectively, relating primarily to satisfying non-recourse mortgage debt prior to the stated maturity dates.

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- Definition The entire disclosure for long-term debt. + 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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