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Debt | 9 Months Ended
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Sep. 30, 2016
Debt Instrument [Line Items] |
Debt | Debt The Company had the following mortgages and notes payable outstanding as of September 30, 2016 and December 31, 2015:
| September 30, 2016 |  | December 31, 2015
Mortgages and notes payable | $ | 765,045 |  |  | $ | 882,952 |
Unamortized debt issuance costs | (7,327 | ) |  | (10,309 | )
| $ | 757,718 |  |  | $ | 872,643 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 7.8% at September 30, 2016 and December 31, 2015 and the mortgages and notes payables mature between 2016 and 2036 as of September 30, 2016. The weighted-average interest rate was 4.7% and 4.9% at September 30, 2016 and December 31, 2015, respectively. The Company had the following senior notes outstanding as of September 30, 2016 and December 31, 2015:
Issue Date |  | September 30, 2016 |  | December 31, 2015 |  | Interest Rate |  | Maturity Date |  | Issue Price
May 2014 |  | $ | 250,000 |  |  | $ | 250,000 |  |  | 4.40 | % |  | June 2024 |  | 99.883 | %
June 2013 |  | 250,000 |  |  | 250,000 |  |  | 4.25 | % |  | June 2023 |  | 99.026 | %
|  | 500,000 |  |  | 500,000 |  |  |  |  |  |  |
Unamortized discount |  | (1,848 | ) |  | (2,053 | ) |  |  |  |  |  |
Unamortized debt issuance cost |  | (3,999 | ) |  | (4,421 | ) |  |  |  |  |  |
|  | $ | 494,153 |  |  | $ | 493,526 |  |  |  |  |  |  |
Each series of the senior notes is unsecured and requires payment of 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 Company has a $905,000 unsecured credit agreement with KeyBank National Association, as agent. With lender approval, the Company can increase the size of the facility to an aggregate $1,810,000. A summary of the significant terms are as follows:
| Maturity Date |  | Current Interest Rate
$400,000 Revolving Credit Facility(1) | August 2019 |  | LIBOR + 1.00%
$250,000 Term Loan(2)(4) | August 2020 |  | LIBOR + 1.10%
$255,000 Term Loan(3)(4) | January 2021 |  | LIBOR + 1.10%
(1) | Maturity date can be extended to August 2020 at the Company's option. The interest rate ranges from LIBOR plus 0.85% to 1.55%. At September 30, 2016, the revolving credit facility had no amounts outstanding and availability of $400,000, subject to covenant compliance.
(2) | The interest rate ranges from LIBOR plus 0.90% to 1.75%. The Company previously 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.
(3) | The interest rate ranges from LIBOR plus 0.90% to 1.75%. The Company previously entered into aggregate 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.
(4) | The aggregate unamortized debt issuance costs for the term loans were $4,161 and $4,924 as of September 30, 2016 and December 31, 2015, respectively.
The Company was in compliance with all applicable financial covenants contained in its corporate level debt agreements at September 30, 2016. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes due 2030. The notes paid interest semi-annually in arrears and were scheduled to mature in January 2030. The notes were fully satisfied/converted in 2016 and at September 30, 2016, no notes were outstanding. During the nine months ended September 30, 2016 and 2015, $12,400 and $3,828, respectively, aggregate principal amount of the notes were converted for 1,892,269 and 519,664 common shares, respectively, and aggregate cash payments of $672 and $529, respectively. The satisfactions/conversions resulted in debt satisfaction charges of $436 and $476 for the nine months ended September 30, 2016 and 2015, respectively. 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 September 30, 2016 and December 31, 2015, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $2,049 and $2,124, respectively, of unamortized debt issuance costs. During the nine months ended September 30, 2016 and 2015, in connection with the satisfaction of mortgage notes other than those disclosed elsewhere in these financial statements, the Company had debt satisfaction gains (charges), net of $(1) and $4,123, respectively.
LCIF [Member] |
Debt Instrument [Line Items] |
Debt | Mortgages and Notes Payable and Co-Borrower Debt The Partnership had the following mortgages and notes payable outstanding as of September 30, 2016 and December 31, 2015:
| September 30, 2016 |  | December 31, 2015
Mortgages and notes payable | $ | 170,215 |  |  | $ | 437,492 |
Unamortized debt issuance costs | (771 | ) |  | (5,893 | )
| $ | 169,444 |  |  | $ | 431,599 |
Interest rates, including imputed rates, ranged from 4.0% to 6.5% at September 30, 2016 and December 31, 2015, and the mortgages and notes payable mature between 2019 and 2026. The weighted-average interest rate at September 30, 2016 and December 31, 2015 was approximately 4.7%. Lexington, and the Partnership as co-borrower, have a $905,000 unsecured credit agreement with KeyBank National Association, as agent. With lender approval, Lexington can increase the size of the facility to an aggregate $1,810,000. A summary of the significant terms are as follows:
| Maturity Date |  | Current Interest Rate
$400,000 Revolving Credit Facility(1) | August 2019 |  | LIBOR + 1.00%
$250,000 Term Loan(2) | August 2020 |  | LIBOR + 1.10%
$255,000 Term Loan(3) | January 2021 |  | LIBOR + 1.10%
(1) | Maturity date can be extended to August 2020 at the Lexington's option. The interest rate ranges from LIBOR plus 0.85% to 1.55%. At September 30, 2016, the revolving credit facility had no amounts outstanding and availability of $400,000 subject to covenant compliance.
(2) | The interest rate ranges from LIBOR plus 0.90% to 1.75%. Interest-rate swap agreements were previously entered into 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.
(3) | The interest rate ranges from LIBOR plus 0.90% to 1.75%. Interest-rate swap agreements were previously entered into 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.
Lexington was in compliance with all applicable financial covenants contained in its corporate level debt agreements at September 30, 2016. In accordance with the guidance of ASU 2013-04, the Partnership, as it is a co-borrower with Lexington, recognizes a proportion of the outstanding amounts of the above-mentioned term loans and revolving credit facility as co-borrower debt in the accompanying unaudited condensed consolidated balances sheets. In accordance with the Partnership’s partnership agreement, the Partnership is allocated a portion of these debts based on gross rental revenues, which represents its agreed to obligation. The Partnership's allocated co-borrower debt was $152,753 and $201,106 as of September 30, 2016 and December 31, 2015, respectively. Non-cash changes in co-borrower debt are recognized in partners’ capital in the accompanying unaudited condensed consolidated statements of changes in partners’ capital.

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