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Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Senior Notes and Trust Preferred Securities | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2016 and December 31, 2015:
| December 31, 2016 |  | December 31, 2015
Mortgages and notes payable | $ | 745,173 |  |  | $ | 882,952 |
Unamortized debt issuance costs | (7,126 | ) |  | (10,309 | )
| $ | 738,047 |  |  | $ | 872,643 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 7.8% at December 31, 2016 and the mortgages and notes payable mature between 2017 and 2036. Interest rates, including imputed rates, ranged from 2.2% to 7.8% at December 31, 2015. The weighted-average interest rate at December 31, 2016 and 2015 was approximately 4.6% and 4.9%, respectively. 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) | 08/2019 |  | LIBOR + 1.00%
$250,000 Term Loan(2)(4) | 08/2020 |  | LIBOR + 1.10%
$255,000 Term Loan(3)(4) | 01/2021 |  | 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 December 31, 2016, the unsecured revolving credit facility had no amounts outstanding, $4,600 of letters of credit and availability of $395,400, 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 $3,907 and $4,924 as of December 31, 2016 and 2015 and respectively.
The unsecured revolving credit facility and the unsecured term loans are subject to financial covenants, which the Company was in compliance with at December 31, 2016. Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments. Scheduled principal and balloon payments for mortgages, notes payable, credit facility borrowings and term loans for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2017 |  | $ | 92,731 |
2018 |  | 36,713 |
2019 |  | 110,448 |
2020 |  | 305,147 |
2021 |  | 295,465 |
Thereafter |  | 409,669 |
|  | 1,250,173 |
Unamortized debt discounts | (11,033 | )
|  | $ | 1,239,140 |
Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, excluding discontinued operations, of $(7), $4,128 and $(6,657) for the years ended December 31, 2016, 2015 and 2014, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $4,933, $6,062 and $3,441 in interest, including discontinued operations, for the years ended 2016, 2015 and 2014, respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2016 and 2015:
Issue Date |  | December 31, 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 debt discount |  | (1,780 | ) |  | (2,053 | ) |  |  |  |  |  |
Unamortized debt issuance cost |  | (3,858 | ) |  | (4,421 | ) |  |  |  |  |  |
|  | $ | 494,362 |  |  | $ | 493,526 |  |  |  |  |  |  |
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. During 2010, the Company issued $115,000 aggregate principal amount of 6.00% Convertible Guaranteed Notes. 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 December 31, 2016, no such notes were outstanding. During 2016, 2015 and 2014, $12,400, $3,828 and $12,763 aggregate principal amount of the notes were converted for 1,892,269, 519,664 and 1,904,542 common shares and an aggregate cash payment of $672, $529 and $233 plus accrued and unpaid interest, respectively. The Company recognized aggregate debt satisfaction charges of $436, $476 and $2,436, during 2016, 2015 and 2014, respectively, relating to the conversions. During 2007, the Company issued $200,000 unsecured 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, 2016 and 2015, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $2,024 and $2,124, respectively, of unamortized debt issuance cost. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2017 |  | $ | — |
2018 |  | — |
2019 |  | — |
2020 |  | — |
2021 |  | — |
Thereafter |  | 629,120 |
|  | 629,120 |
Unamortized debt discounts |  | (1,780 | )
Unamortized debt issuance costs |  | (5,882 | )
|  | $ | 621,458 |

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