XML 33 R17.htm IDEA: XBRL DOCUMENT
v3.19.1

Senior Notes, Convertible Notes and Trust Preferred Securities | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Senior Notes, Convertible Notes and Trust Preferred Securities | Mortgages and Notes Payable The Company had the following mortgages and notes payable outstanding as of December 31, 2018 and 2017:
| December 31, 2018 |  | December 31, 2017
Mortgages and notes payable | $ | 575,514 |  |  | $ | 697,068 |
Unamortized debt issuance costs | (5,094 | ) |  | (7,258 | )
| $ | 570,420 |  |  | $ | 689,810 |
Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 6.5% at December 31, 2018 and the mortgages and notes payable mature between 2019 and 2036. Interest rates, including imputed rates, ranged from 2.2% to 7.8% at December 31, 2017. The weighted-average interest rate at December 31, 2018 and 2017 was approximately 4.5% and 4.6%, respectively. The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2018, are as follows:
| Maturity Date |  | Interest Rate
$505,000 Revolving Credit Facility(1) | August 2019 |  | LIBOR + 1.00%
$300,000 Term Loan(2)(3) | 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 December 31, 2018, the revolving credit facility had no borrowings outstanding and availability of $505,000, subject to covenant compliance. See note 20.
(2) | The interest rate ranges from LIBOR plus 0.90% to 1.75%. The Company had aggregate interest-rate swap agreements to fix the LIBOR component at a weighted-average rate of 1.42% through January 2019 on $255,000 of the $300,000 outstanding LIBOR-based borrowings. During 2018, the Company satisfied in full the $300,000 term loan due in 2020.
(3) | The aggregate unamortized debt issuance costs for the term loan was $1,267 and $1,804 as of December 31, 2018 and 2017, respectively.
The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2018. 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 and term loan for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2019 |  | $ | 101,887 |
2020 |  | 55,143 |
2021 |  | 340,465 |
2022 |  | 22,120 |
2023 |  | 23,998 |
Thereafter |  | 331,901 |
|  | 875,514 |
Unamortized debt issuance costs | (6,361 | )
|  | $ | 869,153 |
Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(898), $258 and $(7) for the years ended December 31, 2018, 2017 and 2016, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $15, $1,174 and $4,933 in interest for the years ended 2018, 2017 and 2016, respectively. Senior Notes, Convertible Notes and Trust Preferred Securities The Company had the following Senior Notes outstanding as of December 31, 2018 and 2017:
Issue Date |  | December 31, 2018 |  | December 31, 2017 |  | 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 |  | (1,235 | ) |  | (1,507 | ) |  |  |  |  |  |
Unamortized debt issuance cost |  | (2,731 | ) |  | (3,295 | ) |  |  |  |  |  |
|  | $ | 496,034 |  |  | $ | 495,198 |  |  |  |  |  |  |
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. During 2016, $12,400 aggregate principal amount of the notes were converted for 1,892,269 common shares and an aggregate cash payment of $672 plus accrued and unpaid interest. The Company recognized aggregate debt satisfaction charges of $436 during 2016 relating to the conversions. 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, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and thereafter bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2018 was 4.220%. As of December 31, 2018 and 2017, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,824 and $1,924, respectively, of unamortized debt issuance costs. Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:
Year ending December 31, |  | Total
2019 |  | $ | — |
2020 |  | — |
2021 |  | — |
2022 |  | — |
2023 |  | 250,000 |
Thereafter |  | 379,120 |
|  | 629,120 |
Unamortized debt discounts |  | (1,235 | )
Unamortized debt issuance costs |  | (4,555 | )
|  | $ | 623,330 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration