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Mortgage and Other Indebtedness (Tables) | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
| March 31, 2015 |  | December 31, 2014
| Amount |  | Weighted- Average Interest Rate (1) |  | Amount |  | Weighted- Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |
Non-recourse loans on operating properties (2) | $ | 3,234,029 |  |  | 5.62% |  | $ | 3,252,730 |  |  | 5.62%
Senior unsecured notes due 2023 (3) | 445,863 |  |  | 5.25% |  | 445,770 |  |  | 5.25%
Senior unsecured notes due 2024 (4) | 299,928 |  |  | 4.60% |  | 299,925 |  |  | 4.60%
Other | 5,056 |  |  | 3.50% |  | 5,639 |  |  | 3.50%
Total fixed-rate debt | 3,984,876 |  |  | 5.50% |  | 4,004,064 |  |  | 5.50%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse term loans on operating properties | 17,051 |  |  | 2.30% |  | 17,121 |  |  | 2.29%
Recourse term loans on operating properties | 9,279 |  |  | 2.93% |  | 7,638 |  |  | 2.91%
Construction loan | 1,440 |  |  | 2.68% |  | 454 |  |  | 2.66%
Unsecured lines of credit | 207,065 |  |  | 1.57% |  | 221,183 |  |  | 1.56%
Unsecured term loans | 450,000 |  |  | 1.68% |  | 450,000 |  |  | 1.71%
Total variable-rate debt | 684,835 |  |  | 1.68% |  | 696,396 |  |  | 1.69%
Total | $ | 4,669,711 |  |  | 4.94% |  | $ | 4,700,460 |  |  | 4.93%
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.
(2) | The Operating Partnership had four interest rate swaps on notional amounts totaling $104,492 as of March 31, 2015 and $105,584 as of December 31, 2014 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at March 31, 2015 and December 31, 2014.
(3) | The balance is net of an unamortized discount of $4,137 and $4,230 as of March 31, 2015 and December 31, 2014, respectively.
(4) | The balance is net of an unamortized discount of $72 and $75 as of March 31, 2015 and December 31, 2014, respectively.
Schedule of line of credit facilities | The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2015:
|  | Total Capacity |  | Total Outstanding |  | Maturity Date |  | Extended Maturity Date (1)
Wells Fargo - Facility A |  | $ | 600,000 |  |  | $ | 43,398 |  | (2) | November 2015 |  | November 2016
First Tennessee |  | 100,000 |  |  | 9,313 |  | (3) | February 2016 |  | N/A
Wells Fargo - Facility B |  | 600,000 |  |  | 161,377 |  | (4) | November 2016 |  | November 2017
|  | $ | 1,300,000 |  |  | $ | 214,088 |  |  |  |  |
(1) | The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility.
(2) | There was an additional $800 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
(3) | There was an additional $113 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit.
(4) | There was an additional $6,110 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of March 31, 2015:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 53.6%
Secured debt to total assets |  | < 45% (1) |  | 37.0%
Total unencumbered assets to unsecured debt |  | > 150% |  | 238.1%
Consolidated income available for debt service to annual debt service charge |  | > 1.5x |  | 3.2x
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of March 31, 2015:
Ratio |  | Required |  | Actual
Debt to total asset value |  | < 60% |  | 49.2%
Unencumbered asset value to unsecured indebtedness |  | > 1.60x |  | 2.6x
Unencumbered NOI to unsecured interest expense |  | > 1.75x |  | 4.2x
EBITDA to fixed charges (debt service) |  | > 1.5x |  | 2.2x
Schedule of principal repayments | As of March 31, 2015, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows:
2015 | $ | 554,964 |
2016 | 770,868 |
2017 | 491,189 |
2018 | 679,829 |
2019 | 115,647 |
Thereafter | 2,054,773 |
| 4,667,270 |
Net unamortized premiums | 2,441 |
| $ | 4,669,711 |
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of March 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivative |  | Number of Instruments |  | Notional Amount Outstanding
Interest Rate Swaps |  | 4 |  | $ | 104,492 |
Schedule of pay fixed/receive variable swap |
Instrument Type |  | Location in Condensed Consolidated Balance Sheet |  | Notional Amount Outstanding |  | Designated Benchmark Interest Rate |  | Strike Rate |  | Fair Value at 3/31/15 |  | Fair Value at 12/31/14 |  | Maturity Date
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $50,508 (amortizing to $48,337) |  | 1-month LIBOR |  | 2.149% |  | $ | (893 | ) |  | $ | (1,064 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $31,630 (amortizing to $30,276) |  | 1-month LIBOR |  | 2.187% |  | (571 | ) |  | (681 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $11,822 (amortizing to $11,313) |  | 1-month LIBOR |  | 2.142% |  | (208 | ) |  | (248 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $10,532 (amortizing to $10,083) |  | 1-month LIBOR |  | 2.236% |  | (195 | ) |  | (233 | ) |  | April 2016
|  |  |  |  |  |  |  |  |  | $ | (1,867 | ) |  | $ | (2,226 | ) |  |
Schedule of gain (loss) recognized in other comprehensive income (loss) |
|  | Gain Recognized in OCI/L (Effective Portion) |  | Location of Losses Reclassified from AOCI into Earnings (Effective Portion) |  | Loss Recognized in Earnings (Effective Portion) |  | Location of Gain Recognized in Earnings (Ineffective Portion) |  | Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument |  | Three Months Ended March 31, |  |  | Three Months Ended March 31, |  |  | Three Months Ended March 31,
| 2015 |  | 2014 |  |  | 2015 |  | 2014 |  |  | 2015 |  | 2014
Interest rate contracts |  | $ | 360 |  |  | $ | 404 |  |  | Interest Expense |  | $ | (523 | ) |  | $ | (548 | ) |  | Interest Expense |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
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