XML 57 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
Unsecured and Secured Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Summary of Unsecured and Secured Indebtedness

The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):

 

 

 

Carrying Value at

December 31,

 

 

Interest Rate(A) at

December 31,

 

 

Maturity Date at

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

December 31, 2015

Unsecured indebtedness:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior notes(B)

 

$

3,172.2

 

 

$

2,425.2

 

 

3.375%–9.625%

 

 

3.375%–9.625%

 

 

March 2016–

February 2026

Senior notes – (discount) premium, net

 

 

(5.9

)

 

 

0.7

 

 

 

 

 

 

 

 

 

 

 

Net unamortized debt issuance costs

 

 

(17.1

)

 

 

(13.5

)

 

 

 

 

 

 

 

 

 

 

Senior convertible notes due 2040, net

 

 

—

 

 

 

340.0

 

 

N/A

 

 

 

1.75%

 

 

N/A

Total Senior Notes

 

$

3,149.2

 

 

$

2,752.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Unsecured Term Loan

 

$

400.0

 

 

N/A

 

 

 

1.5%

 

 

N/A

 

 

April 2017

2014 Unsecured Term Loan

 

N/A

 

 

$

350.0

 

 

N/A

 

 

 

3.1%

 

 

N/A

Net unamortized debt issuance costs

 

 

(2.1

)

 

 

(2.1

)

 

 

 

 

 

 

 

 

 

 

Total Unsecured Term Loan

 

$

397.9

 

 

$

347.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured indebtedness:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured Term Loan

 

$

200.0

 

 

$

400.0

 

 

 

1.8%

 

 

 

1.6%

 

 

April 2017

Net unamortized debt issuance costs

 

 

(0.7

)

 

 

(1.5

)

 

 

 

 

 

 

 

 

 

 

Total Secured Term Loan

 

$

199.3

 

 

$

398.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage indebtedness – Fixed Rate

 

$

1,109.1

 

 

$

1,590.6

 

 

 

5.0%

 

 

 

5.4%

 

 

September 2016–

February 2022

Mortgage indebtedness – Variable Rate

 

 

78.0

 

 

 

99.2

 

 

 

1.8%

 

 

 

1.4%

 

 

March 2016–

December 2016

Net unamortized debt issuance costs

 

 

(3.9

)

 

 

(5.4

)

 

 

 

 

 

 

 

 

 

 

Total Mortgage Indebtedness

 

$

1,183.2

 

 

$

1,684.4

 

 

 

 

 

 

 

 

 

 

 

(A)

The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding.  All other interest rates presented are a weighted-average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2015 and 2014.

(B)

Effective interest rate ranged from 3.5% to 9.9% at December 31, 2015.

Summary of Carrying Amount of Debt and Equity Balance

The Company’s carrying amount of its debt and equity balance at December 31, 2014, for the senior convertible notes was as follows (in thousands):

 

 

December 31, 2014

 

Carrying value of equity component

$

52,497

 

Principal amount of senior convertible notes

$

350,000

 

Remaining unamortized accretion

 

(9,954

)

Net carrying value of senior convertible notes

$

340,046

 

 
Scheduled Principal Payments

The scheduled principal payments of the Revolving Credit Facilities (Note 6), unsecured and secured indebtedness, excluding extension options, as of December 31, 2015, are as follows (in thousands):

Year

 

Amount

 

2016

 

$

410,199

 

2017

 

 

1,132,968

 

2018

 

 

505,499

 

2019

 

 

395,819

 

2020

 

 

649,109

 

Thereafter

 

 

2,056,918

 

 

 

 

5,150,512

 

Unamortized fair market value of assumed debt

 

 

12,860

 

Net unamortized debt issuance costs

 

 

(23,835

)

Total indebtedness

 

$

5,139,537