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Unsecured and Secured Indebtedness | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Unsecured and Secured Indebtedness |
7. | 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
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |  |  | December 31, 2017
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes(B) |  | $ | 2,832.2 |  |  | $ | 2,932.2 |  |  | 3.375%–7.500% |  |  | 3.375%–7.875% |  |  | July 2018– June 2027
Senior notes – discount, net |  |  | (5.1 | ) |  |  | (5.0 | ) |  |  |  |  |  |  |  |  |  |
Net unamortized debt issuance costs |  |  | (17.0 | ) |  |  | (14.0 | ) |  |  |  |  |  |  |  |  |  |
Total Senior Notes |  | $ | 2,810.1 |  |  | $ | 2,913.2 |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loan |  | $ | 400.0 |  |  | $ | 400.0 |  |  | 2.9% |  |  |  | 1.9% |  |  | April 2018– January 2023
Net unamortized debt issuance costs |  |  | (1.9 | ) |  |  | (1.6 | ) |  |  |  |  |  |  |  |  |  |
Total Unsecured Term Loan |  | $ | 398.1 |  |  | $ | 398.4 |  |  |  |  |  |  |  |  |  |  |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage indebtedness – Fixed Rate |  | $ | 643.4 |  |  | $ | 959.1 |  |  | 4.7% |  |  |  | 4.9% |  |  | January 2019– January 2022
Mortgage indebtedness – Variable Rate |  | — |  |  |  | 26.2 |  |  | N/A |  |  |  | 1.8% |  |  | N/A
Net unamortized debt issuance costs |  |  | (2.3 | ) |  |  | (2.8 | ) |  |  |  |  |  |  |  |  |  |
Total Mortgage Indebtedness |  | $ | 641.1 |  |  | $ | 982.5 |  |  |  |  |  |  |  |  |  |  |
Secured Term Loan |  | $ | — |  |  | $ | 200.0 |  |  | N/A |  |  |  | 2.1% |  |  | N/A
Net unamortized debt issuance costs |  | — |  |  |  | (0.2 | ) |  |  |  |  |  |  |  |  |  |
Total Secured Term Loan |  | $ | — |  |  | $ | 199.8 |  |  |  |  |  |  |  |  |  |  |
(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, 2017 and 2016.
(B) | Effective interest rate ranged from 3.5% to 7.5% at December 31, 2017.
Senior Notes In 2017, the Company issued $350.0 million aggregate principal amount of 3.900% senior unsecured notes due August 2024 and $450.0 million aggregate principal amount of 4.700% senior unsecured notes due June 2027. In 2017, the Company repaid all $300.0 million aggregate principal amount of its 7.875% senior unsecured notes due September 2020 and $300.0 million aggregate principal amount of its 4.75% senior unsecured notes due April 2018. In connection with the redemption of the senior unsecured notes, the Company paid make-whole amounts totaling $58.5 million. These make-whole amounts are included in Other Income (Expense), net in the Company’s consolidated statements of operations. The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.2% and 4.9% at December 31, 2017 and 2016, respectively. Senior notes with an aggregate principal amount of $82.2 million may not be redeemed by the Company prior to maturity in July 2018 and will not be subject to any sinking fund requirements (Note 17). The remaining senior notes may be redeemed based upon a yield maintenance calculation. The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitation on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also require that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. Interest is paid semiannually in arrears. At December 31, 2017 and 2016, the Company was in compliance with all of the financial and other covenants under the indentures. Total fees, excluding underwriting discounts, incurred by the Company for the issuance of senior notes were $2.0 million in 2017. Unsecured Term Loan In 2017, the Company amended its $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association and KeyBank National Association, as syndication agents (the “Unsecured Term Loan”). As a result, the maturity date of $200 million Tranche A loans under the Unsecured Term Loan was extended to April 2018, with two one-year extension options upon the Company’s request, provided certain conditions are satisfied and the maturity date for the remaining $200 million of Tranche B loans under the facility was extended to January 2023. The Company may increase the amount of the facility provided that lenders agree to certain terms. The interest rate remains unchanged at variable rates based on LIBOR as defined in the loan agreements, plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.35% at December 31, 2017). The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2017 and 2016. Secured Term Loan The Company maintained a collateralized term loan (the “Secured Term Loan”) with a syndicate of financial institutions, for which KeyBank National Association served as the administrative agent. This facility was repaid in 2017. Borrowings under the Secured Term Loan bore interest at variable rates based on LIBOR, as defined in the loan agreement, plus a specified spread (1.35% at December 31, 2016) based on the Company’s long-term senior unsecured debt rating. The collateral for the Secured Term Loan was real estate assets, or investment interests in certain assets, that were already encumbered by first mortgage loans. The Company was required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2016. Mortgages Payable Mortgages payable, collateralized by real estate with a net book value of $0.9 billion at December 31, 2017, and related tenant leases are generally due in monthly installments of principal and/or interest. Fixed contractual interest rates on mortgages payable range from approximately 3.4% to 9.8%. Scheduled Principal Repayments The scheduled principal payments of the Revolving Credit Facilities (Note 6) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2017, are as follows (in thousands):
Year |  | Amount |
2018 |  | $ | 298,877 |
2019 |  |  | 182,511 |
2020 |  |  | 347,522 |
2021 |  |  | 392,970 |
2022 |  |  | 453,942 |
Thereafter |  |  | 2,191,783 |
|  |  | 3,867,605 |
Unamortized fair market value of assumed debt |  |  | 2,875 |
Net unamortized debt issuance costs |  |  | (21,168 | )
Total indebtedness |  | $ | 3,849,312 |
Unsecured and secured financings in February 2018 are more fully described in Subsequent Events (Note 17). Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2017, 2016 and 2015 aggregated $1.9 million, $1.8 million and $2.3 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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