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Unsecured and Secured Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2017
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

 

 

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.

Scheduled Principal Payments

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