| Schedule of debt |
Our debt consisted of the following (dollars in thousands):
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Carrying Value (1) as of |
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December 31,
2015 |
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December 31,
2014 |
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Stated Interest Rates as of |
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Scheduled Maturity as of |
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December 31, 2015 |
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December 31, 2015 |
Mortgage and Other Secured Loans: |
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Fixed rate mortgage loans (2) |
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$ |
281,208 |
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$ |
385,769 |
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3.96% - 7.87% (3) |
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2016-2024 |
Variable rate secured loans |
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49,792 |
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36,698 |
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LIBOR + 1.85% - 2.00% (4) |
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2016-2020 |
Total mortgage and other secured loans |
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331,000 |
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422,467 |
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Revolving Credit Facility (5) |
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43,500 |
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83,000 |
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LIBOR + 0.875% to 1.60% |
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May 2019 |
Term Loan Facilities (6) |
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515,902 |
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517,846 |
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LIBOR + 0.90% to 2.60% (7) |
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2019-2022 |
Unsecured Senior Notes (5) |
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3.600%, $350,000 aggregate principal |
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346,714 |
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346,311 |
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3.60% (8) |
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May 2023 |
5.250%, $250,000 aggregate principal |
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245,731 |
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245,306 |
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5.25% (9) |
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February 2024 |
3.700%, $300,000 aggregate principal |
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297,378 |
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296,927 |
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3.70% (10) |
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June 2021 |
5.000%, $300,000 aggregate principal |
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296,019 |
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— |
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5.00% (10) |
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July 2025 |
Unsecured notes payable |
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1,508 |
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1,607 |
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0% (11) |
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2026 |
4.25% Exchangeable Senior Notes (12) |
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— |
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572 |
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N/A |
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N/A |
Total debt |
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$ |
2,077,752 |
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$ |
1,914,036 |
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(1) |
The carrying values of our loans other than the Revolving Credit Facility reflect net deferred financing costs of $8.0 million as of December 31, 2015 and $6.0 million as of December 31, 2014.
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(2) |
Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $514,000 as of December 31, 2015 and $42,000 as of December 31, 2014.
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(3) |
The weighted average interest rate on our fixed rate mortgage loans was 6.08% as of December 31, 2015.
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(4) |
The weighted average interest rate on our variable rate secured loans was 2.2% as of December 31, 2015.
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(5) |
Refer to the paragraphs below for further disclosure. |
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(6) |
As discussed below, an additional $150.0 million in borrowings is available to be drawn under a term loan entered into in the current year. In addition, we have the ability to borrow an additional $430.0 million in the aggregate under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders.
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(7) |
The weighted average interest rate on these loans was 1.92% as of December 31, 2015.
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(8) |
The carrying value of these notes reflects an unamortized discount totaling $2.2 million as of December 31, 2015 and $2.5 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.
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(9) |
The carrying value of these notes reflects an unamortized discount totaling $3.8 million as of December 31, 2015 and $4.2 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.
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(10) |
Refer to the paragraphs below for further disclosure. |
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(11) |
These notes carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $554,000 as of December 31, 2015 and $654,000 as of December 31, 2014.
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(12) |
On April 20, 2015, we redeemed the remaining $575,000 principal amount of these notes at 100% of their principal amount. The carrying value of these notes as of December 31, 2014 included an unamortized discount totaling $3,000.
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| Schedule of debt maturities |
Our debt matures on the following schedule (in thousands):
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2016 |
$ |
208,109 |
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2017 |
3,252 |
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2018 |
3,400 |
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2019 |
167,014 |
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(1) |
2020 |
315,252 |
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Thereafter |
1,400,203 |
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Total |
$ |
2,097,230 |
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(2) |
(1) Includes $43.5 million in 2019 that may be extended to 2020 at our option, subject to certain conditions.
(2) Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $19.5 million.
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| Schedule of the fair value of debt |
The following table sets forth information pertaining to the fair value of our debt (in thousands):
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December 31, 2015 |
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December 31, 2014 |
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Carrying |
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Estimated |
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Carrying |
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Estimated |
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Amount |
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Fair Value |
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Amount |
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Fair Value |
Fixed-rate debt |
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Unsecured Senior Notes |
$ |
1,185,842 |
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$ |
1,211,658 |
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$ |
888,544 |
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$ |
901,599 |
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Other fixed-rate debt |
282,716 |
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291,991 |
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387,948 |
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356,377 |
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Variable-rate debt |
609,194 |
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610,987 |
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637,544 |
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642,091 |
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$ |
2,077,752 |
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$ |
2,114,636 |
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$ |
1,914,036 |
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$ |
1,900,067 |
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