Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.3.1.900
Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
 
 
Carrying Value (1) as of
 
 
 
 
 
 
December 31,
2015
 
December 31,
2014
 
Stated Interest Rates as of
 
Scheduled Maturity as of
 
 
 
 
December 31, 2015
 
December 31, 2015
Mortgage and Other Secured Loans:
 
 

 
 

 
 
 
 
Fixed rate mortgage loans (2)
 
$
281,208

 
$
385,769

 
3.96% - 7.87% (3)
 
2016-2024
Variable rate secured loans
 
49,792

 
36,698

 
LIBOR + 1.85% - 2.00% (4)
 
2016-2020
Total mortgage and other secured loans
 
331,000

 
422,467

 
 
 
 
Revolving Credit Facility (5)
 
43,500

 
83,000

 
LIBOR + 0.875% to 1.60%
 
May 2019
Term Loan Facilities (6)
 
515,902

 
517,846

 
LIBOR + 0.90% to 2.60% (7)
 
2019-2022
Unsecured Senior Notes (5)
 
 
 
 
 
 
 
 
3.600%, $350,000 aggregate principal
 
346,714

 
346,311

 
3.60% (8)
 
May 2023
5.250%, $250,000 aggregate principal
 
245,731

 
245,306

 
5.25% (9)
 
February 2024
3.700%, $300,000 aggregate principal
 
297,378

 
296,927

 
3.70% (10)
 
June 2021
5.000%, $300,000 aggregate principal
 
296,019

 

 
5.00% (10)
 
July 2025
Unsecured notes payable
 
1,508

 
1,607

 
0% (11)
 
2026
4.25% Exchangeable Senior Notes (12)
 

 
572

 
N/A
 
N/A
Total debt
 
$
2,077,752

 
$
1,914,036

 
 
 
 

(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.
(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.
(3)
The weighted average interest rate on our fixed rate mortgage loans was 6.08% as of December 31, 2015.
(4) 
The weighted average interest rate on our variable rate secured loans was 2.2% as of December 31, 2015.
(5)
Refer to the paragraphs below for further disclosure.
(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.
(7) 
The weighted average interest rate on these loans was 1.92% as of December 31, 2015.
(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%.
(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%.
(10)
Refer to the paragraphs below for further disclosure.
(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.
(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.
Schedule of debt maturities
Our debt matures on the following schedule (in thousands):
2016
$
208,109

 
2017
3,252

 
2018
3,400

 
2019
167,014

(1)
2020
315,252

 
Thereafter
1,400,203

 
Total
$
2,097,230

(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.
Schedule of the fair value of debt
The following table sets forth information pertaining to the fair value of our debt (in thousands):
 
December 31, 2015
 
December 31, 2014
 
Carrying
 
Estimated
 
Carrying
 
Estimated
 
Amount
 
Fair Value
 
Amount
 
Fair Value
Fixed-rate debt
 

 
 

 
 

 
 

Unsecured Senior Notes
$
1,185,842

 
$
1,211,658

 
$
888,544

 
$
901,599

Other fixed-rate debt
282,716

 
291,991

 
387,948

 
356,377

Variable-rate debt
609,194

 
610,987

 
637,544

 
642,091

 
$
2,077,752

 
$
2,114,636

 
$
1,914,036

 
$
1,900,067