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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Debt Instrument [Line Items] |
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| Schedule of debt |
Our debt consisted of the following (dollars in thousands):
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Maximum |
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Availability at |
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Carrying Value at |
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Scheduled Maturity |
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December 31,
2012 |
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December 31,
2012 |
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December 31,
2011 |
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Stated Interest Rates at |
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Dates at |
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December 31, 2012 |
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December 31, 2012 |
Mortgage and Other Secured Loans: |
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Fixed rate mortgage loans (1) |
N/A |
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$ |
948,414 |
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$ |
1,052,421 |
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5.20% - 7.87% (2) |
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2013-2034 |
Variable rate secured loans |
N/A |
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|
38,475 |
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|
39,213 |
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LIBOR + 2.25% (3) |
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2015 |
Other construction loan facilities |
$ |
123,802 |
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|
29,557 |
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|
40,336 |
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LIBOR + 1.95% to 2.75% (4) |
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2013-2015 |
Total mortgage and other secured loans |
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1,016,446 |
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1,131,970 |
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Revolving Credit Facility |
800,000 |
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— |
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|
662,000 |
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LIBOR + 1.75% to 2.50% |
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September 1, 2014 |
Term Loan Facilities |
770,000 |
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|
770,000 |
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|
400,000 |
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LIBOR + 1.65% to 2.60% (5) |
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2015-2019 |
Unsecured notes payable |
N/A |
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1,788 |
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|
5,050 |
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0% (6) |
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2026 |
4.25% Exchangeable Senior Notes |
N/A |
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|
230,934 |
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|
227,283 |
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4.25% |
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April 2030 (7) |
Total debt |
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$ |
2,019,168 |
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$ |
2,426,303 |
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(1) |
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 $1.3 million at December 31, 2012 and $2.4 million at December 31, 2011.
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(2) |
The weighted average interest rate on these loans was 6.01% at December 31, 2012.
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(3) |
The interest rate on the loan outstanding was 2.46% at December 31, 2012.
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(4) |
The weighted average interest rate on these loans was 2.66% at December 31, 2012.
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(5) |
The weighted average interest rate on these loans was 2.17% at December 31, 2012.
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(6) |
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 $873,000 at December 31, 2012 and $1.8 million at December 31, 2011.
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(7) |
Refer to the paragraph below for descriptions of provisions for early redemption and repurchase of these notes. |
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| Schedule of debt maturities |
Our debt matures on the following schedule (in thousands):
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2013 |
$ |
121,129 |
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(1) |
2014 |
158,341 |
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2015 |
795,802 |
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(2) |
2016 |
278,642 |
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2017 |
551,388 |
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Thereafter |
122,490 |
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Total |
$ |
2,027,792 |
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(3) |
(1) Includes $17.5 million that may be extended for one year, subject to certain conditions.
(2) Includes $411.1 million that may be extended for one year, subject to certain conditions.
(3) Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $8.6 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, 2012 |
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December 31, 2011 |
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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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4.25% Exchangeable Senior Notes |
$ |
230,934 |
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$ |
240,282 |
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$ |
227,283 |
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$ |
238,077 |
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Other fixed-rate debt |
950,202 |
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|
968,180 |
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1,057,471 |
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1,054,424 |
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Variable-rate debt |
838,032 |
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845,558 |
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1,141,549 |
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1,139,856 |
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$ |
2,019,168 |
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$ |
2,054,020 |
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$ |
2,426,303 |
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$ |
2,432,357 |
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4.25% Exchangeable Senior Notes
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| Debt Instrument [Line Items] |
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| Schedule of interest expense recognized on notes before deductions for amounts capitalized |
The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands):
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For the Years Ended December 31, |
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2012 |
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2011 |
|
2010 |
Interest expense at stated interest rate |
$ |
10,200 |
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$ |
10,200 |
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$ |
7,480 |
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Interest expense associated with amortization of discount |
3,651 |
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|
3,437 |
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|
2,445 |
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Total |
$ |
13,851 |
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$ |
13,637 |
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$ |
9,925 |
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3.5% Exchangeable Senior Notes
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| Debt Instrument [Line Items] |
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| Schedule of interest expense recognized on notes before deductions for amounts capitalized |
The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized:
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For the Years Ended |
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December 31, |
|
|
2011 |
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2010 |
Interest expense at stated interest rate |
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$ |
4,013 |
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$ |
5,687 |
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Interest expense associated with amortization of discount |
|
2,617 |
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|
3,736 |
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Total |
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$ |
6,630 |
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$ |
9,423 |
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