Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.5.0.2
Debt, Net (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
Carrying Value (1) as of
 
 
 
Scheduled Maturity
 
 
June 30,
2016
 
December 31,
2015
 
Stated Interest Rates as of
 
as of
 
 
 
 
June 30, 2016
 
June 30, 2016
Mortgage and Other Secured Loans:
 
 

 
 

 
 
 
 
Fixed rate mortgage loans (2)
 
$
318,243

 
$
281,208

 
3.82% - 7.87% (3)
 
2016-2026
Variable rate secured loans
 
13,608

 
49,792

 
LIBOR + 1.85% (4)
 
2016-2020
Total mortgage and other secured loans
 
331,851

 
331,000

 
 
 
 
Revolving Credit Facility
 
58,000

 
43,500

 
LIBOR + 0.875% to 1.60% (5)
 
May 2019
Term Loan Facilities (6)
 
516,508

 
515,902

 
LIBOR + 0.90% to 2.60% (7)
 
2019-2022
Unsecured Senior Notes
 
 
 
 
 
 
 
 
3.600%, $350,000 aggregate principal
 
346,920

 
346,714

 
3.60% (8)
 
May 2023
5.250%, $250,000 aggregate principal
 
245,951

 
245,731

 
5.25% (9)
 
February 2024
3.700%, $300,000 aggregate principal
 
297,609

 
297,378

 
3.70% (10)
 
June 2021
5.000%, $300,000 aggregate principal
 
296,192

 
296,019

 
5.00% (11)
 
July 2025
Unsecured notes payable
 
1,455

 
1,508

 
0% (12)
 
2026
Total debt, net
 
$
2,094,486

 
$
2,077,752

 
 
 
 

(1)
The carrying values of our loans other than the Revolving Credit Facility reflect net deferred financing costs of $7.4 million as of June 30, 2016 and $8.0 million as of December 31, 2015.
(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 $459,000 as of June 30, 2016 and $514,000 as of December 31, 2015.
(3)
The weighted average interest rate on our fixed rate mortgage loans was 5.75% as of June 30, 2016.
(4) 
The interest rate on our variable rate secured loan as of June 30, 2016 was 2.31%.
(5)
The weighted average interest rate on the Revolving Credit Facility was 1.62% as of June 30, 2016.
(6)  
An additional $150 million in borrowings is available to be drawn under a term loan. 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 2.10% as of June 30, 2016.
(8)
The carrying value of these notes reflects an unamortized discount totaling $2.1 million as of June 30, 2016 and $2.2 million as of December 31, 2015.  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 $3.6 million as of June 30, 2016 and $3.8 million as of December 31, 2015.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%
(10)
The carrying value of these notes reflects an unamortized discount totaling $1.9 million as of June 30, 2016 and $2.1 million as of December 31, 2015.  The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%
(11) The carrying value of these notes reflects an unamortized discount totaling $3.2 million as of June 30, 2016 and $3.3 million as of December 31, 2015.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%.
(12) 
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 $506,000 as of June 30, 2016 and $554,000 as of December 31, 2015.
 
Schedule of the fair value of debt
The following table sets forth information pertaining to the fair value of our debt (in thousands): 
 
June 30, 2016
 
December 31, 2015
 
Carrying
 
Estimated
 
Carrying
 
Estimated
 
Amount
 
Fair Value
 
Amount
 
Fair Value
Fixed-rate debt
 

 
 

 
 

 
 

Unsecured Senior Notes
$
1,186,672

 
$
1,227,235

 
$
1,185,842

 
$
1,211,658

Other fixed-rate debt
319,698

 
329,066

 
282,716

 
291,991

Variable-rate debt
588,116

 
592,032

 
609,194

 
610,987

 
$
2,094,486

 
$
2,148,333

 
$
2,077,752

 
$
2,114,636