Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

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

 
 

 
 
 
 
Fixed rate mortgage loans (2)
 
$
154,976

 
$
281,208

 
3.82% - 7.87% (3)
 
2019-2026
Variable rate secured loans
 
13,529

 
49,792

 
LIBOR + 1.85% (4)
 
October 2020
Total mortgage and other secured loans
 
168,505

 
331,000

 
 
 
 
Revolving Credit Facility
 

 
43,500

 
LIBOR + 0.875% to 1.60%
 
May 2019
Term Loan Facilities (5)
 
516,812

 
515,902

 
LIBOR + 0.90% to 2.60% (6)
 
2019-2022
Unsecured Senior Notes
 
 
 
 
 
 
 
 
3.600%, $350,000 aggregate principal
 
347,024

 
346,714

 
3.60% (7)
 
May 2023
5.250%, $250,000 aggregate principal
 
246,063

 
245,731

 
5.25% (8)
 
February 2024
3.700%, $300,000 aggregate principal
 
297,725

 
297,378

 
3.70% (9)
 
June 2021
5.000%, $300,000 aggregate principal
 
296,279

 
296,019

 
5.00% (10)
 
July 2025
Unsecured notes payable
 
1,428

 
1,508

 
0% (11)
 
2026
Total debt, net
 
$
1,873,836

 
$
2,077,752

 
 
 
 

(1)
The carrying values of our loans other than the Revolving Credit Facility reflect net deferred financing costs of $6.9 million as of September 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 $440,000 as of September 30, 2016 and $514,000 as of December 31, 2015.
(3)
The weighted average interest rate on our fixed rate mortgage loans was 4.20% as of September 30, 2016.
(4) 
The interest rate on our variable rate secured loan as of September 30, 2016 was 2.37%.
(5)  
As of September 30, 2016, we had an additional $150 million in borrowings available to be drawn under a term loan. In addition, we had 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. On October 12, 2016, we repaid a $120.0 million term loan that was scheduled to mature in August 2019.
(6) 
The weighted average interest rate on these loans was 2.17% as of September 30, 2016.
(7)
The carrying value of these notes reflects an unamortized discount totaling $2.0 million as of September 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%
(8)
The carrying value of these notes reflects an unamortized discount totaling $3.5 million as of September 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%
(9)
The carrying value of these notes reflects an unamortized discount totaling $1.8 million as of September 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%
(10) The carrying value of these notes reflects an unamortized discount totaling $3.1 million as of September 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%.
(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 $483,000 as of September 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): 
 
September 30, 2016
 
December 31, 2015
 
Carrying
 
Estimated
 
Carrying
 
Estimated
 
Amount
 
Fair Value
 
Amount
 
Fair Value
Fixed-rate debt
 

 
 

 
 

 
 

Unsecured Senior Notes
$
1,187,091

 
$
1,233,860

 
$
1,185,842

 
$
1,211,658

Other fixed-rate debt
156,404

 
162,974

 
282,716

 
291,991

Variable-rate debt
530,341

 
533,079

 
609,194

 
610,987

 
$
1,873,836

 
$
1,929,913

 
$
2,077,752

 
$
2,114,636