Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Debt      
Carrying Value $ 1,957,360,000   $ 2,019,168,000
Loss on early extinguishment of debt 5,184,000 0  
Interest expense associated with amortization of discount 710,000 775,000  
Capitalized interest costs 2,400,000 3,800,000  
Mortgage and Other Secured Loans:
      
Debt      
Carrying Value 1,005,622,000   1,016,446,000
Fixed rate mortgage loans
      
Debt      
Carrying Value 931,952,000 [1]   948,414,000 [1]
Stated Interest Rates, low end of range (as a percent) 3.96% [2]    
Stated Interest Rates, high end of range (as a percent) 7.87% [2]    
Unamortized premium included in carrying value 877,000   1,300,000
Weighted average interest rate (as a percent) 5.97%    
Variable rate secured loans
      
Debt      
Carrying Value 38,270,000   38,475,000
Description of variable rate basis LIBOR [3]    
Variable rate, spread (as a percent) 2.25% [3]    
Interest rate on debt (as a percent) 2.45%    
Other construction loan facilities
      
Debt      
Maximum Availability 70,800,000    
Carrying Value 35,400,000   29,557,000
Description of variable rate basis LIBOR [4]    
Variable rate, spread low end of range (as a percent) 1.95% [4]    
Variable rate, spread high end of range (as a percent) 2.75% [4]    
Weighted average interest rate (as a percent) 2.51%    
Revolving Credit Facility
      
Debt      
Maximum Availability 800,000,000    
Carrying Value 0   0
Description of variable rate basis LIBOR    
Variable rate, spread low end of range (as a percent) 1.75%    
Variable rate, spread high end of range (as a percent) 2.50%    
Term Loan Facility
      
Debt      
Maximum Availability 770,000,000 [5]    
Carrying Value 770,000,000 [5]   770,000,000 [5]
Description of variable rate basis LIBOR [5],[6]    
Variable rate, spread low end of range (as a percent) 1.65% [5],[6]    
Variable rate, spread high end of range (as a percent) 2.60% [5],[6]    
Weighted average interest rate (as a percent) 1.93%    
Additional borrowing capacity available provided there is no default under the agreement 180,000,000   180,000,000
Unsecured notes payable
      
Debt      
Carrying Value 1,766,000   1,788,000
Stated interest rate (as a percent) 0.00% [7]    
Unamortized discount included in carrying value 845,000   873,000
4.25% Exchangeable Senior Notes
      
Debt      
Carrying Value 179,972,000   230,934,000 [8]
Stated interest rate (as a percent) 4.25%    
Unamortized discount included in carrying value 6,300,000   9,100,000
Convertible debt principal amount, basis for exchange 1,000    
Exchange rate per $1000 principal amount (in common shares) 20.8513    
Exchange price per common share based on exchange rate (in dollars per share) $ 47.96    
Amount of debt repaid 53,700,000    
Loss on early extinguishment of debt 5,300,000    
Principal amount of debt 186,300,000   240,000,000
Effective interest rate, including amortization of issuance costs (as a percent) 6.05%    
Interest expense at stated interest rate 2,304,000 2,550,000  
Interest expense associated with amortization of discount 864,000 892,000  
Total interest expenses $ 3,168,000 $ 3,442,000  
[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 $877,000 at March 31, 2013 and $1.3 million at December 31, 2012.
[2] The weighted average interest rate on these loans was 5.97% at March 31, 2013.
[3] The interest rate on the loan outstanding was 2.45% at March 31, 2013.
[4] The weighted average interest rate on these loans was 2.51% at March 31, 2013.
[5] We have the ability to borrow an aggregate of an additional $180.0 million under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders.
[6] The weighted average interest rate on these loans was 1.93% at March 31, 2013.
[7] 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 $845,000 at March 31, 2013 and $873,000 at December 31, 2012.
[8] As described further in our 2012 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at the Operating Partnership’s discretion, our common shares at an exchange rate (subject to adjustment) of 20.8513 shares per one thousand dollar principal amount of the notes (exchange rate is as of March 31, 2013 and is equivalent to an exchange price of $47.96 per common share). During the three months ended March 31, 2013, we repaid $53.7 million principal amount of these notes and recognized a $5.3 million loss on early extinguishment of debt. The carrying value of these notes included a principal amount of $186.3 million and an unamortized discount totaling $6.3 million at March 31, 2013 and a principal amount of $240.0 million and an unamortized discount totaling $9.1 million at December 31, 2012. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of our common shares at March 31, 2013 and December 31, 2012 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount. The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands): For the Three Months Ended March 31, 2013 2012Interest expense at stated interest rate$2,304 $2,550Interest expense associated with amortization of discount864 892Total$3,168 $3,442