Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v2.4.0.6
Debt (Tables)
6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
 
Maximum
 
 
 
 
 
 
 
 
 
 Availability at
 
Carrying Value at
 
 
 
Scheduled Maturity
 
June 30,
2012
 
June 30,
2012
 
December 31,
2011
 
Stated Interest Rates at
 
 Dates at
 
 
 
 
June 30, 2012
 
June 30, 2012
Mortgage and Other Secured Loans:
 

 
 

 
 

 
 
 
 
Fixed rate mortgage loans (1)
N/A

 
$
1,009,164

 
$
1,052,421

 
5.20% - 7.87% (2)
 
2012-2034
Variable rate secured loans
N/A

 
38,844

 
39,213

 
LIBOR + 2.25% (3)
 
2015
Other construction loan facilities
$
123,802

 
64,656

 
40,336

 
LIBOR + 1.95% to 2.75% (4)
 
2013-2015
Total mortgage and other secured loans
 

 
1,112,664

 
1,131,970

 
 
 
 
Revolving Credit Facility
1,000,000

 
195,000

 
662,000

 
LIBOR + 1.75% to 2.50% (5)
 
September 1, 2014
Term Loan Facilities (6)
650,000

 
650,000

 
400,000

 
LIBOR + 1.65% to 2.40% (7)
 
2015-2017
Unsecured notes payable
N/A

 
5,106

 
5,050

 
0% (8)
 
2015-2026
4.25% Exchangeable Senior Notes
N/A

 
229,081

 
227,283

 
4.25%
 
April 2030 (9)
Total debt
 

 
$
2,191,851

 
$
2,426,303

 
 
 
 

(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 $2.0 million at June 30, 2012 and $2.4 million at December 31, 2011.
(2)
The weighted average interest rate on these loans was 6.01% at June 30, 2012.
(3) 
The interest rate on the loan outstanding was 2.49% at June 30, 2012.
(4) 
The weighted average interest rate on these loans was 2.72% at June 30, 2012.
(5)   
The weighted average interest rate on the Revolving Credit Facility was 2.24% at June 30, 2012.
(6)  
As described further below, we entered into a new facility effective on February 14, 2012.
(7) 
The weighted average interest rate on these loans was 2.14% at June 30, 2012.
(8)  
These notes may 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 $1.7 million at June 30, 2012 and $1.8 million at December 31, 2011.
(9) 
As described further in our 2011 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 June 30, 2012 and is equivalent to an exchange price of $47.96 per common share).  The carrying value of these notes included a principal amount of $240 million and an unamortized discount totaling $10.9 million at June 30, 2012 and $12.7 million at December 31, 2011.  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 June 30, 2012 and December 31, 2011 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 June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Interest expense at stated interest rate
$
2,550

 
$
2,550

 
$
5,100

 
$
5,100

Interest expense associated with amortization of discount
906

 
852

 
1,798

 
1,692

Total
$
3,456

 
$
3,402

 
$
6,898

 
$
6,792

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, 2012
 
December 31, 2011
 
Carrying
 
Estimated
 
Carrying
 
Estimated
 
Amount
 
Fair Value
 
Amount
 
Fair Value
Fixed-rate debt
 

 
 

 
 

 
 

4.25% Exchangeable Senior Notes
$
229,081

 
$
239,420

 
$
227,283

 
$
238,077

Other fixed-rate debt
1,014,270

 
1,022,314

 
1,057,471

 
1,054,424

Variable-rate debt
948,500

 
948,447

 
1,141,549

 
1,139,856

 
$
2,191,851

 
$
2,210,181

 
$
2,426,303

 
$
2,432,357