Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 1 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Jul. 02, 2012
Mortgage and Other Secured Loans:
Jun. 30, 2012
Mortgage and Other Secured Loans:
Dec. 31, 2011
Mortgage and Other Secured Loans:
Jun. 30, 2012
Fixed rate mortgage loans
Dec. 31, 2011
Fixed rate mortgage loans
Jun. 30, 2012
Variable rate secured loans
Dec. 31, 2011
Variable rate secured loans
Jun. 30, 2012
Other construction loan facilities
Dec. 31, 2011
Other construction loan facilities
Jun. 30, 2012
Revolving Credit Facility
Dec. 31, 2011
Revolving Credit Facility
Feb. 29, 2012
Term Loan Facility
Jun. 30, 2012
Term Loan Facility
Dec. 31, 2011
Term Loan Facility
Jun. 30, 2012
Term Loan Facility
LIBOR 30-day
Jun. 30, 2012
Unsecured notes payable
Dec. 31, 2011
Unsecured notes payable
Jun. 30, 2012
4.25% Exchangeable Senior Notes
Jun. 30, 2011
4.25% Exchangeable Senior Notes
Jun. 30, 2012
4.25% Exchangeable Senior Notes
Jun. 30, 2011
4.25% Exchangeable Senior Notes
Dec. 31, 2011
4.25% Exchangeable Senior Notes
Debt                                                      
Maximum Availability                         $ 123,802,000   $ 1,000,000,000     $ 650,000,000 [1]                  
Carrying Value 2,191,851,000   2,191,851,000   2,426,303,000   1,112,664,000 1,131,970,000 1,009,164,000 [2] 1,052,421,000 [2] 38,844,000 39,213,000 64,656,000 40,336,000 195,000,000 662,000,000   650,000,000 [1] 400,000,000 [1]   5,106,000 5,050,000 229,081,000 [3]   229,081,000 [3]   227,283,000 [3]
Stated interest rate (as a percent)                                         0.00% [4]   4.25% [3]   4.25% [3]    
Stated Interest Rates, low end of range (as a percent)                 5.20% [2],[5]                                    
Stated Interest Rates, high end of range (as a percent)                 7.87% [2],[5]                                    
Description of variable rate basis                     LIBOR [6]   LIBOR [7]   LIBOR [8]     LIBOR [1],[9]                  
Variable rate, spread (as a percent)                     2.25% [6]                                
Variable rate, spread low end of range (as a percent)                         1.95% [7]   1.75% [8]     1.65% [1],[9]   1.65%              
Variable rate, spread high end of range (as a percent)                         2.75% [7]   2.50% [8]     2.40% [1],[9]   2.40%              
Unamortized premium included in carrying value                 2,000,000 2,400,000                                  
Weighted average interest rate (as a percent)                 6.01%       2.72%   2.24%     2.14%                  
Interest rate on debt (as a percent)                     2.49%                                
Unamortized discount included in carrying value                                         1,700,000 1,800,000 10,900,000   10,900,000   12,700,000
Exchange rate per $1000 principal amount (in common shares)                                                 20.8513    
Convertible debt principal amount, basis for exchange                                             1,000   1,000    
Exchange price per common share based on exchange rate (in dollars per share)                                             $ 47.96   $ 47.96    
Principal amount of debt                                             240,000,000   240,000,000    
Effective interest rate, including amortization of issuance costs (as a percent)                                             6.05%   6.05%    
Interest expense at stated interest rate                                             2,550,000 2,550,000 5,100,000 5,100,000  
Interest expense associated with amortization of discount     1,565,000 3,367,000                                     906,000 852,000 1,798,000 1,692,000  
Total interest expenses                                             3,456,000 3,402,000 6,898,000 6,792,000  
Initial amount borrowed                                 250,000,000                    
Nonrecourse mortgage loan secured by a property in default             15,000,000 15,000,000                                      
Estimated fair value of property securing nonrecourse mortgage loan in default             11,000,000 11,000,000                                      
Gain (loss) on early extinguishment of debt (169,000) (25,000) (169,000) (25,000)   4,000,000                                          
Capitalized interest costs $ 3,600,000 $ 4,300,000 $ 7,400,000 $ 8,600,000                                              
[1] As described further below, we entered into a new facility effective on February 14, 2012.
[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 $2.0 million at June 30, 2012 and $2.4 million at December 31, 2011.
[3] 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 2011Interest expense at stated interest rate$2,550 $2,550 $5,100 $5,100Interest expense associated with amortization of discount906 852 1,798 1,692Total$3,456 $3,402 $6,898 $6,792
[4] 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.
[5] The weighted average interest rate on these loans was 6.01% at June 30, 2012.
[6] The interest rate on the loan outstanding was 2.49% at June 30, 2012.
[7] The weighted average interest rate on these loans was 2.72% at June 30, 2012.
[8] The weighted average interest rate on the Revolving Credit Facility was 2.24% at June 30, 2012.
[9] The weighted average interest rate on these loans was 2.14% at June 30, 2012.