Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 1 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Dec. 31, 2011
Sep. 30, 2012
Mortgage and Other Secured Loans:
Dec. 31, 2011
Mortgage and Other Secured Loans:
Sep. 30, 2012
Fixed rate mortgage loans
Dec. 31, 2011
Fixed rate mortgage loans
Sep. 30, 2012
Variable rate secured loans
Dec. 31, 2011
Variable rate secured loans
Sep. 30, 2012
Other construction loan facilities
Dec. 31, 2011
Other construction loan facilities
Sep. 30, 2012
Revolving Credit Facility
Aug. 10, 2012
Revolving Credit Facility
Dec. 31, 2011
Revolving Credit Facility
Aug. 31, 2012
Term Loan Facility
Feb. 29, 2012
Term Loan Facility
Sep. 30, 2012
Term Loan Facility
Aug. 03, 2012
Term Loan Facility
Dec. 31, 2011
Term Loan Facility
Aug. 03, 2012
Term Loan Facility
LIBOR 30-day
Feb. 14, 2012
Term Loan Facility
LIBOR 30-day
Sep. 30, 2012
Unsecured notes payable
Dec. 31, 2011
Unsecured notes payable
Sep. 30, 2012
4.25% Exchangeable Senior Notes
Sep. 30, 2011
4.25% Exchangeable Senior Notes
Sep. 30, 2012
4.25% Exchangeable Senior Notes
Sep. 30, 2011
4.25% Exchangeable Senior Notes
Dec. 31, 2011
4.25% Exchangeable Senior Notes
Debt                                                            
Maximum Availability                       $ 123,802,000   $ 800,000,000 [1]         $ 770,000,000 [2]                      
Line of credit, expansion ability, maximum borrowing availability                           1,300,000,000                                
Carrying Value 2,169,315,000   2,169,315,000   2,426,303,000 1,087,506,000 1,131,970,000 978,461,000 [3] 1,052,421,000 [3] 38,671,000 39,213,000 70,374,000 40,336,000 80,000,000 [1]   662,000,000 [1]     770,000,000 [2]   400,000,000 [2]     1,809,000 5,050,000 230,000,000 [4]   230,000,000 [4]   227,283,000 [4]
Stated interest rate (as a percent)                                               0.00% [5]   4.25% [4]   4.25% [4]    
Stated Interest Rates, low end of range (as a percent)               5.20% [3],[6]                                            
Stated Interest Rates, high end of range (as a percent)               7.87% [3],[6]                                            
Description of variable rate basis                   LIBOR [7]   LIBOR [8]   LIBOR [9]         LIBOR [10],[2]                      
Variable rate, spread (as a percent)                   2.25% [7]                                        
Variable rate, spread low end of range (as a percent)                       1.95% [8]   1.75% [9]         1.65% [10],[2]     2.10% 1.65%              
Variable rate, spread high end of range (as a percent)                       2.75% [8]   2.50% [9]         2.40% [10],[2]     2.60% 2.40%              
Unamortized premium included in carrying value               1,500,000 2,400,000                                          
Weighted average interest rate (as a percent)               6.00%       2.72%   2.19%         2.19%                      
Credit Facility Additional Borrowing Capacity Available                                     180,000,000 80,000,000                    
Line of credit, maximum availibility before reduction                             1,000,000,000                              
Interest rate on debt (as a percent)                   2.48%                                        
Unamortized discount included in carrying value                                               902,000 1,800,000 10,000,000   10,000,000   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 7,650,000 7,650,000  
Interest expense associated with amortization of discount     2,357,000 4,778,000                                           919,000 866,000 2,717,000 2,558,000  
Total interest expenses                                                   3,469,000 3,416,000 10,367,000 10,208,000  
Initial amount borrowed                                 120,000,000 250,000,000                        
Gain (loss) on early extinguishment of debt (768,000) (1,611,000) (937,000) (1,636,000)                                                    
Capitalized interest costs $ 3,400,000 $ 4,500,000 $ 10,800,000 $ 13,100,000                                                    
[1] Effective August 10, 2012, we exercised our right to reduce the lenders’ aggregate commitment under the facility from $1.0 billion to $800 million, with the ability for us to increase the lenders’ aggregate commitment to $1.3 billion, provided that there is no default under the facility and subject to the approval of the lenders.
[2] 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. As described further below, we entered into new facilities in 2012.
[3] 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 $1.5 million at September 30, 2012 and $2.4 million at December 31, 2011.
[4] 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 September 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 $10.0 million at September 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 September 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 September 30, For the Nine Months Ended September 30, 2012 2011 2012 2011Interest expense at stated interest rate$2,550 $2,550 $7,650 $7,650Interest expense associated with amortization of discount919 866 2,717 2,558Total$3,469 $3,416 $10,367 $10,208
[5] 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 $902,000 at September 30, 2012 and $1.8 million at December 31, 2011.
[6] The weighted average interest rate on these loans was 6.00% at September 30, 2012.
[7] The interest rate on the loan outstanding was 2.48% at September 30, 2012.
[8] The weighted average interest rate on these loans was 2.72% at September 30, 2012.
[9] The weighted average interest rate on the Revolving Credit Facility was 2.19% at September 30, 2012.
[10] The weighted average interest rate on these loans was 2.19% at September 30, 2012.