Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v2.4.1.9
Debt (Tables)
12 Months Ended
Dec. 31, 2014
Debt Instrument [Line Items]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
 
Maximum
 
 
 
 
 
 
 
 
 
 Availability as of
 
Carrying Value as of
 
 
 
Scheduled Maturity
 
December 31,
2014
 
December 31,
2014
 
December 31,
2013
 
Stated Interest Rates as of
 
as of
 
 
 
 
December 31, 2014
 
December 31, 2014
Mortgage and Other Secured Loans:
 

 
 

 
 

 
 
 
 
Fixed rate mortgage loans (1)
 
 
$
387,139

 
$
675,060

 
3.96% - 10.65% (2)
 
2015-2024
Variable rate secured loan
 
 
36,877

 
37,691

 
LIBOR + 2.25% (3)
 
November 2015
Total mortgage and other secured loans
 

 
424,016

 
712,751

 
 
 
 
Revolving Credit Facility (4)
$
800,000

 
83,000

 

 
LIBOR + 0.975% to 1.75%
 
July 2017
Term Loan Facilities
(5)
 
520,000

 
620,000

 
LIBOR + 1.10% to 2.60% (6)
 
2015-2019
Unsecured Senior Notes (4)
 
 
 
 
 
 
 
 
 
3.600% Senior Notes
 
 
347,496

 
347,244

 
3.60%
 
May 2023
5.250% Senior Notes
 
 
245,797

 
245,445

 
5.25%
 
February 2024
3.700% Senior Notes
 
 
297,569

 

 
3.70%
 
June 2021
Unsecured notes payable
 
 
1,607

 
1,700

 
0% (7)
 
2026
4.25% Exchangeable Senior Notes (4)
 
 
572

 
563

 
4.25%
 
April 2030
Total debt
 

 
$
1,920,057

 
$
1,927,703

 
 
 
 

(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 $42,000 as of December 31, 2014 and $69,000 as of December 31, 2013.
(2)
The maximum stated interest rate would be 7.87%, excluding the incremental additional interest rate associated with the default rate on a nonrecourse mortgage loan discussed further below. The weighted average interest rate on our fixed rate mortgage loans was 8.10% as of December 31, 2014 (or 6.16% excluding the incremental additional interest rate associated with the default rate on the loan discussed above).
(3) 
The interest rate on the loan outstanding was 2.41% as of December 31, 2014.
(4)
Refer to the paragraphs below for further disclosure.
(5)  
As discussed below, we have the ability to borrow an additional $180.0 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.
(6) 
The weighted average interest rate on these loans was 1.80% as of December 31, 2014.
(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 $654,000 as of December 31, 2014 and $761,000 as of December 31, 2013.

Schedule of debt maturities
Our debt matures on the following schedule (in thousands):
2015
$
343,545

(1)
2016
171,399

 
2017
339,247

(2)
2018
2,036

 
2019
122,094

 
Thereafter
951,489

 
Total
$
1,929,810

(3)
(1)
Includes $150.0 million pertaining to a nonrecourse mortgage loan on which we defaulted on the payment terms as discussed further below. Also includes $150.0 million that may be extended for two one-year periods at our option, subject to certain conditions.
(2)    Includes $333.0 million that may be extended for one year at our option, subject to certain conditions.
(3)     Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $9.8 million.
Schedule of the fair value of debt
The following table sets forth information pertaining to the fair value of our debt (in thousands):
 
December 31, 2014
 
December 31, 2013
 
Carrying
 
Estimated
 
Carrying
 
Estimated
 
Amount
 
Fair Value
 
Amount
 
Fair Value
Fixed-rate debt
 

 
 

 
 

 
 

Unsecured Senior Notes
$
890,862

 
$
901,599

 
$
592,689

 
$
575,374

4.25% Exchangeable Senior Notes
572

 
575

 
563

 
575

Other fixed-rate debt
388,746

 
355,802

 
676,760

 
650,997

Variable-rate debt
639,877

 
642,091

 
657,691

 
657,527

 
$
1,920,057

 
$
1,900,067

 
$
1,927,703

 
$
1,884,473

4.25% Exchangeable Senior Notes  
Debt Instrument [Line Items]  
Schedule of interest expense recognized on notes before deductions for amounts capitalized
The table below sets forth interest expense recognized on these notes (in thousands):
 
For the Years Ended December 31,
 
2014
 
2013
 
2012
Interest expense at stated interest rate
$
24

 
$
4,208

 
$
10,200

Interest expense associated with amortization of discount
10

 
1,615

 
3,651

Total
$
34

 
$
5,823

 
$
13,851