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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Debt Instrument [Line Items] |
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| Schedule of debt |
Our debt consisted of the following (dollars in thousands):
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Maximum |
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Availability as of |
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Carrying Value as of |
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Scheduled Maturity |
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December 31,
2014 |
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December 31,
2014 |
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December 31,
2013 |
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Stated Interest Rates as of |
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as of |
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December 31, 2014 |
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December 31, 2014 |
Mortgage and Other Secured Loans: |
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Fixed rate mortgage loans (1) |
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$ |
387,139 |
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$ |
675,060 |
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3.96% - 10.65% (2) |
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2015-2024 |
Variable rate secured loan |
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36,877 |
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37,691 |
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LIBOR + 2.25% (3) |
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November 2015 |
Total mortgage and other secured loans |
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|
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424,016 |
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712,751 |
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Revolving Credit Facility (4) |
$ |
800,000 |
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|
83,000 |
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— |
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LIBOR + 0.975% to 1.75% |
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July 2017 |
Term Loan Facilities |
(5) |
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520,000 |
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620,000 |
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LIBOR + 1.10% to 2.60% (6) |
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2015-2019 |
Unsecured Senior Notes (4) |
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3.600% Senior Notes |
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347,496 |
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347,244 |
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3.60% |
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May 2023 |
5.250% Senior Notes |
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245,797 |
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245,445 |
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5.25% |
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February 2024 |
3.700% Senior Notes |
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|
297,569 |
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— |
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3.70% |
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June 2021 |
Unsecured notes payable |
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|
1,607 |
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|
1,700 |
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0% (7) |
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2026 |
4.25% Exchangeable Senior Notes (4) |
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|
572 |
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|
563 |
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4.25% |
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April 2030 |
Total debt |
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$ |
1,920,057 |
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$ |
1,927,703 |
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(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.
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(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).
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(3) |
The interest rate on the loan outstanding was 2.41% as of December 31, 2014.
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(4) |
Refer to the paragraphs below for further disclosure. |
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(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.
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(6) |
The weighted average interest rate on these loans was 1.80% as of December 31, 2014.
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(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.
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| Schedule of debt maturities |
Our debt matures on the following schedule (in thousands):
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2015 |
$ |
343,545 |
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(1) |
2016 |
171,399 |
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2017 |
339,247 |
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(2) |
2018 |
2,036 |
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2019 |
122,094 |
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Thereafter |
951,489 |
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Total |
$ |
1,929,810 |
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(3) |
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(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.
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(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.
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| Schedule of the fair value of debt |
The following table sets forth information pertaining to the fair value of our debt (in thousands):
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December 31, 2014 |
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December 31, 2013 |
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Carrying |
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Estimated |
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Carrying |
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Estimated |
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Amount |
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Fair Value |
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Amount |
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Fair Value |
Fixed-rate debt |
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Unsecured Senior Notes |
$ |
890,862 |
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$ |
901,599 |
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$ |
592,689 |
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$ |
575,374 |
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4.25% Exchangeable Senior Notes |
572 |
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|
575 |
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|
563 |
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|
575 |
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Other fixed-rate debt |
388,746 |
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355,802 |
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676,760 |
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650,997 |
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Variable-rate debt |
639,877 |
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|
642,091 |
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657,691 |
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657,527 |
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$ |
1,920,057 |
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$ |
1,900,067 |
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$ |
1,927,703 |
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$ |
1,884,473 |
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| 4.25% Exchangeable Senior Notes |
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| Debt Instrument [Line Items] |
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| 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):
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For the Years Ended December 31, |
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2014 |
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2013 |
|
2012 |
Interest expense at stated interest rate |
$ |
24 |
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$ |
4,208 |
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$ |
10,200 |
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Interest expense associated with amortization of discount |
10 |
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|
1,615 |
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|
3,651 |
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Total |
$ |
34 |
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$ |
5,823 |
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$ |
13,851 |
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