| Schedule of debt |
Our debt consisted of the following (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum |
|
|
|
|
|
|
|
|
|
Availability at |
|
Carrying Value at |
|
|
|
Scheduled Maturity |
|
September 30,
2015 |
|
September 30,
2015 |
|
December 31,
2014 |
|
Stated Interest Rates as of |
|
as of |
|
|
|
|
September 30, 2015 |
|
September 30, 2015 |
Mortgage and Other Secured Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate mortgage loans (1) |
|
|
$ |
288,217 |
|
|
$ |
387,139 |
|
|
3.96% - 7.87% (2) |
|
2016-2024 |
Variable rate secured loan |
|
|
36,249 |
|
|
36,877 |
|
|
LIBOR + 2.25% (3) |
|
November 2015 |
Total mortgage and other secured loans |
|
|
|
324,466 |
|
|
424,016 |
|
|
|
|
|
Revolving Credit Facility |
$ |
800,000 |
|
|
87,000 |
|
|
83,000 |
|
|
LIBOR + 0.875% to 1.60% (4) |
|
May 2019 |
Term Loan Facilities |
(5) |
|
520,000 |
|
|
520,000 |
|
|
LIBOR + 0.90% to 2.60% (6) |
|
2016-2020 |
Unsecured Senior Notes |
|
|
|
|
|
|
|
|
|
3.600% Senior Notes (7) |
|
|
347,691 |
|
|
347,496 |
|
|
3.60% |
|
May 2023 |
5.250% Senior Notes (8) |
|
|
246,074 |
|
|
245,797 |
|
|
5.25% |
|
February 2024 |
3.700% Senior Notes (9) |
|
|
297,830 |
|
|
297,569 |
|
|
3.70% |
|
June 2021 |
5.000% Senior Note (10) |
|
|
296,646 |
|
|
— |
|
|
5.00% |
|
July 2025 |
Unsecured notes payable |
|
|
1,533 |
|
|
1,607 |
|
|
0% (11) |
|
2026 |
4.25% Exchangeable Senior Notes (12) |
|
|
— |
|
|
572 |
|
|
N/A |
|
(12) |
Total debt, net |
|
|
|
$ |
2,121,240 |
|
|
$ |
1,920,057 |
|
|
|
|
|
|
|
(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 $24,000 as of September 30, 2015 and $42,000 as of December 31, 2014. Please refer to Note 4 for disclosure pertaining to the removal of a $150.0 million nonrecourse mortgage loan from our balance sheet on August 28, 2015.
|
|
|
(2) |
The weighted average interest rate on our fixed rate mortgage loans was 6.07% as of September 30, 2015.
|
|
|
(3) |
The interest rate on the loan outstanding was 2.45% as of September 30, 2015.
|
|
|
(4) |
The weighted average interest rate on the Revolving Credit Facility was 1.48% as of September 30, 2015.
|
|
|
(5) |
We have the ability to borrow an additional $380.0 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 1.78% as of September 30, 2015.
|
|
|
(7) |
The carrying value of these notes included a principal amount of $350.0 million and an unamortized discount totaling $2.3 million as of September 30, 2015 and $2.5 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.
|
|
|
(8) |
The carrying value of these notes included a principal amount of $250.0 million and an unamortized discount totaling $3.9 million as of September 30, 2015 and $4.2 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.
|
|
|
(9) |
The carrying value of these notes included a principal amount of $300.0 million and an unamortized discount totaling $2.2 million as of September 30, 2015 and $2.4 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%.
|
(10) Refer to the paragraph below for disclosure pertaining to these notes.
|
|
(11) |
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 $578,000 as of September 30, 2015 and $654,000 as of December 31, 2014.
|
(12) On April 20, 2015, we redeemed these notes at 100% of their principal amount.
|
| Schedule of the fair value of debt |
The following table sets forth information pertaining to the fair value of our debt (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
December 31, 2014 |
|
Carrying |
|
Estimated |
|
Carrying |
|
Estimated |
|
Amount |
|
Fair Value |
|
Amount |
|
Fair Value |
Fixed-rate debt |
|
|
|
|
|
|
|
|
|
|
|
Unsecured Senior Notes |
$ |
1,188,241 |
|
|
$ |
1,212,120 |
|
|
$ |
890,862 |
|
|
$ |
901,599 |
|
Other fixed-rate debt |
289,750 |
|
|
298,198 |
|
|
389,318 |
|
|
356,377 |
|
Variable-rate debt |
643,249 |
|
|
644,243 |
|
|
639,877 |
|
|
642,091 |
|
|
$ |
2,121,240 |
|
|
$ |
2,154,561 |
|
|
$ |
1,920,057 |
|
|
$ |
1,900,067 |
|
|