Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.3.0.814
Debt, Net (Tables)
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
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