Secured and unsecured senior debt Detail of secured and unsecured debt (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
| Extension_Option |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | $3,180,113 | |
Unhedged Variable rate | 723,813 | |
Total Consolidated | 3,903,926 | |
Total consolidated debt, Effective Interest | 3.17% | [1] |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,865,178 | |
Debt Instrument, Annual Principal Payment | 38,748 | |
2015 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 6,766 | |
Unhedged Variable rate | 46,983 | |
Total Consolidated | 53,749 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 46,983 | |
Debt Instrument, Annual Principal Payment | 6,766 | |
2016 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 591,973 | |
Unhedged Variable rate | 45,550 | |
Total Consolidated | 637,523 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 632,449 | |
Debt Instrument, Annual Principal Payment | 5,074 | |
2017 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 3,615 | |
Unhedged Variable rate | 210,280 | |
Total Consolidated | 213,895 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 210,280 | |
Debt Instrument, Annual Principal Payment | 3,615 | |
2018 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 4,932 | |
Unhedged Variable rate | 0 | |
Total Consolidated | 4,932 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 0 | |
Debt Instrument, Annual Principal Payment | 4,932 | |
2019 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 605,578 | |
Unhedged Variable rate | 421,000 | |
Total Consolidated | 1,026,578 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,021,000 | |
Debt Instrument, Annual Principal Payment | 5,578 | |
Maturity Date After 2019 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 1,967,249 | |
Unhedged Variable rate | 0 | |
Total Consolidated | 1,967,249 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,954,466 | |
Debt Instrument, Annual Principal Payment | 12,783 | |
Secured notes payable | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 482,663 | |
Unhedged Variable rate | 277,813 | |
Total Consolidated | 760,476 | |
Stated interest rate (as a percent) | 4.42% | |
Effective rate (as a percent) | 4.30% | [2] |
Future principal payments due on secured and unsecured debt | | |
Due Current Year | 53,995 | |
Due Next Year | 262,860 | |
Due Year Three | 214,245 | |
Due Year Four | 5,294 | |
Due Year Five | 5,953 | |
Thereafter | 218,129 | |
Secured Debt from Bank Maturing on 1 July 2015 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Effective rate (as a percent) | 1.68% | [1] |
Maturity Date | 1-Jul-15 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 46,983 | |
Number of extensions available under line of credit | 2 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 46,983 | |
CMBS maturing on 1/1/16 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 5.73% | |
Effective rate (as a percent) | 5.73% | [1] |
Maturity Date | 1-Jan-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,356 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 75,501 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 76,857 | |
CMBS maturing on 4/1/16 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 5.82% | |
Effective rate (as a percent) | 5.82% | [1] |
Maturity Date | 1-Apr-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 741 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 29,389 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 30,130 | |
Secured Debt Maturing On 15 April 2016 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 5.74% | |
Effective rate (as a percent) | 3.00% | [1] |
Maturity Date | 15-Apr-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 132 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 6,916 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 7,048 | |
Secured notes payable maturing on 06/1/16 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Effective rate (as a percent) | 1.58% | [1] |
Maturity Date | 1-Jun-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Number of extensions available under line of credit | 2 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 20,550 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 20,550 | |
CMBS maturing on 8/1/16 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 6.35% | |
Effective rate (as a percent) | 6.35% | [1] |
Maturity Date | 1-Aug-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,976 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 126,715 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 128,691 | |
Secured Debt from Bank Maturing on 20 January 2017 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 2.17% | |
Effective rate (as a percent) | 2.17% | [1] |
Maturity Date | 20-Jan-17 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 76,000 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 76,000 | |
Secured Debt Maturing on 23 August 2017 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Effective rate (as a percent) | 1.53% | [1] |
Maturity Date | 23-Aug-17 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Number of extensions available under line of credit | 1 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 134,280 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 134,280 | |
Secured Debt Other Maturing 1 April 2020 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 7.75% | |
Effective rate (as a percent) | 7.75% | [1] |
Maturity Date | 1-Apr-20 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,189 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 1,696 | |
Due Year Three | 1,832 | |
Due Year Four | 1,979 | |
Due Year Five | 2,138 | |
Thereafter | 104,352 | |
Outstanding Balance | 113,186 | |
Secured Debt Maturing on January 2023 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 4.66% | |
Effective rate (as a percent) | 4.66% | [1] |
Maturity Date | 1-Jan-23 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,053 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 1,464 | |
Due Year Three | 1,540 | |
Due Year Four | 1,614 | |
Due Year Five | 1,692 | |
Thereafter | 31,674 | |
Outstanding Balance | 39,037 | |
Secured debt maturing in 2023 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 3.93% | |
Effective rate (as a percent) | 3.10% | [1] |
Maturity Date | 10-Mar-23 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 1,091 | |
Due Year Five | 1,505 | |
Thereafter | 79,404 | |
Outstanding Balance | 82,000 | |
Secured notes payable from bank maturing on 6/1/37 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 6.50% | |
Effective rate (as a percent) | 6.50% | [1] |
Maturity Date | 1-Jun-37 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 18 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 19 | |
Due Year Three | 20 | |
Due Year Four | 22 | |
Due Year Five | 23 | |
Thereafter | 728 | |
Outstanding Balance | 830 | |
Unamortized Premiums | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 4,884 | |
Unamortized Premiums | 2015 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 547 | |
Unamortized Premiums | 2016 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 610 | |
Unamortized Premiums | 2017 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 573 | |
Unamortized Premiums | 2018 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 588 | |
Unamortized Premiums | 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 595 | |
Unamortized Premiums | Maturity Date After 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized premium | 1,971 | |
Unsecured Debt | | |
Summary of fixed rate/hedged and floating rate debt | | |
Total Consolidated | 3,143,450 | |
Effective rate (as a percent) | 2.93% | [1] |
Unsecured Debt | 2015 | | |
Future principal payments due on secured and unsecured debt | | |
Due Current Year | 246 | |
Unsecured Debt | 2016 | | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 374,663 | |
Unsecured Debt | 2017 | | |
Future principal payments due on secured and unsecured debt | | |
Due Year Three | 350 | |
Unsecured Debt | 2018 | | |
Future principal payments due on secured and unsecured debt | | |
Due Year Four | 362 | |
Unsecured Debt | 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Due Year Five | 1,020,625 | |
Unsecured Debt | Maturity Date After 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Thereafter | 1,749,120 | |
2016 Unsecured Senior Bank Term Loan | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 350,000 | |
Unhedged Variable rate | 25,000 | |
Total Consolidated | 375,000 | |
Effective rate (as a percent) | 1.60% | [2] |
Maturity Date | 31-Jul-16 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 375,000 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 0 | |
Outstanding Balance | 375,000 | |
2019 Unsecured Senior Bank Term Loan | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 600,000 | |
Unhedged Variable rate | 0 | |
Total Consolidated | 600,000 | |
Effective rate (as a percent) | 1.71% | [2] |
Maturity Date | 3-Jan-19 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 600,000 | |
Thereafter | 0 | |
Outstanding Balance | 600,000 | |
$1.5 billion unsecured senior line of credit | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 0 | |
Unhedged Variable rate | 421,000 | |
Total Consolidated | 421,000 | |
Effective rate (as a percent) | 1.22% | [2] |
Maturity Date | 3-Jan-19 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Annual facility fee (as a percent) | 0.20% | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 421,000 | |
Thereafter | 0 | |
Outstanding Balance | 421,000 | |
Unsecured Senior Notes Due in January 2020 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 2.75% | |
Effective rate (as a percent) | 2.79% | [2] |
Maturity Date | 15-Jan-20 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 400,000 | |
Outstanding Balance | 400,000 | |
4.60% unsecured senior notes payable | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 4.60% | |
Effective rate (as a percent) | 4.61% | [2] |
Maturity Date | 1-Apr-22 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 550,000 | |
Outstanding Balance | 550,000 | |
3.90% unsecured senior notes payable | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 3.90% | |
Effective rate (as a percent) | 3.94% | [2] |
Maturity Date | 15-Jun-23 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 500,000 | |
Outstanding Balance | 500,000 | |
Unsecured Senior Notes Due in July 2029 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Stated interest rate (as a percent) | 4.50% | |
Effective rate (as a percent) | 4.51% | [2] |
Maturity Date | 30-Jul-29 | [3] |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Future principal payments due on secured and unsecured debt | | |
Due Next Year | 0 | |
Due Year Three | 0 | |
Due Year Four | 0 | |
Due Year Five | 0 | |
Thereafter | 300,000 | |
Outstanding Balance | 300,000 | |
Unamortized Discounts | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -2,550 | |
Unamortized Discounts | 2015 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -246 | |
Unamortized Discounts | 2016 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -337 | |
Unamortized Discounts | 2017 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -350 | |
Unamortized Discounts | 2018 | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -362 | |
Unamortized Discounts | 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -375 | |
Unamortized Discounts | Maturity Date After 2019 [Member] | | |
Future principal payments due on secured and unsecured debt | | |
Unamortized discount | -880 | |
Senior Notes [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Fixed Rate/Hedged Variable Rate | 1,747,450 | |
Unhedged Variable rate | 0 | |
Total Consolidated | $1,747,450 | |
Effective rate (as a percent) | 3.98% | |
LIBOR | Secured Debt from Bank Maturing on 1 July 2015 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.50% | |
LIBOR | Secured notes payable maturing on 06/1/16 | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.40% | |
LIBOR | Secured Debt Maturing on 23 August 2017 [Member] | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.35% | |
LIBOR | 2016 Unsecured Senior Bank Term Loan | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.20% | |
LIBOR | 2019 Unsecured Senior Bank Term Loan | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.20% | |
LIBOR | $1.5 billion unsecured senior line of credit | | |
Summary of fixed rate/hedged and floating rate debt | | |
Base rate | LIBOR | |
Basis spread on LIBOR (as a percent) | 1.10% | [4] |
|
[1] | (1)Represents the weighted average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted average interest rate excludes bank fees and amortization of loan fees. |
[2] | Represents the weighted average interest rate as of the end of the period plus the impact of debt premiums/discounts and our interest rate swap agreements. The weighted average interest rate excludes bank fees and amortization of loan fees. |
[3] | (2)Includes any extension options that we control. |
[4] | (3)We have two, one-year options to extend the stated maturity date to July 1, 2017, subject to certain conditions. We expect to exercise our option to extend the maturity date from July 1, 2015, to July 1, 2016. |