Secured Notes Payable (Schedule Of Secured Notes Payable) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | | ' | |
Aggregate term loan principal | $3,200,210,000 | [1],[2] | $3,201,140,000 | [1],[2] |
Total future principal payments | 3,210,210,000 | | 3,241,140,000 | |
Weighted average remaining life of outstanding term debt | '4 years 0 months | | ' | |
Debt at fixed interest rate | 2,970,000,000 | | ' | |
Weighted average remaining life of interest rate swaps and fixed rate debt (in years) | '4 years 4 months | | ' | |
Weighted average interest rate for fixed & effectively fixed rate debt | 4.05% | | ' | |
Effective weighted average interest rate for fixed & effectively fixed rate debt | 4.18% | | ' | |
Fixed Interest Rate Loan [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Weighted average life of fixed interest rate on effectively fixed & fixed rate debt | '2 years 7 months | | ' | |
Effective Fixed Rate Loans [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Total future principal payments | 1,828,080,000 | | 1,828,080,000 | |
Effective Annual Fixed Interest Rate | 3.98% | [3] | ' | |
Fixed Rate Loans [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Total future principal payments | 1,144,070,000 | | 1,145,000,000 | |
Effective Annual Fixed Interest Rate | 4.15% | [3] | ' | |
Variable Rate Loans [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Total future principal payments | 238,060,000 | | 268,060,000 | |
Fannie Mae Loan With Interest Rate At 0.707% BPS Over DMBS [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Feb-15 | | ' | |
Total future principal payments | 111,920,000 | [4] | 111,920,000 | [4] |
Variable Interest Rate | 'DMBS + 0.707% | [4] | ' | |
DEG III term loan debt with maturity date of 3/1/16 [Member] [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Mar-16 | | ' | |
Total future principal payments | 16,140,000 | [5] | 16,140,000 | [5] |
Variable Interest Rate | 'LIBOR + 1.60% | | ' | |
Term Loan With Maturity Date 3/1/2016 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Mar-16 | | ' | |
Total future principal payments | 82,000,000 | | 82,000,000 | |
Variable Interest Rate | 'LIBOR + 0.62% | | ' | |
Term Loan With Maturity Date 6/1/2017 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Jun-17 | | ' | |
Total future principal payments | 18,000,000 | | 18,000,000 | |
Variable Interest Rate | 'LIBOR + 0.62% | | ' | |
Term Loan With Maturity Date 10/2/2017 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 2-Oct-17 | | ' | |
Total future principal payments | 400,000,000 | | 400,000,000 | |
Variable Interest Rate | 'LIBOR + 2.00% | | ' | |
Derivative, Fixed Interest Rate | 4.45% | [3] | ' | |
Swap Maturity Date | 1-Jul-15 | | ' | |
Term Loan With Maturity Date 4/2/2018 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 2-Apr-18 | | ' | |
Total future principal payments | 510,000,000 | | 510,000,000 | |
Variable Interest Rate | 'LIBOR + 2.00% | | ' | |
Derivative, Fixed Interest Rate | 4.12% | [3] | ' | |
Swap Maturity Date | 1-Apr-16 | | ' | |
Term Loan With Maturity Date 8/1/2018 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Aug-18 | | ' | |
Total future principal payments | 530,000,000 | | 530,000,000 | |
Variable Interest Rate | 'LIBOR + 1.70% | | ' | |
Derivative, Fixed Interest Rate | 3.74% | [3] | ' | |
Swap Maturity Date | 1-Aug-16 | | ' | |
Term Loan With Maturity Date 8/5/2018 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 5-Aug-18 | [6] | ' | |
Total future principal payments | 355,000,000 | [6] | 355,000,000 | [6] |
Long-term Debt, Fixed Interest Rate | 4.14% | [3],[6] | ' | |
Debt instrument period of monthly interest-only payments end date | 5-Feb-16 | | ' | |
Amortization period, (in years) | 30 | | ' | |
Term Loan With Maturity Date 2/1/2019 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Feb-19 | [7] | ' | |
Total future principal payments | 155,000,000 | [7] | 155,000,000 | [7] |
Long-term Debt, Fixed Interest Rate | 4.00% | [3],[7] | ' | |
Debt instrument period of monthly interest-only payments end date | 1-Feb-15 | | ' | |
Amortization period, (in years) | 30 | | ' | |
Term Loan With Maturity Date 6/5/2019 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 5-Jun-19 | [8] | ' | |
Total future principal payments | 285,000,000 | [8] | 285,000,000 | [8] |
Long-term Debt, Fixed Interest Rate | 3.85% | [3],[8] | ' | |
Debt instrument period of monthly interest-only payments end date | 5-Feb-17 | | ' | |
Amortization period, (in years) | 30 | | ' | |
Term Loan With Maturity Date 3/1/2020 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 1-Mar-20 | [9] | ' | |
Total future principal payments | 349,070,000 | | 350,000,000 | |
Long-term Debt, Fixed Interest Rate | 4.46% | [10],[3] | ' | |
Debt instrument period of monthly interest-only payments end date | 1-May-16 | | ' | |
Amortization period, (in years) | 30 | | ' | |
Debt instrument period of fixed interest end date | 1-Mar-18 | | ' | |
Number of one-year extension options | 2 | | ' | |
Term Loan With Maturity Date 11/2/2020 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 2-Nov-20 | | ' | |
Total future principal payments | 388,080,000 | | 388,080,000 | |
Variable Interest Rate | 'LIBOR + 1.65% | | ' | |
Derivative, Fixed Interest Rate | 3.65% | [3] | ' | |
Swap Maturity Date | 1-Nov-17 | | ' | |
Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Maturity Date | 11-Dec-17 | [11] | ' | |
Revolving credit line | 10,000,000 | [11] | 40,000,000 | [11] |
Variable Interest Rate | 'LIBOR + 1.40% | [11] | ' | |
Maximum borrowing capacity | 300,000,000 | | ' | |
Line of credit facility, collateral | '3 separate collateral pools consisting of a total of 6 properties | | ' | |
Fannie Mae Loan With Interest Rate At 0.76% Over DMBS [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Variable Interest Rate | 'DMBS + 0.76% | | ' | |
Secured loan amount | 75,000,000 | | ' | |
Fannie Mae Loan With Interest Rate At 0.60% Over DMBS [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Variable Interest Rate | 'DMBS + 0.60% | | ' | |
Secured loan amount | $36,900,000 | | ' | |
outstanding principal is greater than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Unused commitment fees | 0.15% | | ' | |
outstanding principal is less than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ' | | ' | |
Debt Instrument [Line Items] | ' | | ' | |
Unused commitment fees | 0.20% | | ' | |
|
[1] | See Note 10 for our fair value disclosures. |
[2] | As of September 30, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 4.0 years and (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.3 years, the weighted average remaining period during which interest was fixed was 2.6 years, and the weighted average annual interest rate was 4.05% and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.18%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. |
[3] | Includes the effect of interest rate contracts as of September 30, 2014, and excludes amortization of prepaid loan fees, all shown on an actual/360-day basis. See Note 7 for the details of our interest rate contracts. |
[4] | The loan has a $75.0Â million tranche bearing interest at DMBS + 0.76%, and a $36.9Â million tranche bearing interest at DMBS + 0.60%. The loan was subsequently paid off on October 1, 2014, see Note 16. |
[5] | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. |
[6] | Interest-only until February 2016, with principal amortization thereafter based upon a thirty-year amortization schedule. |
[7] | Interest-only until February 2015, with principal amortization thereafter based upon a thirty-year amortization schedule. |
[8] | Interest only until February 2017, with principal amortization thereafter based upon a thirty-year amortization schedule. |
[9] | We have two one-year extension options which could extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. |
[10] | nterest is fixed until March 1, 2018, and is floating thereafter, with interest-only payments until May 1, 2016, and principal amortization thereafter based upon a thirty-year amortization schedule. |
[11] | $300.0 million revolving credit facility secured by 3 separate collateral pools consisting of a total of 6 properties. Unused commitment fees range from 0.15% to 0.20%. |