Debt | Debt Debt consisted of the following as of September 30, 2017 and December 31, 2016 , respectively (in thousands): September 30, 2017 December 31, 2016 Unsecured revolving credit facility $ 75,000 $ 88,000 Unsecured term loans 500,000 500,000 Unsecured senior notes 1,850,000 950,000 Fixed rate mortgages loans 415,853 204,562 Variable rate mortgages loans 38,169 38,904 2,879,022 1,781,466 Deferred financing costs, net (16,552 ) (9,527 ) Discount, net (5,712 ) (3,034 ) Total $ 2,856,758 $ 1,768,905 Unsecured Credit Agreement Unsecured Revolving Credit Facility due 2022 On July 27, 2017, HTALP entered into an amended and restated $1.3 billion unsecured credit agreement (the “Unsecured Credit Agreement”) which increased the amount available under the unsecured revolving credit facility to $1.0 billion and extended the maturities of the unsecured revolving credit facility to June 30, 2022 and for the $300.0 million unsecured term loan referenced below until February 1, 2023 . The maximum principal amount of the Unsecured Credit Agreement may be increased by up to $750.0 million , subject to certain conditions, for a total principal amount of $2.05 billion . Borrowings under the unsecured revolving credit facility accrue interest at a rate equal to adjusted LIBOR , plus a margin ranging from 0.83% to 1.55% per annum based on our credit rating. We also pay a facility fee ranging from 0.13% to 0.30% per annum on the aggregate commitments under the unsecured revolving credit facility. As of September 30, 2017 , the margin associated with our borrowings was 1.00% per annum and the facility fee was 0.20% per annum. Unsecured Term Loan due 2023 On July 27, 2017, we entered into an amended and restated Unsecured Credit Agreement as noted above. As part of this agreement, we obtained a $300.0 million unsecured term loan that was guaranteed by us with a maturity date of February 1, 2023 . Borrowings under this unsecured term loan accrue interest equal to adjusted LIBOR , plus a margin ranging from 0.90% to 1.75% per annum based on our credit rating. The margin associated with our borrowings as of September 30, 2017 was 1.10% per annum. Including the impact of the interest rate swaps associated with our unsecured term loan, the interest rate was 2.40% per annum, based on our current credit rating. As of September 30, 2017 , HTALP had $300.0 million under this unsecured term loan outstanding. Bridge Loan Facility In connection with the Duke Acquisition, in May 2017, we entered into a senior unsecured bridge loan facility (the “Bridge Loan Facility”) which provided to us up to $2.47 billion , less the aggregate amount of net proceeds from debt or equity capital raises or a senior term loan facility. The Bridge Loan Facility was made available to us on the closing of the Duke Acquisition and was scheduled to mature 364 days from the closing. In June 2017, we terminated the Bridge Loan Facility and no proceeds were used because we elected to fund the Duke Acquisition through other equity and debt offerings. In connection with the execution and subsequent termination of the Bridge Loan Facility, we incurred $10.4 million in related fees, which we recorded in income (loss) on extinguishment of debt in the accompanying condensed consolidated statements of operations. $200.0 Million Unsecured Term Loan due 2023 As of September 30, 2017 , HTALP had a $200.0 million unsecured term loan outstanding, which matures on September 26, 2023 . Borrowings under the unsecured term loan accrue interest at a rate equal to LIBOR, plus a margin ranging from 1.50% to 2.45% per annum based on our credit rating. The margin associated with our borrowings as of September 30, 2017 was 1.65% per annum. HTALP had interest rate swaps in place that fixed the interest rate at 2.93% per annum, based on our current credit rating. $300.0 Million Unsecured Senior Notes due 2021 As of September 30, 2017 , HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by us. These unsecured senior notes are registered under the Securities Act of 1933, as amended (the “Securities Act”), bear interest at 3.38% per annum and are payable semi-annually. Additionally, these unsecured senior notes were offered at 99.21% of the principal amount thereof, with an effective yield to maturity of 3.50% per annum. As of September 30, 2017 , HTALP had $300.0 million of these unsecured senior notes outstanding that mature on July 15, 2021. $400.0 Million Unsecured Senior Notes due 2022 In June 2017, in connection with the Duke Acquisition and the $500.0 million unsecured senior notes due 2027 referenced below, HTALP issued $400.0 million of unsecured senior notes that are guaranteed by us. These unsecured senior notes are registered under the Securities Act, bear interest at 2.95% per annum and are payable semi-annually. Additionally, these unsecured senior notes were offered at 99.94% of the principal amount thereof, with an effective yield to maturity of 2.96% per annum. As of September 30, 2017 , HTALP had $400.0 million of these unsecured senior notes outstanding that mature on July 1, 2022. $300.0 Million Unsecured Senior Notes due 2023 As of September 30, 2017 , HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by us. These unsecured senior notes are registered under the Securities Act, bear interest at 3.70% per annum and are payable semi-annually. Additionally, these unsecured senior notes were offered at 99.19% of the principal amount thereof, with an effective yield to maturity of 3.80% per annum. As of September 30, 2017 , HTALP had $300.0 million of these unsecured senior notes outstanding that mature on April 15, 2023. $350.0 Million Unsecured Senior Notes due 2026 As of September 30, 2017 , HTALP had $350.0 million of unsecured senior notes outstanding that are guaranteed by us. These unsecured senior notes are registered under the Securities Act, bear interest at 3.50% per annum and are payable semi-annually. Additionally, these unsecured senior notes were offered at 99.72% of the principal amount thereof, with an effective yield to maturity of 3.53% per annum. As of September 30, 2017 , HTALP had $350.0 million of these unsecured senior notes outstanding that mature on August 1, 2026. $500.0 Million Unsecured Senior Notes due 2027 In June 2017, in connection with the Duke Acquisition and the $400.0 million unsecured senior notes due 2022 referenced above, HTALP issued $500.0 million of unsecured senior notes that are guaranteed by us. These unsecured senior notes are registered under the Securities Act, bear interest at 3.75% per annum and are payable semi-annually. Additionally, these unsecured senior notes were offered at 99.49% of the principal amount thereof, with an effective yield to maturity of 3.81% per annum. As of September 30, 2017 , HTALP had $500.0 million of these unsecured senior notes outstanding that mature on July 1, 2027. Fixed and Variable Rate Mortgages In June 2017, as part of the Duke Acquisition, we were required by the seller to execute as the borrower for a part of the purchase price a senior secured first lien loan, subject to customary non-recourse carve-outs, in the amount of $286.0 million (the “Promissory Note”). The Promissory Note bears interest at 4.0% per annum and is payable in three equal payments maturing on January 10, 2020 and is guaranteed by us. As of September 30, 2017 , HTALP and its subsidiaries had fixed and variable rate mortgages loans with interest rates ranging from 2.70% to 6.39% per annum and a weighted average interest rate of 4.31% per annum. Including the impact of the interest rate swap associated with our variable rate mortgages, the weighted average interest rate was 4.46% per annum. Future Debt Maturities The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of September 30, 2017 (in thousands): Year Amount Remainder of 2017 $ 1,166 2018 100,827 2019 105,940 2020 144,892 2021 303,933 Thereafter 2,222,264 Total $ 2,879,022 Deferred Financing Costs As of September 30, 2017 , the future amortization of our deferred financing costs is as follows (in thousands): Year Amount Remainder of 2017 $ 618 2018 2,821 2019 2,826 2020 2,804 2021 2,610 Thereafter 4,873 Total $ 16,552 We are required by the terms of our applicable loan agreements to meet various affirmative and negative covenants that we believe are customary for these types of facilities, such as limitations on the incurrence of debt by us and our subsidiaries that own unencumbered assets, limitations on the nature of HTALP ’s business, and limitations on distributions by HTALP and its subsidiaries that own unencumbered assets. Our loan agreements also impose various financial covenants on us, such as a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a minimum tangible net worth covenant, a maximum ratio of unsecured indebtedness to unencumbered asset value, rent coverage ratios and a minimum ratio of unencumbered net operating income to unsecured interest expense. As of September 30, 2017 , we believe that we were in compliance with all such financial covenants and reporting requirements. In addition, certain of our loan agreements include events of default provisions that we believe are customary for these types of facilities, including restricting us from making dividend distributions to our stockholders in the event we are in default thereunder, except to the extent necessary for us to maintain our REIT status. |