| Debt obligations under various arrangements with financial institutions |
As of March 31, 2018 and December 31, 2017, the Company had the following indebtedness outstanding: | | | | | | | | | | | | | | | | Carrying Value as of | | | | | | | March 31, 2018 | | December 31,
2017 | | Stated Interest Rate(1) | | Scheduled Maturity Date | Secured loans | | | | | | | | | Secured loans(2)(3) | | $ | 897,859 |
| | $ | 902,717 |
| | 4.40% – 7.89% | | 2018 – 2024 | Net unamortized premium | | 13,888 |
| | 15,321 |
| | | | | Net unamortized debt issuance costs | | (82 | ) | | (93 | ) | | | | | Total secured loans, net | | 911,665 |
| | 917,945 |
| | | | | | | | | | | | | | Notes payable | | | | | | | | | Unsecured notes(4) | | 3,218,453 |
| | 3,218,453 |
| | 3.25% – 7.97% | | 2022 – 2029 | Net unamortized discount | | (13,004 | ) | | (13,485 | ) | | | | | Net unamortized debt issuance costs | | (21,678 | ) | | (22,476 | ) | | | | | Total notes payable, net | | 3,183,771 |
| | 3,182,492 |
| | | | | | | | | | | | | | Unsecured Credit Facility and term loans | | | | | | | | | Unsecured Credit Facility(5) | | 635,000 |
| | 685,000 |
| | 3.04% | | 2018 – 2021 | Unsecured $600 Million Term Loan(6) | | 600,000 |
| | 600,000 |
| | 3.09% | | 2019 | Unsecured $300 Million Term Loan(7) | | 300,000 |
| | 300,000 |
| | 3.56% | | 2024 | Net unamortized debt issuance costs | | (8,325 | ) | | (9,199 | ) | | | | | Total Unsecured Credit Facility and term loans | | 1,526,675 |
| | 1,575,801 |
| | | | | | | | | | | | | | Total debt obligations, net | | $ | 5,622,111 |
| | $ | 5,676,238 |
| | | | |
| | (1) | The stated interest rates are as of March 31, 2018 and do not include the impact of the Company’s interest rate swap agreements (described below). |
| | (2) | The Company’s secured loans are collateralized by certain properties and the equity interests of certain subsidiaries. These properties had a carrying value as of March 31, 2018 of approximately $1.7 billion. |
| | (3) | The weighted average stated interest rate on the Company’s secured loans was 6.16% as of March 31, 2018. |
| | (4) | The weighted average stated interest rate on the Company’s unsecured notes was 3.81% as of March 31, 2018. |
| | (5) | Effective November 1, 2016, the Company has in place one interest rate swap agreement that converts the variable interest rate on a $135.0 million term loan under the Company’s senior unsecured credit facility agreement, as amended July 25, 2016, (the “Unsecured Credit Facility”) to a fixed interest rate of 0.82% (plus a spread of 135 bps) through July 31, 2018, and three interest rate swap agreements that convert the variable interest rate on a $500.0 million term loan under the Unsecured Credit Facility to a fixed, combined interest rate of 1.11% (plus a spread of 135 bps) through July 30, 2021. |
| | (6) | Effective November 1, 2016, the Company has in place two interest rate swap agreements that convert the variable interest rate on $200.0 million of the Company’s $600 million term loan agreement, as amended July 25, 2016, (the “$600 Million Term Loan”) to a fixed, combined interest rate of 0.82% (plus a spread of 140 bps) through July 31, 2018, and three interest rate swap agreements that convert the variable interest rate on $400.0 million of the $600 Million Term Loan to a fixed, combined interest rate of 0.88% (plus a spread of 140 bps) through March 18, 2019. |
| | (7) | Effective July 28, 2017, the Company has in place one interest rate swap agreement that converts the variable interest rate on $165.0 million of the Company's $300 million term loan agreement, as entered into July 28, 2017, (the "$300 Million Term Loan") to a fixed, combined interest rate of 0.82% (plus a spread of 190 bps) through July 31, 2018. |
|
| Future expected/scheduled maturities of outstanding debt and capital lease obligations |
As of March 31, 2018 and December 31, 2017, the Company had accrued interest of $26.7 million and $35.9 million outstanding, respectively. As of March 31, 2018, scheduled amortization and maturities of the Company’s outstanding debt obligations were as follows: | | | | | | Year ending December 31, | | | 2018 (remaining nine months) | | $ | 148,260 |
| 2019 | | 618,679 |
| 2020 | | 672,695 |
| 2021 | | 686,225 |
| 2022 | | 500,000 |
| Thereafter | | 3,025,453 |
| Total debt maturities | | 5,651,312 |
| Net unamortized premiums and discounts | | 884 |
| Net unamortized debt issuance costs | | (30,085 | ) | Total debt obligations, net | | $ | 5,622,111 |
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