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Debt (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The Company's debt is summarized below: | | | | | | | | | | | | | 2013
Weighted Average Effective
Interest Rates (a) | | September 30,
2013 | | December 31, 2012 | | | | (In Thousands) | Revolving credit facilities | 4.92 | % | | $ | 151,508 |
| | $ | — |
| Master trust notes | 6.54 | % | | 918,073 |
| | 937,395 |
| CMBS - fixed-rate | 5.26 | % | | 2,403,340 |
| | 963,663 |
| CMBS - variable-rate (b) | 4.71 | % | | 129,638 |
| | 49,460 |
| Unsecured fixed rate promissory note | 9.90 | % | | 1,475 |
| | 1,571 |
| | | | 3,604,034 |
| | 1,952,089 |
| Unamortized net debt premium (discount) | | | 2,409 |
| | (57,211 | ) | Total debt, net | | | $ | 3,606,443 |
| | $ | 1,894,878 |
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(a) The effective interest rates include amortization of debt discount, amortization of deferred financing costs, and related debt insurer premiums, where applicable, calculated as of September 30, 2013. (b) Variable-rate notes are predominately hedged with interest rate swaps (see Note 7). |
| Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments |
As of September 30, 2013, scheduled debt maturities of the Company’s revolving credit facilities, mortgages and notes payable, including balloon payments, are as follows (in thousands): | | | | | | | | | | | | | | Scheduled Principal | | Balloon Payment | | Total | Remainder of 2013 | $ | 13,292 |
| | $ | 5,000 |
| | $ | 18,292 |
| 2014 | 54,907 |
| | 72,261 |
| | 127,168 |
| 2015 | 55,578 |
| | 271,147 |
| | 326,725 |
| 2016 | 49,087 |
| | 889,805 |
| | 938,892 |
| 2017 | 42,428 |
| | 944,994 |
| | 987,422 |
| Thereafter | 146,225 |
| | 1,059,310 |
| | 1,205,535 |
| | $ | 361,517 |
| | $ | 3,242,517 |
| | $ | 3,604,034 |
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| Interest Expense and Related Borrowings |
The following table summarizes interest expense on the related borrowings (in thousands): | | | | | | | | | | | | | | | | | | Three Months
Ended September 30, | | Nine Months
Ended September 30, | | 2013 | | 2012 | | 2013 | | 2012 | Interest expense – Term Note payable | $ | — |
| | $ | 6,210 |
| | $ | — |
| | $ | 19,925 |
| Interest expense – revolving credit facilities | 1,196 |
| | — |
| | 1,572 |
| | — |
| Interest expense – mortgages and notes payable | 47,196 |
| | 29,879 |
| | 106,284 |
| | 89,313 |
| Interest expense – other | 8 |
| | 1 |
| | 475 |
| | 9 |
| Amortization of deferred financing costs (a) | 2,327 |
| | 837 |
| | 12,457 |
| | 2,550 |
| Amortization of net losses related to interest rate swaps | — |
| | 1,081 |
| | — |
| | 3,415 |
| Amortization of debt (premium)/discount(b) | (341 | ) | | 3,967 |
| | 5,588 |
| | 7,726 |
| Total interest expense | $ | 50,386 |
| | $ | 41,975 |
| | $ | 126,376 |
| | $ | 122,938 |
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| | (a) | Includes $9.5 million arising from financing commitments related to the Merger for the nine months ended September 30, 2013. |
| | (b) | Income recognized for the three months ended September 30, 2013 is attributable to the amortization of debt premiums recorded on debt assumed in the Merger and recorded at fair value under purchase accounting. |
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