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Debt (Tables)
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3 Months Ended |
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Mar. 31, 2014
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The Company's debt is summarized below: | | | | | | | | | | | | | 2014
Weighted Average Effective
Interest Rates (a) | | March 31,
2014 | | December 31,
2013 | | | | (In Thousands) | Revolving credit facilities (b) | 7.89 | % | | $ | 135,606 |
| | $ | 35,120 |
| Master trust notes | 6.27 | % | | 1,233,724 |
| | 1,241,437 |
| CMBS - fixed-rate | 5.60 | % | | 2,391,246 |
| | 2,387,532 |
| CMBS - variable-rate (c) | 3.30 | % | | 110,935 |
| | 111,018 |
| Unsecured fixed rate promissory note | 9.74 | % | | 1,408 |
| | 1,442 |
| | | | 3,872,919 |
| | 3,776,549 |
| Unamortized net debt premium | | | 740 |
| | 1,669 |
| Total debt, net | | | $ | 3,873,659 |
| | $ | 3,778,218 |
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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 March 31, 2014. |
| | (b) | The effective interest rate on the revolving credit facilities, excluding the impact of non-cash amortization of deferred financing costs and non-utilization fee, was 2.97% as of March 31, 2014. |
| | (c) | Variable-rate notes are predominately hedged with interest rate swaps (see Note 6). |
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| Debt Maturities of Mortgages and Notes Payable, Including Balloon Payments |
As of March 31, 2014, 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 2014 | $ | 42,720 |
| | $ | 29,761 |
| | $ | 72,481 |
| 2015 | 58,123 |
| | 245,794 |
| | 303,917 |
| 2016 | 51,888 |
| | 889,330 |
| | 941,218 |
| 2017 | 45,745 |
| | 925,164 |
| | 970,909 |
| 2018 | 45,445 |
| | 248,851 |
| | 294,296 |
| Thereafter | 134,285 |
| | 1,155,813 |
| | 1,290,098 |
| | $ | 378,206 |
| | $ | 3,494,713 |
| | $ | 3,872,919 |
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| Interest Expense and Related Borrowings |
The following table summarizes interest expense on the related borrowings (in thousands): | | | | | | | | | | Three Months
Ended March 31, | | 2014 | | 2013 | Interest expense – revolving credit facilities | $ | 720 |
| | $ | 105 |
| Interest expense – mortgages and notes payable | 53,596 |
| | 29,472 |
| Interest expense – other | 39 |
| | — |
| Amortization of deferred financing costs (a) | 973 |
| | 3,901 |
| Amortization of debt (premium)/discount | (929 | ) | | 2,961 |
| Total interest expense | $ | 54,399 |
| | $ | 36,439 |
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| | (a) | Includes $3.6 million arising from financing commitments related to the Merger for the three months ended March 31, 2013. |
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