Debt (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Debt |
The Company's debt is summarized below: | | | | | | | | | | | | | | | | | | | Weighted Average Effective
Interest Rates (1) | | Weighted Average Stated Rates (2) | | Weighted Average Maturity (3) | | September 30,
2016 | | December 31,
2015 | | | | | | (in Years) | | (In Thousands) | Revolving Credit Facilities | 3.44 | % | | 1.79 | % | | 2.5 |
| | $ | 105,000 |
| | $ | — |
| Term Loan | 2.17 | % | | 1.88 | % | | 2.1 |
| | 370,000 |
| | 325,000 |
| Senior Unsecured Notes | 4.64 | % | | 4.45 | % | | 10.0 |
| | 300,000 |
| | — |
| Master Trust Notes | 5.58 | % | | 5.03 | % | | 6.5 |
| | 1,677,660 |
| | 1,692,094 |
| CMBS - fixed-rate | 4.91 | % | | 5.63 | % | | 3.7 |
| | 603,490 |
| | 1,360,215 |
| CMBS - variable-rate (4) | — |
| | — |
| | — |
| | — |
| | 61,758 |
| Convertible Notes | 5.31 | % | | 3.28 | % | | 3.5 |
| | 747,500 |
| | 747,500 |
| Total debt | 4.94 | % | | 4.34 | % | | 5.2 |
| | 3,803,650 |
| | 4,186,567 |
| Debt discount, net | | | | | | | (54,975 | ) | | (52,203 | ) | Deferred financing costs, net (5) | | | | | | | (38,812 | ) | | (41,577 | ) | Total debt, net | | | | | | | $ | 3,709,863 |
| | $ | 4,092,787 |
|
(1) The effective interest rates include amortization of debt discount/premium, amortization of deferred financing costs and credit facility fees, where applicable, calculated for the three months ended September 30, 2016 and based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of September 30, 2016. (3) Represents the weighted average maturity based on the outstanding principal balance as of September 30, 2016. (4) Variable-rate notes were predominantly hedged with interest rate swaps (see Note 5). (5) The Company records deferred financing costs for its 2015 Credit Facility in deferred costs and other assets, net on its consolidated balance sheets. |
| Schedule of Debt Maturities |
As of September 30, 2016, scheduled debt maturities of the Company’s Revolving Credit Facilities, Term Loan, Senior Unsecured Notes, mortgages and notes payable and Convertible Notes, including balloon payments, are as follows (in thousands): | | | | | | | | | | | | | | Scheduled Principal | | Balloon Payment | | Total | Remainder of 2016 (1) | $ | 6,004 |
| | $ | 28,557 |
| | $ | 34,561 |
| 2017 | 26,115 |
| | 233,386 |
| | 259,501 |
| 2018 | 42,115 |
| | 552,779 |
| | 594,894 |
| 2019 | 44,325 |
| | 517,500 |
| | 561,825 |
| 2020 | 39,096 |
| | 413,206 |
| | 452,302 |
| Thereafter | 249,792 |
| | 1,650,775 |
| | 1,900,567 |
| Total | $ | 407,447 |
| | $ | 3,396,203 |
| | $ | 3,803,650 |
|
(1) The balloon payment balance in 2016 includes $28.6 million, including $8.8 million of capitalized interest, for the acceleration of principal payable following an event of default under one non-recourse CMBS loan with a stated maturity in 2017. |
| Summary of Components of Interest Expense Related to Borrowings |
The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2016 | | 2015 | | 2016 | | 2015 | Interest expense – Revolving Credit Facilities (1) | $ | 1,155 |
| | $ | 608 |
| | $ | 2,507 |
| | $ | 1,997 |
| Interest expense – Term Loan | 1,307 |
| | — |
| | 3,376 |
| | — |
| Interest expense – Senior Unsecured Notes | 1,595 |
| | — |
| | 1,595 |
| | — |
| Interest expense – mortgages and notes payable | 33,291 |
| | 45,460 |
| | 113,837 |
| | 140,731 |
| Interest expense – Convertible Notes | 6,127 |
| | 6,127 |
| | 18,382 |
| | 18,382 |
| Non-cash interest expense: | | | | | | | | Amortization of deferred financing costs | 2,303 |
| | 1,920 |
| | 6,706 |
| | 5,893 |
| Amortization of net losses related to interest rate swaps | 28 |
| | 27 |
| | 85 |
| | 81 |
| Amortization of debt (premium)/discount, net | 1,847 |
| | 531 |
| | 3,354 |
| | 1,670 |
| Total interest expense | $ | 47,653 |
| | $ | 54,673 |
| | $ | 149,842 |
| | $ | 168,754 |
|
(1) Includes facility fees of approximately $0.5 million and $0.4 million for the three months ended September 30, 2016 and 2015, respectively, and approximately $1.5 million and $1.2 million for the nine months ended September 30, 2016 and 2015, respectively. |
| Master Trust Notes |
|
| Debt Instrument [Line Items] |
|
| Summary of Debt |
The Master Trust Notes are summarized below: | | | | | | | | | | | | | | | Stated Rates (1) | | Maturity | | September 30,
2016 | | December 31,
2015 | | | | (in Years) | | (in Thousands) | Series 2014-1 Class A1 | 5.1 | % | | 3.7 | | $ | 56,759 |
| | $ | 65,027 |
| Series 2014-1 Class A2 | 5.4 | % | | 3.8 | | 253,300 |
| | 253,300 |
| Series 2014-2 | 5.8 | % | | 4.5 | | 227,150 |
| | 229,674 |
| Series 2014-3 | 5.7 | % | | 5.5 | | 311,936 |
| | 312,276 |
| Series 2014-4 Class A1 | 3.5 | % | | 3.3 | | 150,000 |
| | 150,000 |
| Series 2014-4 Class A2 | 4.6 | % | | 13.3 | | 360,000 |
| | 360,000 |
| Total Master Trust 2014 notes | 5.1 | % | | 6.8 | | 1,359,145 |
| | 1,370,277 |
| Series 2013-1 Class A | 3.9 | % | | 2.2 | | 125,000 |
| | 125,000 |
| Series 2013-2 Class A | 5.3 | % | | 7.2 | | 193,515 |
| | 196,817 |
| Total Master Trust 2013 notes | 4.7 | % | | 5.3 | | 318,515 |
| | 321,817 |
| Total Master Trust Notes | | | | | 1,677,660 |
| | 1,692,094 |
| Debt discount, net | | | | | (19,829 | ) | | (22,909 | ) | Deferred financing costs, net | | | | | (17,138 | ) | | (19,345 | ) | Total Master Trust Notes, net | | | | | $ | 1,640,693 |
| | $ | 1,649,840 |
|
(1) Represents the individual series stated interest rate as of September 30, 2016 and the weighted average stated rate of the total Master Trust Notes, based on the collective series outstanding principal balances as of September 30, 2016. |