Subsequent events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent events

Subsequent events

$700 million offering of unsecured senior notes payable

In July 2014, we completed an offering of $700 million aggregate principal amount of unsecured senior notes payable at an average interest rate of 3.5% and an average maturity of 9.6 years, consisting of $400 million of our 2.75% unsecured senior notes payable due in 2020 (“2.75% Unsecured Senior Notes”) and $300 million aggregate principal amount of our 4.50% unsecured senior notes payable due in 2029 (“4.50% Unsecured Senior Notes”). Net proceeds of $694 million were used to repay $125 million of our 2016 unsecured senior bank term loan (“2016 Unsecured Senior Bank Term Loan”) and $569 million of the amounts outstanding on our unsecured senior line of credit. In connection with the partial repayment of $125 million of our 2016 Unsecured Senior Bank Term Loan, we recognized a loss on the early extinguishment of debt related to the write-off of unamortized loan fees totaling $0.5 million.

Dispositions

In July 2014, we completed the sale of two land parcels in a non-cluster market for a sales price of $7.9 million and a gain of $207 thousand.