XML 102 R58.htm IDEA: XBRL DOCUMENT v3.5.0.2
Secured and unsecured senior debt Detail of secured and unsecured debt (Details) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended
Jul. 31, 2016
Jun. 30, 2016
Jun. 30, 2015
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (4,116,537)  
Effective rate (as a percent)   3.52%  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ (1,734)  
Due Next Year   280,633  
Due Year Three   4,708  
Due Year Four   898,200  
Due Year Five   507,713  
Thereafter   2,458,445  
Outstanding Balance   4,151,433  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (34,896)  
Repayments of Secured Debt   233,168 $ 10,075
Secured Debt Maturing April 20, 2019 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (36,386)  
Effective rate (as a percent)   2.94%  
Maturity Date   Apr. 20, 2019  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   40,089  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   40,089  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (3,703)  
Construction Loans      
Future principal payments due on secured and unsecured debt      
Outstanding Balance   422,083  
Secured notes payable      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (722,794)  
Stated interest rate (as a percent)   3.42%  
Effective rate (as a percent)   3.46%  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ (1,734)  
Due Next Year   280,633  
Due Year Three   4,708  
Due Year Four   226,200  
Due Year Five   107,713  
Thereafter   108,445  
Outstanding Balance   729,433  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (6,639)  
Secured Debt from Bank Maturing on 20 January 2017      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (75,854)  
Stated interest rate (as a percent)   2.44%  
Effective rate (as a percent)   2.79%  
Maturity Date   Jan. 20, 2017  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   76,000  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   76,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (146)  
Secured Debt Maturing on 23 August 2017 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (199,627)  
Effective rate (as a percent)   2.44%  
Maturity Date   Aug. 23, 2017  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   201,241  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   201,241  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (1,614)  
Secured Debt Maturing January 28, 2019 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (177,672)  
Effective rate (as a percent)   1.88%  
Maturity Date   Jan. 28, 2019  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   180,753  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   180,753  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (3,081)  
Secured Debt Other Maturing 1 April 2020      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (109,913)  
Stated interest rate (as a percent)   7.75%  
Effective rate (as a percent)   8.08%  
Maturity Date   Apr. 01, 2020  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ (864)  
Due Next Year   1,832  
Due Year Three   1,980  
Due Year Four   2,138  
Due Year Five   104,352  
Thereafter   0  
Outstanding Balance   111,166  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (1,253)  
Secured Debt Maturing on January 2023      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (36,954)  
Stated interest rate (as a percent)   4.66%  
Effective rate (as a percent)   4.93%  
Maturity Date   Jan. 01, 2023  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ (861)  
Due Next Year   1,540  
Due Year Three   1,615  
Due Year Four   1,692  
Due Year Five   1,770  
Thereafter   29,904  
Outstanding Balance   37,382  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (428)  
Secured Notes Payable Maturing March 10, 2023 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (85,586)  
Stated interest rate (as a percent)   3.93%  
Effective rate (as a percent)   3.33%  
Maturity Date   Mar. 10, 2023  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   1,091  
Due Year Four   1,505  
Due Year Five   1,566  
Thereafter   77,838  
Outstanding Balance   82,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   3,586  
Secured Notes Payable Maturing July 1, 2036 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (802)  
Stated interest rate (as a percent)   6.50%  
Effective rate (as a percent)   6.72%  
Maturity Date   Jul. 01, 2036  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ (9)  
Due Next Year   20  
Due Year Three   22  
Due Year Four   23  
Due Year Five   25  
Thereafter   703  
Outstanding Balance   802  
Unamortized (Deferred Financing Cost), (Discount)/Premium   0  
Unsecured Debt      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (3,393,743)  
Effective rate (as a percent)   3.54%  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   672,000  
Due Year Five   400,000  
Thereafter   2,350,000  
Outstanding Balance   3,422,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (28,257)  
Line of Credit [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (72,000)  
Effective rate (as a percent)   1.57%  
Maturity Date   Jan. 03, 2019  
Annual facility fee (as a percent)   0.20%  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   72,000  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   72,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   0  
2019 Unsecured Senior Bank Term Loan      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (597,304)  
Effective rate (as a percent)   2.20%  
Maturity Date   Jan. 03, 2019  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   600,000  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   600,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (2,696)  
Unsecured Bank Term Loan 2021 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (347,726)  
Effective rate (as a percent)   2.22%  
Maturity Date   Jan. 15, 2021  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   350,000  
Outstanding Balance   350,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (2,274)  
Unsecured Senior Notes Due in January 2020 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (397,207)  
Stated interest rate (as a percent)   2.75%  
Effective rate (as a percent)   2.95%  
Maturity Date   Jan. 15, 2020  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   400,000  
Thereafter   0  
Outstanding Balance   400,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (2,793)  
4.60% unsecured senior notes payable      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (546,274)  
Stated interest rate (as a percent)   4.60%  
Effective rate (as a percent)   4.72%  
Maturity Date   Apr. 01, 2022  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   550,000  
Outstanding Balance   550,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (3,726)  
3.90% unsecured senior notes payable      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (495,905)  
Stated interest rate (as a percent)   3.90%  
Effective rate (as a percent)   4.02%  
Maturity Date   Jun. 15, 2023  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   500,000  
Outstanding Balance   500,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (4,095)  
4.30% Unsecured Senior Notes Payable [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (295,437)  
Stated interest rate (as a percent)   4.30%  
Effective rate (as a percent)   4.46%  
Maturity Date   Jan. 15, 2026  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   300,000  
Outstanding Balance   300,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (4,563)  
3.95% Unsecured Senior Notes Payable [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (344,775)  
Stated interest rate (as a percent)   3.95%  
Effective rate (as a percent)   4.00%  
Maturity Date   Jan. 15, 2027  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   350,000  
Outstanding Balance   350,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (5,225)  
Unsecured Senior Notes Due in July 2029 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   $ (297,115)  
Stated interest rate (as a percent)   4.50%  
Effective rate (as a percent)   4.58%  
Maturity Date   Jul. 30, 2029  
Future principal payments due on secured and unsecured debt      
Due Current Year   $ 0  
Due Next Year   0  
Due Year Three   0  
Due Year Four   0  
Due Year Five   0  
Thereafter   300,000  
Outstanding Balance   300,000  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (2,885)  
Balloon Payments      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   (4,124,549)  
Future principal payments due on secured and unsecured debt      
Due Current Year   0  
Due Next Year   277,241  
Due Year Three   0  
Due Year Four   892,842  
Due Year Five   503,979  
Thereafter   2,450,487  
Outstanding Balance   4,124,549  
Unamortized (Deferred Financing Cost), (Discount)/Premium   0  
Principal Amortization      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   (8,012)  
Future principal payments due on secured and unsecured debt      
Due Current Year   (1,734)  
Due Next Year   3,392  
Due Year Three   4,708  
Due Year Four   5,358  
Due Year Five   3,734  
Thereafter   7,958  
Outstanding Balance   26,884  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (34,896)  
Fixed Rate/Hedged Variable-rate Debt      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   (3,703,795)  
Future principal payments due on secured and unsecured debt      
Due Current Year   (1,734)  
Due Next Year   153,392  
Due Year Three   4,708  
Due Year Four   605,358  
Due Year Five   507,713  
Thereafter   2,458,445  
Outstanding Balance   3,731,350  
Unamortized (Deferred Financing Cost), (Discount)/Premium   (27,555)  
Unhedged Variable-rate Debt      
Summary of fixed rate/hedged and floating rate debt      
Total Consolidated   (412,742)  
Future principal payments due on secured and unsecured debt      
Due Current Year   0  
Due Next Year   127,241  
Due Year Three   0  
Due Year Four   292,842  
Due Year Five   0  
Thereafter   0  
Outstanding Balance   420,083  
Unamortized (Deferred Financing Cost), (Discount)/Premium   $ (7,341)  
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.10%  
London Interbank Offered Rate (LIBOR) [Member] | 2019 Unsecured Senior Bank Term Loan      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.20%  
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Bank Term Loan 2021 [Member]      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.10%  
Subsequent Event | Line of Credit [Member]      
Summary of fixed rate/hedged and floating rate debt      
Maturity Date Oct. 29, 2021    
Subsequent Event | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis LIBOR    
Applicable margin (as a percent) 1.00%    
San Francisco Bay Area | Secured Debt from Bank Maturing on 1 July 2016 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Construction Loans      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.50%  
Greater Boston market | Secured Debt Maturing on 26 January 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Construction Loans      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.50%  
Greater Boston market | Secured Debt Maturing January 28, 2019 [Member] | Construction Loans      
Future principal payments due on secured and unsecured debt      
Outstanding Balance   $ 180,753  
Greater Boston market | Secured Debt Maturing January 28, 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Construction Loans      
Summary of fixed rate/hedged and floating rate debt      
Applicable margin (as a percent)   1.50%  
Greater Boston market | Secured Debt Maturing on 23 August 2017 [Member] | Construction Loans      
Future principal payments due on secured and unsecured debt      
Outstanding Balance   $ 201,241  
Greater Boston market | Secured Debt Maturing on 23 August 2017 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Construction Loans      
Summary of fixed rate/hedged and floating rate debt      
Debt Instrument, Description of Variable Rate Basis   LIBOR  
Applicable margin (as a percent)   1.35%