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Secured and unsecured senior debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Summary of secured and unsecured debt
The following table summarizes our secured and unsecured senior debt as of September 30, 2017 (dollars in thousands):
 
Fixed-Rate/Hedged
Variable-Rate Debt
 
Unhedged
Variable-Rate Debt
 
 
 
 
 
Weighted-Average
 
 
 
 
 
 
 
Interest
 
Remaining Term
(in years)
 
 
 
Total
 
Percentage
 
Rate (1)
 
Secured notes payable
$
902,207

 
$
251,683

 
$
1,153,890

 
24.0
%
 
3.80
%
 
2.8
Unsecured senior notes payable
2,801,290

 
—

 
2,801,290

 
58.2

 
4.16

 
7.0
$1.65 billion unsecured senior line of credit
—

 
314,000

 
314,000

 
6.5

 
2.00

 
4.1
2019 Unsecured Senior Bank Term Loan
199,543

 
—

 
199,543

 
4.1

 
2.84

 
1.3
2021 Unsecured Senior Bank Term Loan
348,317

 
—

 
348,317

 
7.2

 
2.56

 
3.3
Total/weighted average
$
4,251,357

 
$
565,683

 
$
4,817,040

 
100.0
%
 
3.76
%
 
5.3
Percentage of total debt
88
%
 
12
%
 
100
%
 
 
 
 
 
 

(1)
Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
Schedule of maturities of secured and unsecured debt
The following table summarizes our outstanding indebtedness as of September 30, 2017 (dollars in thousands):
 
 
Stated 
Rate
 
Interest Rate (1)
 
Maturity
 
 
 
 
Unamortized (Deferred Financing Cost), (Discount)/Premium
 
 
Debt
 
 
 
Date (2)
 
 
Principal
 
 
Total
Secured notes payable
 
 
 
 
 
 
 
 
 
 
 
 
 
Greater Boston
 
L+1.35
%
 
2.99
%
 
8/23/18
 
 
$
211,940

 
$
(660
)
 
$
211,280

Greater Boston
 
L+1.50
%
 
3.09

 
1/28/19
(3) 
 
317,979

 
(1,595
)
 
316,384

Greater Boston
 
L+2.00
%
 
3.89

 
4/20/19
(3) 
 
179,764

 
(2,104
)
 
177,660

Greater Boston, Seattle, and Maryland
 
7.75
%
 
8.17

 
4/1/20
 
 
108,940

 
(835
)
 
108,105

San Diego
 
4.66
%
 
5.03

 
1/1/23
 
 
35,370

 
(345
)
 
35,025

Greater Boston
 
3.93
%
 
3.20

 
3/10/23
 
 
82,000

 
2,957

 
84,957

Greater Boston
 
4.82
%
 
3.40

 
2/6/24
 
 
203,000

 
16,706

 
219,706

San Francisco
 
6.50
%
 
6.78

 
7/1/36
 
 
773

 
—

 
773

Secured debt weighted-average interest rate/subtotal
 
3.80
%
 
3.80

 
 
 
 
1,139,766

 
14,124

 
1,153,890

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Unsecured Senior Bank Term Loan
 
L+1.20
%
 
2.84

 
1/3/19
 
 
200,000

 
(457
)
 
199,543

2021 Unsecured Senior Bank Term Loan
 
L+1.10
%
 
2.56

 
1/15/21
 
 
350,000

 
(1,683
)
 
348,317

$1.65 billion unsecured senior line of credit
 
L+1.00
%
 
2.00

 
10/29/21
 
 
314,000

 
N/A

 
314,000

Unsecured senior notes payable
 
2.75
%
 
2.96

 
1/15/20
 
 
400,000

 
(1,822
)
 
398,178

Unsecured senior notes payable
 
4.60
%
 
4.75

 
4/1/22
 
 
550,000

 
(2,922
)
 
547,078

Unsecured senior notes payable
 
3.90
%
 
4.04

 
6/15/23
 
 
500,000

 
(3,381
)
 
496,619

Unsecured senior notes payable
 
4.30
%
 
4.52

 
1/15/26
 
 
300,000

 
(3,998
)
 
296,002

Unsecured senior notes payable
 
3.95
%
 
4.14

 
1/15/27
 
 
350,000

 
(4,638
)
 
345,362

Unsecured senior notes payable
 
3.95
%
 
4.09

 
1/15/28
 
 
425,000

 
(4,334
)
 
420,666

Unsecured senior notes payable
 
4.50
%
 
4.62

 
7/30/29
 
 
300,000

 
(2,615
)
 
297,385

Unsecured debt weighted average/subtotal
 
 
 
3.75

 
 
 
 
3,689,000

 
(25,850
)
 
3,663,150

Weighted-average interest rate/total
 
 
 
3.76
%
 
 
 
 
$
4,828,766

 
$
(11,726
)
 
$
4,817,040



(1)
Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to our interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)
Reflects any extension options that we control.
(3)
Refer to “Secured Construction Loans” below for options to extend maturity dates.
Summary of Secured Construction Loan

Secured construction loans

The following table summarizes our secured construction loans as of September 30, 2017 (dollars in thousands):
Property/Market
 
Stated Rate
 
Maturity Date
 
Outstanding Principal Balance
 
Remaining Commitments
 
Aggregate Commitments
75/125 Binney Street/Greater Boston
 
 
L+1.35
%
 
 
8/23/18
 
 
$
211,940

 
$
—

 
$
211,940

50 and 60 Binney Street/Greater Boston
 
 
L+1.50
%
 
 
1/28/19
(1) 
 
317,979

 
32,021

 
350,000

100 Binney Street/Greater Boston
 
 
L+2.00
%
(2) 
 
4/20/19
(3) 
 
179,764

 
124,517

 
304,281

 
 
 
 
 
 
 
 
 
 
$
709,683

 
$
156,538

 
$
866,221


    
(1)
We have two one-year options to extend the stated maturity date to January 28, 2021, subject to certain conditions.
(2)
Refer to the interest rate cap agreements in Note 9 – “Interest Rate Hedge Agreements.”
(3)
We have two one-year options to extend the stated maturity date to April 20, 2021, subject to certain conditions.
Schedule of Interest Incurred
The following table summarizes interest expense for the three and nine months ended September 30, 2017 and 2016 (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Gross interest
$
48,123

 
$
40,753

 
$
137,888

 
$
116,520

Capitalized interest
(17,092
)
 
(14,903
)
 
(45,325
)
 
(40,790
)
Interest expense
$
31,031

 
$
25,850

 
$
92,563

 
$
75,730