XML 100 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Secured and unsecured senior debt (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Summary of secured and unsecured debt
The following table summarizes our secured and unsecured senior debt as of March 31, 2018 (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
$
444,228

 
$
331,461

 
$
775,689

 
14.9
%
 
4.08
%
 
3.0
Unsecured senior notes payable
3,396,912

 
—

 
3,396,912

 
65.2

 
4.06

 
6.6
$1.65 billion unsecured senior line of credit
50,000

 
440,000

 
490,000

 
9.4

 
2.53

 
3.6
2019 Unsecured Senior Bank Term Loan
199,622

 
—

 
199,622

 
3.8

 
2.77

 
0.8
2021 Unsecured Senior Bank Term Loan
348,575

 
—

 
348,575

 
6.7

 
2.56

 
2.8
Total/weighted average
$
4,439,337

 
$
771,461

 
$
5,210,798

 
100.0
%
 
3.77
%
 
5.3
Percentage of total debt
85
%
 
15
%
 
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 and respective principal payments as of March 31, 2018 (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+1.50
%
 
3.36
%
 
1/28/19
(3) 
 
$
331,461

 
$
(998
)
 
$
330,463

Greater Boston, San Diego, Seattle, and Maryland
 
7.75
%
 
8.12

 
4/1/20
 
 
107,989

 
(668
)
 
107,321

San Diego
 
4.66
%
 
4.90

 
1/1/23
 
 
34,579

 
(313
)
 
34,266

Greater Boston
 
3.93
%
 
3.19

 
3/10/23
 
 
82,000

 
2,697

 
84,697

Greater Boston
 
4.82
%
 
3.39

 
2/6/24
 
 
202,694

 
15,475

 
218,169

San Francisco
 
6.50
%
 
6.67

 
7/1/36
 
 
773

 
—

 
773

Secured debt weighted-average interest rate/subtotal
 
4.51
%
 
4.08

 
 
 
 
759,496

 
16,193

 
775,689

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019 Unsecured Senior Bank Term Loan
 
L+1.20
%
 
2.77

 
1/3/19
 
 
200,000

 
(378
)
 
199,622

2021 Unsecured Senior Bank Term Loan
 
L+1.10
%
 
2.56

 
1/15/21
 
 
350,000

 
(1,425
)
 
348,575

$1.65 billion unsecured senior line of credit
 
L+1.00
%
 
2.53

 
10/29/21
 
 
490,000

 
—

 
490,000

Unsecured senior notes payable
 
2.75
%
 
2.96

 
1/15/20
 
 
400,000

 
(1,432
)
 
398,568

Unsecured senior notes payable
 
4.60
%
 
4.74

 
4/1/22
 
 
550,000

 
(2,600
)
 
547,400

Unsecured senior notes payable
 
3.90
%
 
4.04

 
6/15/23
 
 
500,000

 
(3,091
)
 
496,909

Unsecured senior notes payable
 
3.45
%
 
3.63

 
4/30/25
 
 
600,000

 
(6,167
)
 
593,833

Unsecured senior notes payable
 
4.30
%
 
4.51

 
1/15/26
 
 
300,000

 
(3,765
)
 
296,235

Unsecured senior notes payable
 
3.95
%
 
4.14

 
1/15/27
 
 
350,000

 
(4,398
)
 
345,602

Unsecured senior notes payable
 
3.95
%
 
4.09

 
1/15/28
 
 
425,000

 
(4,128
)
 
420,872

Unsecured senior notes payable
 
4.50
%
 
4.61

 
7/30/29
 
 
300,000

 
(2,507
)
 
297,493

Unsecured debt weighted average/subtotal
 
 
 
3.72

 
 
 
 
4,465,000

 
(29,891
)
 
4,435,109

Weighted-average interest rate/total
 
 
 
3.77
%
 
 
 
 
$
5,224,496

 
$
(13,698
)
 
$
5,210,798



(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)
Secured construction loan for our property at 50 and 60 Binney Street in our Cambridge submarket with aggregate commitments of $350.0 million. We have two one-year options to extend the stated maturity date to January 28, 2021, subject to certain conditions. As of March 31, 2018, the aggregate remaining commitments were $18.5 million.
Schedule of Interest Incurred
The following table summarizes interest expense for the three months ended March 31, 2018 and 2017 (in thousands):
 
Three Months Ended March 31,
 
2018
 
2017
Gross interest
$
50,275

 
$
42,948

Capitalized interest
(13,360
)
 
(13,164
)
Interest expense
$
36,915

 
$
29,784