Mortgages and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Summary of mortgages and notes payable

The following table summarizes the Company's mortgages and notes payable at September 30, 2012 and December 31, 2011:

	September 30, 2012			December 31, 2011
Fixed rate mortgages payable:
Mortgage loans (a)	$	2,262,572		$	2,691,323
Premium, net of accumulated amortization	—			10,858
Discount, net of accumulated amortization	(1,619		)	(2,003		)
	2,260,953			2,700,178
Variable rate mortgages payable:
Construction loans	10,946			79,599
Mortgages payable	2,271,899			2,779,777
Notes payable	125,000			138,900
Margin payable	—			7,541
Mortgages and notes payable	$	2,396,899		$	2,926,218

(a) Includes $76,109 and $76,269 of variable rate mortgage debt that was swapped to a fixed rate as of September 30, 2012 and December 31, 2011, respectively.

Summary of notes payable

The following table summarizes the Company's notes payable:

	September 30, 2012		December 31, 2011
IW JV Senior Mezzanine Note	$	85,000	$	85,000
IW JV Junior Mezzanine Note	40,000		40,000
Mezzanine Note	—		13,900
Notes payable	$	125,000	$	138,900

Scheduled maturities of mortgages payable, notes payable, margin payable and unsecured credit facility

The following table shows the scheduled maturities of the Company's mortgages payable, notes payable, margin payable and unsecured credit facility (as described in Note 11) as of September 30, 2012 for the remainder of 2012, each of the next four years and thereafter and does not reflect the impact of any debt activity that occurred after September 30, 2012:

	2012			2013			2014			2015			2016			Thereafter			Total
Maturing debt (a):
Fixed rate debt:
Mortgages payable (b)	$	62,230		$	276,324		$	195,777		$	471,439		$	48,214		$	1,208,588		$	2,262,572
Notes payable	—			—			—			—			—			125,000			125,000
Unsecured credit facility - term loan (c)	—			—			—			—			300,000			—			300,000
Total fixed rate debt	62,230			276,324			195,777			471,439			348,214			1,333,588			2,687,572
Variable rate debt:
Mortgages payable	—			—			10,946			—			—			—			10,946
Unsecured credit facility - line of credit	—			—			—			235,000			—			—			235,000
Total variable rate debt	—			—			10,946			235,000			—			—			245,946
Total maturing debt (d)	$	62,230		$	276,324		$	206,723		$	706,439		$	348,214		$	1,333,588		$	2,933,518
Weighted average interest rate on debt:
Fixed rate debt	7.60		%	5.21		%	7.09		%	5.76		%	3.23		%	6.87		%	6.06		%
Variable rate debt	—		%	—		%	2.50		%	2.50		%	—		%	—		%	2.50		%
Total	7.60		%	5.21		%	6.84		%	4.68		%	3.23		%	6.87		%	5.77		%

(a) The debt maturity table does not include mortgage discount of $1,619, net of accumulated amortization, which was outstanding as of September 30, 2012.

(b) Includes $76,109 of variable rate mortgage debt that was swapped to a fixed rate.

(c) In July 2012, the Company entered into an interest rate swap transaction to convert the variable rate portion of $300,000 of London Interbank Offered Rate (LIBOR) based debt to a fixed rate through February 24, 2016, the maturity date of the Company's unsecured term loan. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap.

(d) As of September 30, 2012, the weighted average years to maturity of consolidated indebtedness was 5.5 years.