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Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Instrument [Line Items]  
Schedule of Debt The following table summarizes the carrying value of debt as of September 30, 2019 and December 31, 2018, and the debt activity for the nine months ended September 30, 2019 (in thousands):
 
 
 
 
 
Nine Months Ended September 30, 2019
 
 
 
 
 
 
Balance as of December 31, 2018
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and Amortization
 
Balance as of September 30, 2019
 
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
$
1,917,132

 
$
—

 
$
(200,933
)

$
—

 
$
1,716,199

 
 
Net premiums (1)
 
16,077

 
—

 
107

 
(5,763
)
 
10,421

 
 
Deferred costs
 
(10,552
)
 
—

 
125

 
1,624

 
(8,803
)
 
Mortgages notes payable, net
 
1,922,657


—


(200,701
)

(4,139
)

1,717,817

 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
3,400,000

 
—

 
(750,000
)
 
—

 
2,650,000

 
 
Discount (2)
 
(4,115
)
 
—

 
—

 
463

 
(3,652
)
 
 
Deferred costs
 
(27,276
)
 
—

 
—

 
3,248

 
(24,028
)
 
Corporate bonds, net
 
3,368,609


—


(750,000
)

3,711


2,622,320

 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible debt:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
402,500

 
—

 
—

 
—

 
402,500

 
 
Discount (2)
 
(3,909
)
 
—

 
—

 
1,462

 
(2,447
)
 
 
Deferred costs
 
(3,708
)
 
—

 
—

 
1,381

 
(2,327
)
 
Convertible debt, net
 
394,883


—


—


2,843


397,726

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility:
 
 
 
 
 
 
 
 
 


 
 
Outstanding balance
 
403,000

 
1,061,000

 
(564,000
)
 
—

 
900,000

 
 
Deferred costs (3)
 
(1,227
)
 
(4,280
)
 
—

 
858

 
(4,649
)
 
Credit facility, net
 
401,773


1,056,720


(564,000
)

858


895,351

 
 
 
 
 
 
 
 
 
 
 
 


 
Total debt
 
$
6,087,922


$
1,056,720


$
(1,514,701
)

$
3,273


$
5,633,214

 
____________________________________
(1)
Net premiums on mortgage notes payable were recorded upon the assumption of the respective mortgage notes in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgage notes using the effective-interest method.
(2)
Discounts on the corporate bonds and convertible debt were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
(3)
Deferred costs relate to the Credit Facility Term Loan, as defined in the “Credit Facility” section below.
Mortgages [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Mortgage Notes Payable
The Company’s mortgage notes payable consisted of the following as of September 30, 2019 (dollar amounts in thousands):
 
 
Encumbered Properties
 
Gross Carrying Value of Collateralized Properties (1)
 
Outstanding Balance
 
Weighted-Average
Interest Rate (2)
 
Weighted-Average Years to Maturity (3)
Fixed-rate debt
 
411

 
$
3,421,417

 
$
1,702,425

 
5.05
%
 
2.9
Variable-rate debt
 
1

 
34,004

 
13,774

 
5.29
%
(4) 
0.9
Total (5)
 
412

 
$
3,455,421

 
$
1,716,199

 
5.05
%
 
2.9
____________________________________
(1)
Gross carrying value is gross real estate assets, including investment in direct financing leases, net of gross real estate liabilities.
(2)
Weighted average interest rate is computed using the interest rate in effect until the anticipated repayment date. Should the loan not be repaid at the anticipated repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date.
(3)
Weighted average years remaining to maturity is computed using the anticipated repayment date as specified in each loan agreement, where applicable.
(4)
Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of September 30, 2019.
(5)
The table above does not include mortgage notes associated with Unconsolidated Joint Ventures of $269.3 million, which is non-recourse to the Company. The mortgage notes have a weighted-average fixed interest rate of 3.57% and mature on June 6, 2024.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to September 30, 2019 (in thousands):
 
 
Total
October 1, 2019 - December 31, 2019
 
$
2,458

2020
 
278,391

2021
 
352,259

2022
 
290,728

2023
 
125,537

Thereafter
 
666,826

Total
 
$
1,716,199
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Corporate Bonds
As of September 30, 2019, the OP had $2.65 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
 
 
Outstanding Balance September 30, 2019
 
Interest Rate
 
Maturity Date
2021 Senior Notes
 
$
400,000

 
4.125
%
 
June 1, 2021
2024 Senior Notes
 
500,000

 
4.600
%
 
February 6, 2024
2025 Senior Notes
 
550,000

 
4.625
%
 
November 1, 2025
2026 Senior Notes
 
600,000

 
4.875
%
 
June 1, 2026
2027 Senior Notes
 
600,000

 
3.950
%
 
August 15, 2027
Total balance and weighted-average interest rate
 
$
2,650,000

 
4.449
%