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Debt (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Instrument [Line Items]  
Schedule of Debt The following table summarizes the carrying value of debt as of March 31, 2020 and December 31, 2019, and the debt activity for the three months ended March 31, 2020 (in thousands):
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
Balance as of December 31, 2019
 
Debt Issuances
 
Repayments, Extinguishment and Assumptions
 
Accretion and Amortization
 
Balance as of March 31, 2020
Mortgage notes payable:
 
 
 
 
 
 
 
 
 
 
 
Outstanding balance
 
$
1,529,057

 
$
913

 
$
(122,199
)

$
—

 
$
1,407,771

 
Net premiums (1)
 
6,861

 
—

 
(202
)
 
(1,536
)
 
5,123

 
Deferred costs
 
(7,784
)
 
—

 
64

 
527

 
(7,193
)
Mortgages notes payable, net
 
1,528,134


913


(122,337
)

(1,009
)

1,405,701

 
 
 
 
 
 
 
 
 
 
 
Corporate bonds:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
2,850,000

 
—

 
—

 
—

 
2,850,000

 
Discount (2)
 
(10,419
)
 
—

 
—

 
284

 
(10,135
)
 
Deferred costs
 
(25,842
)
 
(380
)
 
—

 
831

 
(25,391
)
Corporate bonds, net
 
2,813,739


(380
)

—


1,115


2,814,474

 
 
 
 
 
 
 
 
 
 
 
Convertible debt:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
321,802

 
—

 
—

 
—

 
321,802

 
Discount (2)
 
(1,855
)
 
—

 
—

 
478

 
(1,377
)
 
Deferred costs
 
(1,764
)
 
—

 
—

 
459

 
(1,305
)
Convertible debt, net
 
318,183


—


—


937


319,120

 
 
 
 
 
 
 
 
 
 
 
 
Credit facility:
 
 
 
 
 
 
 
 
 


 
Outstanding balance
 
1,050,000

 
831,313

 
(110,000
)
 
—

 
1,771,313

 
Deferred costs (3)
 
(4,331
)
 
—

 
—

 
324

 
(4,007
)
Credit facility, net
 
1,045,669


831,313


(110,000
)

324


1,767,306

 
 
 
 
 
 
 
 
 
 
 


Total debt
 
$
5,705,725


$
831,846


$
(232,337
)

$
1,367


$
6,306,601

____________________________________
(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 March 31, 2020 (dollar amounts in thousands):
 
 
Encumbered Properties
 
Net Carrying Value of Collateralized Properties (1)
 
Outstanding Balance
 
Weighted-Average
Interest Rate (2)
 
Weighted-Average Years to Maturity (3)
Fixed-rate debt
 
316

 
$
1,918,151

 
$
1,392,555

 
5.02
%
 
2.7
Variable-rate debt
 
1

 
30,171

 
15,216

 
4.95
%
(4) 
0.4
Total (5)
 
317

 
$
1,948,322

 
$
1,407,771

 
5.02
%
 
2.7
____________________________________
(1)
Net carrying value is real estate assets, including investment in direct financing leases, net of 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 March 31, 2020.
(5)
The table above does not include mortgage notes associated with unconsolidated joint ventures of $341.8 million, which are non-recourse to the Company.
Schedule of Aggregate Principal Payments of Mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to March 31, 2020 (in thousands):
 
 
Total
April 1, 2020 - December 31, 2020
 
$
89,602

2021
 
299,015

2022
 
266,951

2023
 
124,217

2024
 
621,021

Thereafter
 
6,965

Total
 
$
1,407,771
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of Debt
Corporate Bonds
As of March 31, 2020, the OP had $2.85 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
 
 
Outstanding Balance March 31, 2020
 
Interest Rate
 
Maturity Date
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
2029 Senior Notes
 
600,000

 
3.100
%
 
December 15, 2029
Total balance and weighted-average interest rate
 
$
2,850,000

 
4.210
%