Debt (Tables)

12 Months Ended

Dec. 31, 2015

Our debt consists of the following (in thousands):



	December 31,
	2015		2014
Debt payable, net to 2038 ^{(1) (2)}	$	1,872,942	$	1,647,904
Unsecured notes payable under credit facilities	149,500		189,000
Debt service guaranty liability	69,835		72,105
Obligations under capital leases	21,000		21,000
Total	$	2,113,277	$	1,930,009

___________________


(1)	At December 31, 2015, interest rates ranged from 1.0% to 8.6% at a weighted average rate of 4.3%. At December 31, 2014, interest rates ranged from 3.4% to 8.6% at a weighted average rate of 4.8%.


(2)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation. See Note 2 for additional information.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	December 31,
	2015		2014
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt ⁽¹⁾	$	1,869,683	$	1,643,780
Variable-rate debt	243,594		286,229
Total	$	2,113,277	$	1,930,009
As to collateralization:
Unsecured debt ⁽¹⁾	$	1,650,521	$	1,337,191
Secured debt ⁽¹⁾	462,756		592,818
Total	$	2,113,277	$	1,930,009

___________________


(1)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation.

Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	December 31,
	2015		2014
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt ⁽¹⁾	$	1,869,683	$	1,643,780
Variable-rate debt	243,594		286,229
Total	$	2,113,277	$	1,930,009
As to collateralization:
Unsecured debt ⁽¹⁾	$	1,650,521	$	1,337,191
Secured debt ⁽¹⁾	462,756		592,818
Total	$	2,113,277	$	1,930,009

___________________


(1)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation.

Schedule Of Credit Facilities

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):



	December 31,
	2015			2014
Unsecured revolving credit facility:
Balance outstanding	$	140,000		$	189,000
Available balance	355,190			306,777
Letter of credit outstanding under facility	4,810			4,223
Variable interest rate (excluding facility fee)	1.3		%	0.8		%
Unsecured facility:
Balance outstanding	$	9,500		$	—
Variable interest rate	1.7		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	244,500		$	270,000
Weighted average balance	100,506			151,036
Year-to-date weighted average interest rate (excluding facility fee)	0.9		%	0.8		%

Principal Payments Of Debt

Scheduled principal payments on our debt (excluding $149.5 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $2.7 million fair value of interest rate contracts, $(4.6) million net premium/(discount) on debt, $(10.1) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $69.8 million debt service guaranty liability) are due during the following years (in thousands):



2016	$	161,868
2017	141,850
2018	62,214
2019	55,906
2020	237,425
2021	4,406
2022	307,011
2023	304,202
2024	254,394
2025	301,672
Thereafter	48,893
Total	$	1,879,841